A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Generalinsurancedefinitions institute and faculty of actuaries. General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. But there are still legal phrases that baffle nonlawyers. Icici lombard general insurance company limited is one of the largest private sector general insurance company in india offering insurance coverage for motor, health, travel, home, student travel and more. Insurance terminology north american training group. The insurance handbook reflects this diversity of subjects and issues. Report general insurance glossary please fill this form, we will try to respond as soon as possible. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Glossary of health insurance terms blue cross and blue shield of. Accident year refers to the financial year for each insurer in. These general definitions are provided for educational purposes.
It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. Policies can be purchased and renewed online as well. The document appendix 1 earned vs written contains more material on a topic that was only touched on briefly in chapter 20. If available, some optional coverages and benefits might be offered at an additional charge. Principles of general insurance principles of insurance 54 5. We have covered you for all the az insurance words and their meanings. In this chapter, we cover various aspect of general insurance such as principles of utmost good faiths. Contains all current statutes of the ohio general assembly of a permanent and general nature, consolidated into provisions, titles, chapters and sections. The project is concerned with access to general insurance products. Originally a proprietary format of adobe systems, pdf has been an open format since 2008. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Agent the insurance company representative who sells policies on behalf of the insurer.
Glossary of insurance and medical billing terms a accept assignment provider has agreed to accept the insurance company allowed amount as full payment for the covered services. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. A preferred provider may not balance bill you for covered services. All members of the insurance council of australia must adhere to the code. All are extremely important but on this first page, we have tried to explain in plain english what the most important and common terms mean. An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant. This glossary defines terms that are commonly used to describe aspects of. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. For more information about the structure of the xml files available below, please see the data dictionary. Glossary of health coverage and medical terms just plain clear.
These definitions are in alphabetical, and due to changing survey questions, metrics included in this document might not be available in each year of datadive. Some of these definitions are based on external sources, adapted for this ppp certification guide. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. General insurance definitions clark county, washington. Reporting insurance companies are required to maintain records and file annual and. Health insurance is full of terms you may not know. The general offers auto insurance for drivers that have less than perfect credit or driving history. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Your share of the costs of a covered health care service, calculated as a. Common general insurance terms you should be aware of securenow. General insurance reinsurance risk mgt glossary pdf by. This 94page document contains definitions for terms reported in mgma datadive for the last five years. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Consumer glossary national association of insurance.
Policy assignment under which the assignee person to whom the policy is assigned receives full control over the policy and also full rights to its benefits. Glossary of health coverage and medical terms page 1 of 4 glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. To view pdf files on this website you need the free. The document appendix 0 basic glossary contains the definition of some of the most important and ubiquitous terms used in the book. Insurance glossary insurance terms and definitions from general insurance. This glossary defines many commonly used terms, but isnt a full list. You can choose to purchase a general insurance policy directly from a general insurance company or through an insurance broker or an insurance agent.
Health insurance portability and accountability act of 1996. To help you better understand health insurance, heres a list of the most. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. If you decide to purchase an insurance policy through an agent, before doing any business with an agent, you must be satisfied with the agents reputation and qualification. Portable document format, a file format for representing the layout and appearance of documents on a page independent of the layout software, computer operating system, etc. Accident year refers to the financial year for each insurer in which the lossevent causing the claim occurs. Act of god an accident or event that is the result of natural causes, without human. Insurance handbook insurance information institute.
Insurance glossary insurance terms and definitions from union general. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Glossary australian prudential regulation authority. Glossary and appendices pricing in general insurance. Ensuring the affordable care act serves the american people the center for consumer information and insurance oversight cciio is charged with helping implement many reforms of the affordable care act, the historic health reform bill that was signed into law march 23, 2010. The explanations in this guide are not intended to be straight alternatives. Glossary of health insurance terms national health policy forum. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you.
Common general insurance terms you should be aware of. The value of property saved as a result of a general average act which forms the. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. However, the only official publication of the enactments of the general assembly is the laws of ohio.
Adjudication the final determination of the issues involving settlement of an insurance claim. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. We can help with personal, business and life insurance, and can also help our clients with financial planning and wealth management. Some words andor phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable. These definitions represent a common or general use of the term. Use this glossary of insurance definitions to better understand insurance. An independent agent represents more than one company. Coverages and benefits listed below may not be available in your state. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies.
The situation in which the cost of repairing or recovering lost or damaged property plus the value of the salvage would exceed the propertys values when repaired or recovered. Insurance glossary understanding common insurance terms. The a to z guide to legal phrases plain english campaign. Acquisition costs excluding lat are costs incurred in obtaining and recording general. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Acquisition costs excluding lat are costs incurred in obtaining and recording general insurance contracts as recognised under aasb 1023.
The different classes of insurance business for the. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. Glossary the following glossary of terms has been prepared by the authors. Insurance and indemnification requirements risk management division effective march 2007 1 d. If you decide to purchase an insurance policy through an agent, before doing any business with an agent, you. Kpmgs general insurance industry survey 2012 includes the financial results of general. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the. Glossary definitions aasb 1023 general insurance contracts referred to as aasb 1023 is the principal accounting standard for the accounting treatment of general insurance contracts.
We are a nonprofit group that run this website to share documents. General insurance terminologies starting with z we have covered you for all the insurance words such as zone a, zone b and their meanings. Project on general insurance pdf insurance contract accounting standard project. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Glossary of medical insurance terminology uc merced health. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Accidental death coverage accidental death coverage is sometimes a part of your auto insurance policys personal injury protection pip or may be offered as a separate accidental death and dismemberment program. Start an online anonymous quote, and receive your nocommitment car insurance estimate in two minutes or less. General insurance reinsurance risk mgt glossary pdf.
1225 945 341 470 67 1403 101 60 132 749 895 1211 73 1409 584 977 502 640 423 1472 919 980 989 91 693 1110 891 1069 74 1145 493 1310 185 801 1327 1076 91 1216 331 281 982 1357