Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Term insurance definition is insurance for a specified period that provides for no payment to the insured except on losses during the period and that becomes void upon its expiration. The term property insurance includes many lines of available insurance. A policy insured at a stated value means that the insured chooses a limit of coverage for the property. Initial terms the relationship between the insurer and the policyholder in relation to the insurance for general and product liability is. Reinstatement restoring a lapsed policy back in force. The insurance is provided under group insurance policies that. The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage. Life insurance all you need to know in 2020 hdfc life. In a shareholder letter, buffett once said that float has cost us nothing, and in fact has made us money. An insurance policy is a legal contract between the insurer and the insured. Different types of insurance oklahoma state department. 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. 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.
Consumer glossary national association of insurance. If you have any questions about your current coverage, call your insurer, insurance agent or broker. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Insurance terms and conditions geek squad is the brandproduct name used under licence from best buy ltd for carphone warehouse insurance and technical support protection plans. Coverage for pollution, stuck drill stem, evacuation expense, and care, custody, or control ccc exposures can be added. Facts, which show that a risk represents a greater exposure than would be expected from its nature e. Learn vocabulary, terms, and more with flashcards, games, and other study tools. You enter into this agreement with these terms with a sound mind and not under duress or emotional distress.
Over 18000 financial and investing definitions, with links between related terms. It does not contain the full policy terms and conditions and it is important that these are read to ensure full understanding of the cover provided. You may wish to compare the terms of this insurance coverage with your existing life, health, home and automobile policies. This is similar to policy tenure, but a different way to say how long the plan will be in force. Deliberate suppression by a proposer for insurance of a material fact relating to the risk. The defined terms and coverage provisions in your policy or certificate of insurance, such as reasonable and customary, may be different from the general information provided below, and the policy or certificate language will prevail. 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.
An insurance company that accepts the risk transferred from another insurance company in a reinsurance transaction. Investorwords the most comprehensive investing glossary on the web. Asbestosrelated diseases, for example, do not show up until decades after the exposure. Full policy terms and conditions are provided with your card and can also be found on the american express website. In the event of loss, the insurer will pay the claim in one of three ways, choosing whichever is least the stated value. A loss is measured in terms of the reduced value of the property, the amount of medical and other related expenses, or the amount of the claim made against an insured. Although the direct advantages and related costs arising out of the existence of. A life insurance policy is a contract with an insurance company. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who produced the. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of.
Insureris the company which accepts risks after receiving premiums and pays claims. You will at all times comply with all applicable laws, rules and regulations with respect to your use of the relation website, the services and with respect to any products and services related to. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment. Insurance policy terms and conditions applicable as per the product coverage chart attached to your document of insurance underwritten by northbridge general insurance corporation i definitions accident an accident is a sudden, unexpected event resulting in injury. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. The smart thesaurus cloud shows the synonyms, related words and phrases you can find in the cambridge dictionary that make up this topic. Casualty insurance terms and related concepts flashcards. Alien company an insurance company formed according to the laws of a. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance.
Business insurance glossary american family insurance. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. The termination of insurance coverage during the policy period. Different types of insurance jermaine to make his him to city hospital, but lesson objectives examine the different types of insurance available. Insurance pdf types of insurance, scope of insurance. In this policy, a person has to make regular payments known as premiums to the insurance company in order to receive a sum of money that will be paid to them after a period of time, or to their family, in case of the policyholders death, or if the policy matures. Such property must be used by the business operation. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Payment of an amount of money related to the amount of the loss to or on behalf of the insured upon the occurrence of a defined loss. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law.
Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. Insurance terms and related concepts flashcards quizlet. Term insurance definition of term insurance by merriam. Generalinsurancedefinitions institute and faculty of. Where we use the word you or your it means the customer. Other factors taken into account include the drivers age and gender, where the car is most likely to be driven and the times of day rush hour in an urban neighborhood or leisuretime driving in rural areas, for example. In the insurance industry, other peoples money is known as float. Basically, the life insurance company declares up front the maximum. The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions. Operators extra expense oee a specialized policy available to oil or gas well operators that covers the cost of regaining control of a wild well. Download free insurance form in pdf new york record of employment ia12.
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. Agent the insurance company representative who sells policies on behalf of the insurer. When you take out your geek squad product, you enter into two agreements. General terms and conditions of insurance for certain. Basis of a claim for indemnity under provisions of an insurance policy. The insurance act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for.
Claim notice to an insurer that under the terms of a policy, a loss maybe covered. Water damage legal liability insurance provides financial protection to a person or business. General terms and conditions of insurance for certain critical illnesses no. Start studying insurance terms and related concepts.
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The insurance contracts act allows an insurer to avoid. Flat cancellation is the cancellation of a policy as of its effective date, without any premium charge. You agree to defend, indemnify, and hold bankers insurance and its affiliated companies, and ourtheir employees, contractors, officers, and directors, agents, members and partners harmless from all liabilities, claims, and expenses, including attorneys fees, that arise from your use or misuse of this website or your violation of these terms. Agent a person or a group of people selling insurance on behalf of an insurance company. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. I also understand that i have a choice of ceding my life insurance policy to scbb on such terms as scbb may stipulate which covers both death and disability from an insurance service provider isp of my preference. A vocabulary list featuring insurance related words. Wholesale agents place business brought to them by retail agents. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Glossary of insurance terms national insurance brokers association. An individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insureds policy provides a certain degree of protection. Terms and conditions insurance introduction these conditions explain the rights, obligations, and responsibilities of all parties to this agreement.
Ibnr also refers to estimates made about claims already reported but where the full extent of the injury is not yet known, such as a workers compensation claim. Insurance terminology north american training group. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. This is only a brief description of seabournshield. Use this glossary of insurance definitions to better understand insurance. Alae an estimate of the claims settlement associated with a particular claim or claims.
Glossary of health coverage and medical terms omb control numbers 15452229, 12100147, and 09381146 page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. A company owned solely or in large part by one or more non insurance entities. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Start studying casualty insurance terms and related concepts. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
An independent agent represents more than one company. A similar coverage, automobile medical payments insurance, is available in automobile liability policies. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Wholesale broker a type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Some insurance companies may also use credit historyrelated information. These terms and conditions can be varied or amended subject to prior written. He did not mean to hit the identify key terms associated with insurance and risks. Insurance glossary understanding common insurance terms. Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment.
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