For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. Medical payments coverage is paid out regardless of fault or legal liability. For example, a surety bond holder would be entitled to the value. Cash value the money that accumulates in your life insurance policy while the policy is in force that the insured can borrow. Houston astros cheating scandal, seyfarth shaw workplace class action report, and more in employment practices liability insurance consultant april 2020. The glossary only covers a selection of terms used in the context of solvency ii, relating to risk types, insurance products availability. 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. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. For example, a claim made in the current year could be charged against the current policy even. A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london.
If youve ever read the terms and conditions of your home insurance policy, you could be forgiven for thinking they were written in a different language. They do not override or qualify any definition that appears in any lloyds byelaw or regulation, in any contract or in any other document. The following definitions are intended for general guidance. Glossary of insurance related terms used by lloyds and market participants. If available, some optional coverages and benefits might be offered at an additional charge. From accidental damage to vacant possession, insurance terms can be confusing.
Below are some commonly used insurance terms and their meanings. Insurance glossary understanding common insurance terms. Regulations to promote solvency include minimum capital and surplus requirements, statutory accounting conventions, limits to insurance company investment and corporate activities, financial ratio tests, and financial data disclosure. While most crop insurance is geared towards loss of physical production or yield, cover may also be provided to loss of the productive asset such as tree crops. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. It has been continuously updated and expanded since the original publication and, with definitions of more than 3,200 risk and insurance terms, is probably the most. The glossary of insurance and risk management terms was first published by the international risk management institute irmi in 1978 to help those within and outside the insurance industry to communicate effectively. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Below is a list of insurance definitions to help you gather the information you need. A company owned solely or in large part by one or more non insurance entities. Insurance glossary the following list contains words you may see used on the federal benefits programs website. Glossary of legal latin a fortiori from stronger argument used to express a conclusion for which there is stronger evidence than for a previously accepted one ab initio from the beginning if a contract is void say for mistake ab initio, this has the consequence that no. Insurance companies ability to pay the claims of policyholders.
Insurance glossary insurance terms and definitions from advantage 1. Definitions provided by insurance bureau of canada are indicated with an asterisk. 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. Reinsurers have no obligation to take on facultative reinsurance, but can assess each risk. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Actual cash value repayment value for indemnification due to loss or damage of property. An independent agent represents more than one company. If you have any further questions, please contact us. The person named in the policy, to whom the insurance money is paid at the death of the insured. 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. Consumer glossary national association of insurance. Capitation to providers a system where an hmo pays a doctor or hospital a flat monthly fee for the care of each health plan member, whether or not any services are delivered. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Industry jargon and unfamiliar terminology can be confusing.
If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. The language of insurance can be quite complex and confusing. Coverages and benefits listed below may not be available in your state. If you continue, well assume you are happy for your web browser to receive all cookies from our website.
If there is an irrevocable beneficiary or collateral assignment, that person must consent to the assignment since heshe has an irrevocable vested interest in the policy. 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. Staebler place, 871 victoria street north, kitchener, on, n2b3s4, canada. Claim a demand received by an insured for money or services including the service of suit. This informationrich list will help you make sense of the solutions you are considering. An example is the insurance regulatory information system iris, which uses financial ratios to identify insurers in need of regulatory attention. Insurance glossary insurance terms and definitions from pni agency. An insurance company that accepts the risk transferred from. Insurance score glossary word insurance scores are based on consumer credit information which includes confidential information about loan payment history, the number of open credit accounts, bankruptcy and judgment filings. Contact new england insurance group today to learn more.
Glossary of terms links to external websites are provided solely for the users convenience. Insurance terms glossary learn the meanings of insurance. Contact isu northwest insurance services today to learn more. The items on a balance sheet showing the value of property owned. Home insurance glossary home insurance made simpler with our glossary. This can be, and frequently is, different from the personcorporation that purchased the bond.
As a prospective insurance customer, some terms used by the insurance industry can be confusing. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Insurance glossary insurance terms and definitions from isu northwest insurance services. No insurance resource would be complete without a helpful menu of terms and concepts. Solvency ii glossary international actuarial association. Depending on the insurance company issuing the policy, and the policy form involved, these benefits are paid either on diagnosis of a terminal illnesses, such as aids, certain organ. Fair plans, which exist in 28 states and the district of columbia, insure fire, vandalism, riot, and windstorm losses, and some sell homeowners insurance which includes liability. Insurance glossary insurance terms and definitions from new england insurance group. Agent the insurance company representative who sells policies on behalf of the insurer. Insurance glossary insurance terms and definitions from the insurance people. Here you will find a list of terms used by wee care pediatrics as well as your health insurance plan. See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. Insurance terminology north american training group.
Insurance terminology north american training group, inc. 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. Bold blue text indicates a term defined in this glossary. Most of the definitions below are provided courtesy of the insurance institute of canada. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Acuity is an award winning personal and business insurance provider. Coinsurance a form of medical cost sharing in a health insurance plan that. Iii we are the trusted source of unique, datadriven. Generalinsurancedefinitions institute and faculty of. Contact nse insurance agencies, inc today to learn more. This glossary provides insurance terms definition and explanation commonly used in insurance business world. C cancellation a termination of a policy before its normal expiration date. The insurance contracts act allows an insurer to avoid.
Insurance glossary a isu northwest insurance services. Knowing these terms may help you better understand your insurance, billing practices or communications from your insurance company. The bondholder is entitled to the proceeds of the bond. Accident only an insurance contract that provides coverage, singly or in combination, for death. Adjuster a person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Accidental death and dismemberment optional coverage that supplements other first party benefits. Insurance glossary insurance terms and definitions from nse insurance agencies, inc. Insurance pools that sell property insurance to people who cant buy it in the voluntary market because of high risk over which they may have no control. Use our online glossary to help you look up any terms you may not understand when using our website. Deferred annuities allow assets to grow tax deferred over time before being converted to payments to the annuitant. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned. Claims made policy a policy providing liability coverage only if a written claim is made during the policy period. Your health coverage will start on january 1, 2016. Accident insurance insurance for unforeseen bodily injury. The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. Automobile medical payments coverage medical payments coverage pays for medical bills sustained by you or anyone else riding in your automobile up to your policy limit. Covid19, actuaries, vermont success, total cost of risk, and microcaptives in cicr april 2020. Our insurance glossary will help you to better understand the vast array of industryspecific terminology used in transportation coverages. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance.
This can include policies for jumbo jets or oil rigs. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the. Insurance glossary insurance terms and definitions from solo insurance. The definitions appearing in this glossary are provided solely for general informational purposes. A binder is subject to the premium and all the terms of the policy to be issued. Glossary 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.
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. An event arising out of natural causes with no human intervention or could not have been prevented by reasonable care or foresight. Insurance glossary whorton insurance website post 20180522t07. Absolute assignment the transfer of ownership and all policy rights from the existing policy owner to another person or entity. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. We use cookies to give you the best possible online experience. Our glossary will help you to understand some of the jargon so you can know more about the policies we offer. The term property insurance includes many lines of available insurance. Early warning system a system of measuring insurers financial stability set up by insurance industry regulators. 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.
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