A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Term definition cession the amount of insurance risk transferred to a reinsurer by a ceding company. Health care services that help a person keep, learn or. The purchase of the controlling interest or ownership of another company. 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. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Technical terms that appear elsewhere in this glossary are marked in green. 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.
Consumer glossary national association of insurance. Aipso has prepared this area to provide customers with access to common aipso terms and insurance terms. Coverages and benefits listed below may not be available in your state. The assistance agreement includes the terms of the purchase of assets and assumption of. Two such glossaries are of particular use to visitors and customers of insurancecanada. Submit your question to a tutwiler public adjuster now. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. A period of time in which you pay higher cost sharing for prescription drugs until you. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you.
From abandonment to warranty deeds, this glossary to can help you understand the common terms used when describing real estate and mortgage transactions. A complaint that you communicate to your health insurer or plan. This should be equivalent to paid premiums, in most instances. Nicb insurance acronym, organization and term list index. 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 health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Additionally, this information is not intended to fully set out your or our. Glossary of mergers, acquisitions, and takeovers wikipedia. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company, unless it is first rejected by the agents. Well be happy to answer your question with no obligation and add it to our glossary of property insurance claim terms. This page provides a glossary of insurance terms and definitions that are. Assisted mergers were the federal savings and loan insurance. The european union gradually deregulated the financial services sector.
Glossary of insurance terms accident year experience the matching of all claims occurring regardless of when reported or paid during a given 12 month period with all premium earned over the same period. Qualified person i a resident of this state, other than an insured or the owner of an uninsured motor vehicle and his spouse when a passenger in such vehicle, or his legal representative, or ii a resident of another state, territory or federal district of the united states or province of the dominion of canada, or foreign country, in which recourse is afforded, to residents of this state. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Real estate glossary first american title insurance resource center reference information. Glossary of insurance terms michigan insurance company. National insurance crime bureau october 12, 2015 1 nicb insurance acronym, organization and term list the following is a list of insurance related acronyms, organizations, and terms that may be encountered during an investigation.
Browse a list of commonly used terms in the washington state office of the insurance commissioner s agent and company lookup tool. 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. Pos plans combine elements of both hmo and ppo plans. 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. Amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured party suffers a loss. Merger activity in the insurance industry 163 down of the firewalls that traditionally separated financial intermediaries such as commercial banks, thrift institutions, investment banks, mutual fund companies, and insurance companies. This information is provided for general informational purposes only and does not alter or replace any insurance policy issued by us. This glossary defines terms that are not all insurance related, but are commonly used in the business. Analysis and valuation of insurance companies columbia university. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in. Liability arising from extremely dangerous operations. 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.
Over 18000 financial and investing definitions, with links between related terms. Liability insurance provides the insured party with protection against. Agent the insurance company representative who sells policies on behalf of the insurer. A fixed amount you pay for a covered health care service after youve paid your deductible. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. 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. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. The merging and continuing credit union boards of directors develop and agree to the merger agreement terms and conditions. The table of contents lists the main insurance terms defined by this glossary and which are shown in boldfaced type. Act of god natural occurrence beyond human control or influence. Not all concepts or coverages identified in this list are found at chapman university. Some of these terms also might not have exactly the same meaning.
Glossary of insurance terms additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under the policy at the request of the named insured. The information presented on this glossary is not an insurance policy, declarations page or endorsement. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. The percentage of costs of a covered health care service you pay after youve paid your deductible. Actuaries use mathematics and statistics to evaluate the risk of something happening, how much it costs to finance that risk, and how much your premium. Glossary of common insurance terms 3 v122016 insurance terms glossary 12. 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. Real estate glossary first american title insurance. 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.
This glossary also provides examples of how some of the terms are used in national compensation survey publications. The insurance and risk management terms link will access the international risk management institute irmi website. The glossary of aipso terms contains over 200 terms and acronyms specific to aipso and the residual market. Insurance glossary insurance terms and definitions from advantage 1. 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. Print and pdf formats, and quantity discounts are available for most.
The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions. Also see the health and life insurance glossary, property and casualty insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings. Insurance terminology north american training group. Amalgamation when two or more separate companies join together to form one company so that their pooled resources generate greater common prosperity than if they remain. Advanced concepts in insurance, llc glossary of terms. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. At short insurance, were here to help you understand the world of insurance. The following is a glossary which defines terms used in mergers, acquisitions, and takeovers of companies, whether private or public acquisition when one company is taking over controlling interest in another company. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Health care services that your health insurance or plan doesnt pay for or cover. Dictionary of insurance terms a absolute liability. Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Take a look at our glossary below or call us at 8067634409 with any questions you may have. The assistance agreement includes the terms of the purchase of assets and assumption of liabilities. Click the letter that the word begins with or use the search bar. The insurance contracts act allows an insurer to avoid. The difference reflects the insurers expenses for operating the plan. Factors such as the size and form of the company, location, mergers and. Glossary of compensation terms bureau of labor statistics. The liability of a wrongdoers automobile insurance company to pay someone harmed by the wrongdoer, even if the wrongdoer has violated the terms of the insurance policy, for example, by driving with an expired license.
Bradley drake, sidley austin llp 35 the completion of a successful merger or acquisition involving insurance companies requires careful planning and specialised skill sets to deal with the many important ways insurance companies differ from other. The merger agreement terms and conditions are signed and submitted to the administrator, kansas department of credit unions for preliminary approval. Glossary of insurance policy terms iso translations. A binder is subject to the premium and all the terms of the policy to be issued. It permits financial services companies to merge and engage in a variety of new. The term property insurance includes many lines of available insurance. An event or occurrence which is unforeseen and unintended. Terms are given their most common definition, with variations provided. If available, some optional coverages and benefits might be offered at an additional charge. A defined contribution plan established by taxexempt organizations such as public schools, educational or research organizations, and charities in which contributions are used to purchase annuities by employers for employees. An independent agent represents more than one company. Liability for damages even though fault or negligence cannot be proven. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Insurance glossary understanding common insurance terms.
This list is not meant to be all inclusive, but should help with your understanding some insurance terms used in our website. Glossary of group insurance terms benefits division. Adjudication the final determination of the issues involving settlement of an insurance claim. Readers who need more precise meanings for these terms should consult standard textbooks or legal reference materials available at bookstores and libraries. Cessions limit the capped amount of catastropheexposed business ceded to the reinsurance contract. The insurance company or hmo offering a health plan claim. Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Insurance handbook insurance information institute. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Additional terms are defined within the discussions of the main terms and appear in boldfaced, italicised type. Investorwords the most comprehensive investing glossary on the web. Acquisition cost the total of net commission and operating expenses incurred in the generation of net earned premium and. Merger is the fusion of two or more companies or merger is a combination of two or more companies into a single.
Accident an unexpected, unforeseen event not under the control of an insured and resulting in a loss. Do you have a question about an additional property insurance claim term you would like to understand better. Uniform consent to service of process for insurers pdf, 179kb. Below are some standard terms and definitions used when describing business and.
A company owned solely or in large part by one or more non insurance entities. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Glossary of risk management terms this is a comprehensive list of insurance terms. For nonparticipating providers in montana, the allowable fee is developed from base medicare reimbursements, excluding any medicare adjustments using information on the claim, and adjusted by a predetermined factor established by the plan. Accident frequency the number of times an accident occurs.
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