Ninsurance glossary of terms pdf merger

Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of. 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. Readers who need more precise meanings for these terms should consult standard textbooks or legal reference materials available at bookstores and libraries. Accident frequency the number of times an accident occurs. The glossary of aipso terms contains over 200 terms and acronyms specific to aipso and the residual market. It permits financial services companies to merge and engage in a variety of new. Act of god natural occurrence beyond human control or influence. Nicb insurance acronym, organization and term list index. The insurance contracts act allows an insurer to avoid. 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. Terms are given their most common definition, with variations provided. Pos plans combine elements of both hmo and ppo plans.

Liability arising from extremely dangerous operations. The merging and continuing credit union boards of directors develop and agree to the merger agreement terms and conditions. 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. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. The difference reflects the insurers expenses for operating the plan. Well be happy to answer your question with no obligation and add it to our glossary of property insurance claim terms.

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 defines terms that are not all insurance related, but are commonly used in the business. A fixed amount you pay for a covered health care service after youve paid your deductible. Do you have a question about an additional property insurance claim term you would like to understand better. Insurance handbook insurance information institute. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. 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. Acquisition cost the total of net commission and operating expenses incurred in the generation of net earned premium and. Glossary of common insurance terms 3 v122016 insurance terms glossary 12. 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. Below are some standard terms and definitions used when describing business and. This list is not meant to be all inclusive, but should help with your understanding some insurance terms used in our website. The term property insurance includes many lines of available insurance.

This page provides a glossary of insurance terms and definitions that are. A period of time in which you pay higher cost sharing for prescription drugs until you. 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 risk management terms this is a comprehensive list of insurance terms. An independent agent represents more than one company. The merger agreement terms and conditions are signed and submitted to the administrator, kansas department of credit unions for preliminary approval.

This glossary also provides examples of how some of the terms are used in national compensation survey publications. Glossary of compensation terms bureau of labor statistics. The purchase of the controlling interest or ownership of another company. The insurance company or hmo offering a health plan claim. Insurance terminology north american training group. 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 insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Factors such as the size and form of the company, location, mergers and. 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 commercial insurance terms commercial insurance is divided into two main categories. 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. The assistance agreement includes the terms of the purchase of assets and assumption of. Cessions limit the capped amount of catastropheexposed business ceded to the reinsurance contract. The assistance agreement includes the terms of the purchase of assets and assumption of liabilities. 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. 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. At short insurance, were here to help you understand the world of insurance. 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. Term definition cession the amount of insurance risk transferred to a reinsurer by a ceding company. The percentage of costs of a covered health care service you pay after youve paid your deductible. Coverages and benefits listed below may not be available in your state.

The table of contents lists the main insurance terms defined by this glossary and which are shown in boldfaced type. Glossary of mergers, acquisitions, and takeovers wikipedia. A binder is subject to the premium and all the terms of the policy to be issued. Glossary of group insurance terms benefits division. Agent the insurance company representative who sells policies on behalf of the insurer. Take a look at our glossary below or call us at 8067634409 with any questions you may have. 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. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. The insurance and risk management terms link will access the international risk management institute irmi website. A complaint that you communicate to your health insurer or plan.

Some of these terms also might not have exactly the same meaning. Real estate glossary first american title insurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Uniform consent to service of process for insurers pdf, 179kb. Investorwords the most comprehensive investing glossary on the web. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.

Not all concepts or coverages identified in this list are found at chapman university. 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. The european union gradually deregulated the financial services sector. Print and pdf formats, and quantity discounts are available for most. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Browse a list of commonly used terms in the washington state office of the insurance commissioner s agent and company lookup tool. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. Submit your question to a tutwiler public adjuster now. A company owned solely or in large part by one or more non insurance entities. Insurance glossary insurance terms and definitions from advantage 1. If available, some optional coverages and benefits might be offered at an additional charge. Amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured party suffers a loss.

Analysis and valuation of insurance companies columbia university. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. 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. Advanced concepts in insurance, llc glossary of terms.

The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Click the letter that the word begins with or use the search bar. Technical terms that appear elsewhere in this glossary are marked in green. 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. Glossary of insurance policy terms iso translations. The information presented on this glossary is not an insurance policy, declarations page or endorsement. Consumer glossary national association of insurance. Used in predicting losses upon which premiums are based. 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. Additional terms are defined within the discussions of the main terms and appear in boldfaced, italicised type.

Over 18000 financial and investing definitions, with links between related terms. Real estate glossary first american title insurance resource center reference information. Additionally, this information is not intended to fully set out your or our. Glossary of insurance terms michigan insurance company. This should be equivalent to paid premiums, in most instances. Liability insurance provides the insured party with protection against. From abandonment to warranty deeds, this glossary to can help you understand the common terms used when describing real estate and mortgage transactions. Health care services that your health insurance or plan doesnt pay for or cover. Two such glossaries are of particular use to visitors and customers of insurancecanada. Adjudication the final determination of the issues involving settlement of an insurance claim. This information is provided for general informational purposes only and does not alter or replace any insurance policy issued by us. Dictionary of insurance terms a absolute liability.

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. Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Health care services that help a person keep, learn or. 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. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Merger is the fusion of two or more companies or merger is a combination of two or more companies into a single.