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Insurance terms and definitions

Get A Whole Year Of Meerkat Meals & Meerkat Movies When You Buy Today. Recommended by 93.8% Of Users! Let us Help You Save Money and Get a Better Deal Insurance Dictionary, Low Prices. Free UK Delivery on Eligible Order This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references

This page provides an index of insurance terms and definitions that are commonly used in the insurance business. The definitions are based on various insurance references. These definitions represent a common or general insurance and/or legal use of the term. Some words and phrases may be defined differently by other individuals or organizations 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 Life insurance is a financial safety net for your family. If you pass away, your life insurance policy will pay a lump sum of money to your beneficiaries. There are a few common types of life insurance: term, final expense and permanent. See more on the different types of life insurance Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply 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. 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

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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. An independent agent represents more than one company; a captive agent represents only one company DEFINITIONS OF HEALTH INSURANCE TERMS In February 2002, the Federal Government's Interdepartmental Committee on Employment-based Health Insurance Surveys approved the following set of definitions for use in Federal surveys collecting employer-based health insurance data. The BL Insurance Terms And Terminology Uncertainties are a part of life. So, we need a safety cover to protect ourselves and our family from the many unforeseen perils and risks. An insurance policy acts as a bulwark against most dangers and risks we are exposed to In insurance, another term for insurer, used because the insurance company assumes or carries the risk for its policy owners

We've curated a list of P&C insurance terms and definitions - to help you better understand the often confusing legal language of insurance. Also see the Health And Life Insurance Glossary, Small Business Insurance Glossary and Terminologies Used In Insurance And Their Meanings Insurance — a contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils) A licensed person or organization authorized to sell insurance by or on behalf of an insurance company A term used when an insurance company requests that you submit multiple repair estimates for consideration. Comprehensive Physical Damage Coverage Pays for damage to your car from theft, vandalism, flood, fire or other covered perils. This coverage is subject to the terms, limits and conditions of your policy contract

Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-424 Insurance Glossary Insurance terms and definitions from MONTEITH INSURANCE, INC. Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact MONTEITH INSURANCE, INC. today to learn more Insured - The person (s) covered by the insurance policy. Premiums - The monthly or annual amount that you must pay in order to have the insurance coverage. Face Amount - The dollar amount that the insurance policy would pay out upon the death of the Insured 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 isn't a full list.These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Some of these terms als

Insurance contract The document that is the agreement between your insurance company and you (the policyholder) detailing the terms and conditions of your insurance coverage. Insured The policyholder; the person (s) protected in case of a loss or claim. Insurer The insurance company that provides insurance coverage and services It's OK—we know as well as anyone that the language of health insurance can be hard to understand. Yet every day, it's becoming more and more important for health care consumers to have at least a basic knowledge of the industry's terminology. Here, you'll find plain-English definitions for 33 of the most common insurance terms

Items that are specifically denied coverage under the terms of an insurance policy. For example, most auto insurance policies exclude coverage for normal wear and tear, drag racing and intentional acts. Extended Coverag Glossary . Most of the definitions below are provided courtesy of the Insurance Institute of Canada. Definitions provided by Insurance Bureau of Canada are indicated with an asterisk (*). The language of insurance can be quite complex and confusing. Below are some commonly used insurance terms and their meanings

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Insurance Pro combines more than 12 years of experience in Florida's insurance industry. Recognized as one of the fastest growing agencies in the Hispanic market due to the volume of agents and satisfied clients, being considered as Top Producers 2020 by Ambetter Health, Oscar Health, Bright Health and Foresters Financial Currently no insurance glossary terms + Z. Currently no insurance glossary terms + The above information is a helpful summary only and may vary by state or product and is not a comprehensive definition of all coverages, qualifications, limitations, etc. Please consult the policy and one of our insurance agents for more information Common Health Insurance Terminology 101. Many of the terms you encounter when dealing with health insurance are not familiar. While these terms can be confusing, the better you understand them, the better you will be prepared to successfully gain coverage and access to the treatments that are right for you A health insurance policy is a contract between an insurance company and an individual or a group of individuals, like an employer or labor union. Basically, you pay the insurance company a set amount of money during the contract period and, in return, the insurance company agrees to pay for a portion of your medical care An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. Under that policy, the insurer must compensate the policyholder (in accordance with the policy's terms and conditions) if the asset is damaged or destroyed and the policyholder makes a claim

10, 15, 20, 30-Year Insurance Policy. A term life insurance policy that covers the policyholder for a duration of 10, 15, 20 or 30 years (or however many years the insured person chooses as the coverage term). If the policyholder dies during that period, the life insurance company will make a payment to the selected beneficiaries Dictionary of Insurance Terms -A- • Absolute Liability: Liability for damages even though fault or negligence cannot be proven. • Accident: An event or occurrence which is unforeseen and unintended. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. • Activities of Daily Living: A list of. From deductibles to premiums to copays, GoodRx's health insurance glossary of terminology aims to define and explain these common health insurance terms and phrases in simple and easy-to-understand ways. Our glossary was designed to demystify the jargon so consumers can understand their plans, its benefits, limitations, costs and coverage options Insurance Definitions, Dictionary, Glossary and Terms. A-SHARE VARIABLE ANNUITY A form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge. ACCELERATED DEATH BENEFITS A life insurance policy option that provides policy proceeds to insured individuals over. Glossary of billing and insurance terms. Account Number This is a number assigned to identify each episode of care. This number is used to track services and payments. Addressee This is the person designated to receive the monthly billing statements. This person can coordinate the billing, payment, and insurance coverage for the account

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Searching for the meaning of insurance terms starting with letter W? MONTEITH INSURANCE, INC.'s glossary can help in one simple place. Call Us 509-783-2141 ☰ Here is a glossary of insurance licensing terms for your convenience and clarification. 1033 consent waivers - Allows a banned person from working in the insurance business to apply to the state insurance commissioners for written consent to participate in the insurance business Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories: property insurance and casualty insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The term property insurance includes many lines of available insurance

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This glossary provides business insurance definitions for terms you might encounter while researching policies for your business and maintaining existing coverage. By understanding the relevant terms, you can make informed decisions about protecting your business Insurance Terms and Definitions Have you come across a term used in your insurance policy that you've misunderstood or don't understand? To help you make sense of the jargon that's often used to describe insurance, here is our handy guide to the most commonly used key words and phrases. A

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Insurance Definitions. Property and casualty insurance is insurance that protects against property losses to your business, (The terms insurance company or insurer are preferred because of the possible confusion of carrier with transportation terminology). (2) In transportation, the trucker, air carrier, ocean steamship. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. When you're ready to take the next step, compare quotes for free or talk to a Policygenius expert We'll admit it. Some insurance terms can be tough to understand. Whether you're looking for a specific term or simply trying to brush up on your home insurance knowledge, we can help. Check out our glossary for home insurance definitions from our experts. As an informed customer, you can better understand your home insurance protection [ Insurance terms with their definitions. Learn and know the meaning of these Insurance terms by their definitions here at The Economic Times. Benchmarks . Nifty 15,853.95 41.6. NSE Gainer-Large Cap . Mphasis 2,375.50 184.55

Searching for the meaning of insurance terms starting with letter G? AXIOM INSURANCE, LLC's glossary can help in one simple place When you're shopping for insurance or reviewing your policy, it helps to know some common insurance terms. The definitions appearing in this Glossary are provided solely for general informational purposes. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined.. WebMD provides definitions of terms related to health insurance, the Affordable Care Act and Medicare

This glossary of insurance definitions, dictionary and glossary terms was designed to help you decode your policy and understand your insurance coverage. Get a Quote My Account . What We Cover. Small Business Insurance 101. Get in touch. General Liability Insurance Searching for the meaning of insurance terms starting with letter V? Fugate Insurance Agency 's glossary can help in one simple place. Call Us 530-533-2860 ☰ Start studying Glossary of Insurance Terms. Learn vocabulary, terms, and more with flashcards, games, and other study tools Finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you don't understand. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that leaves you paying thousands of. If you're thrown off by homeowners insurance terms, look up their definitions using this handy glossary. 1. Blanket insurance — A policy that covers common areas of a co-op, condominium or a.

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The following glossary of common terms related to automobile insurance may give you a better idea of what is being said. Be warned, however; your particular insurance policy may define these terms in a different manner, which may make a difference if you have to submit a claim Vacant home insurance. Insurance for a home you own that will be vacant for a period of time. Find out more about vacant home insurance. This glossary represents only a brief description of terms and is not part of your policy. Insurance policy terms and conditions may apply. Coverage features and limits vary by state and may be subject to change Home insurance definitions can be confusing. Learn the basics of home insurance terms so you can select the right coverage for your property. To see homeowners insurance terms explained, read through our glossary for quick answers and easy-to-understand definitions

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Glossary of Insurance Terms - National Association of

Homeowners Insurance Glossary of Terms. Actual Cash Value. The cost of repairing or replacing damaged property with property of the same kind and quality, less depreciation (i.e., in the same physical condition as the original property prior to damage) Searching for the meaning of insurance terms starting with letter V? CARTER THOMPSON, INC.'s glossary can help in one simple place. Call Us 912-384-7171 ☰ Glossary of Health Insurance Terms. On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act (PPACA) into law. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Below are definitions for some of the more commonly used terms and how. Glossary and acronyms. Glossary of insurance related terms used by Lloyd's and market participants. The following definitions are intended for general guidance. They do not override or qualify any definition that appears in any Lloyd's byelaw or regulation, in any contract or in any other document 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

Insurance Terms And Definitions (Dictionary & Terminology

  1. ©2021 United Auto Insurance 3201 North Harlem Avenue, Chicago, IL 60634-4502 Phone: 773-202-5000 (Chicago
  2. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or remediation. The.
  3. Auto Insurance Terms. We've compiled a list of definitions for the most commonly used auto insurance terms. You'll learn the difference between collision coverage and comprehensive coverage, what bodily injury liability provides, when you need an SR-22 insurance document, and more
  4. A list of insurance terms and definitions has been compiled with primary focus on markets in India, USA, and UK. Being a viable guide, it assists an individual to navigate through terms and.

Coinsurance (or out-of-pocket expense) is the amount or percentage of each medical charge that you are required to pay. For example, you may have a $100 medical charge. Your health insurance company will pay 80% of the charge and you are responsible for the additional 20%. The 20% is your coinsurance amount. Coinsurance accrues throughout the year Health insurance is full of terms you may not know. To help you better understand health insurance, here's a list of the most commonly used health care terms and definitions. Learn more about upcoming changes to the City of Boston's Non-Medicare health plans and benefits available to City workers and retirees Disability insurance: definitions and terms you should know Disability insurance provides a portion of your income if you become sick or injured and are unable to work. It can help everyone who depends on their job for living expenses Terms and definitions of car insurance in UAE. Souqalmal.com (Souq al Mal is Arabic for 'money market') is the leading comparison website in the Middle East and lets you compare financial products before you say 'I do'

Glossary of Common Insurance Terms NOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company A clause in an insurance policy with cash value that entitles the insured to all or a portion of the benefits, or a partial refund on premiums paid, if the insured person misses premium payments and the policy lapses. Non-Forfeiture Provisions Privileges allowed under the terms of a life insurance contract after cash value has been created Common Auto Insurance Terms Definitions. Additional Interest Insured: A lienholder, leasing company or person (i.e., a parent) that has an ownership interest in the car. Adjuster: An employee or representative of the insurance company who investigates the damage (by physical inspection of the involved vehicles and property, examination of.

Agent - A person who is authorized by an MCO or an insurer to act on its behalf to negotiate, sell, and service managed care contracts. Aggregate stop-loss coverage - A type of stop-loss insurance that provides benefits when a group's total claims during a specified period exceed a stated amount. Ambulatory care facility (ACF) - A medical care center that provides a wide range of healthcar Understanding Insurance Terminology - 101. While purchasing an insurance policy is the first-step to protecting yourself and your property against potential risks, it is only the beginning. After all, how can you be confident of your coverage if you do not know what it means? Here are some terms, as defined by the International Risk Management.

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Car Insurance. A form of insurance that protects against losses involving cars. Car insurance provides protection from losses resulting from owning and operating a car or vehicle. The insurance covers losses to the insured's property and losses for which the insured is liable as a result of owning or operating a car This can be a deductible, co-payments, or co-insurance (See separate definitions of these terms). Covered Services: The dental services, procedures, and prescription drugs your plan covers. Not all care is covered. Even if a service is covered, you may still need to pay a deductible, co-payment or co-insurance. Policies ofte incorporating complete terms and conditions by reference. Page 4 of 18 Term Definition Cession The amount of insurance risk transferred to a reinsurer by a ceding company; may be the whole or a portion of a single risk, defined policy or defined division of a policy as agreed We're doing our best to make sure our content is useful, accurate and safe. If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly GLOSSARY OF TERMS Ability to Repay (ATR)**: The ability to repay refers to an individual's financial capacity to make good on a debt. Specifically, the phrase ability to repay was used in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act

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Property insurance claims terms explained and dictionary. Fired vessels, steam generators, mechanical and or electrical objects and turbines, are all examples of objects that might be listed for coverage under a boiler and machinery policy Glossary of Insurance Terms 203-b Limit. The dollar limit for how much of a home's value can be used to determine the amount of money you can get from a federally insured Home Equity Conversion Mortgage reverse mortgage; the name comes from Section 203-b of the National Housing Act When you buy business insurance, you'll get a policy explaining your coverage and how it works.Chances are, there will be some words and terms within the policy that you don't understand. To help know what you're reading, we've created this glossary of key business insurance terms and definitions

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Beneficiary. The person or organization designated to receive proceeds under the terms of a life insurance policy, college savings plan or annuity. Benefit. The proceeds or payout from a life insurance policy, supplemental health policy or an annuity. Typically paid to the policy holder or the beneficiary. Binder insurance terms & definitions (page 2 of6) Under an auto policy, protection ir the insured against bodily injury or property damage (in some states) caused by the negligence of an uninsured or underinsured motorist Insurance exam terms. Terms in this set (61) Insurance` the transfer of risk from one party to another. The purchase of the policy. Risk. the financial uncertainty. Pure Risk. A risk that presents the chance of loss but no opportunity for gain. The only risk that is covered. Insurable Risk

Below is a complete list of some common insurance terms and definitions. A - D E - I J - P R - Z 0 - 9 A - D Adjustments. Adjustments will occur after a finalized claim has been reprocessed or. Auto insurance is a contract between the policyholder and the insurance company. The policyholder agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy. Auto insurance provides property, liability and medical coverage: Property coverage pays for damage to, or theft of, the car. Liability coverage pays for the policyholder's legal responsibility to.

Searching for the meaning of insurance terms starting with letter H? MONTEITH INSURANCE, INC.'s glossary can help in one simple place. Call Us 509-783-2141 ☰ INTRODUCTION TO THE GLOSSARY This glossary defines terms that are not all insurance related, but are commonly used in the business and data reporting environment. The terms have been defined in a simplified and nontechnical manner. The definitions are not intended to and should not be used as the legal definitions of the terms. Fo

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Glossary on General Insurance Terms A to Z A Policy coverage payment reimbursement of the following expenses - visit to the doctor, medical surgeries, medicines and so on 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. 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 Glossary of Insurance Terms. by Martin McRandal | 14 min read September 16th, 2019. At Allianz, we realise that insurance can sometimes be complicated. This is why we've created this Glossary of Terms where insurance terminology is simplified and explained for you. Principles of Insurance. Your policy of insurance is a contract.. Find definitions to the most important home insurance and renters insurance terms at Insurance.com. Call our licensed agents toll free 844.855.0163 auto insurance Insurance terms can be difficult to understand, and when it comes to protecting your business, it's vital that you have a clear view of what your coverage entails. Getting to know the meaning behind some of the common terms used in commercial insurance is the best way to make shopping for your commercial policies simpler. These definitions provide a basic guide to the world of commercial.