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No insurance website could be complete without offering and index of insurance terms and definitions. An insurance broker is a specialist who works for you to find the most appropriate insurance products to suit your needs. See your summary of benefits and coverage for information on how to get a copy of your policy or plan document. Healthcare legislation enacted on march 23, 2010, making substance use disorders one of the ten elements of essential health benefits in the united states. The company must pay for the repair or up to the actual cash value of.
Independent agents in our network believe that knowledge is power, and they are dedicated to not only providing consumers with competitive rates and coverage, but education and answers as well business terminology shouldnt be reserved for insurance agents. Health insurance terminology quiz 1 flashcards quizlet. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Here is some of the basic terminology for life insurance. Insured the persons covered by the insurance policy. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Hipaa health insurance portability and accountability act of 1996 the federal law enacted in 1996 which eased the job lock problem by making it easier for individuals to move from job to job without the risk of being unable to obtain health insurance or having to wait for coverage due to. Become an expert on everything from claims to deductions with our glossary of common and notsocommon insurance industry terms. Agent the insurance company representative who sells policies on behalf of the insurer.
Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Theyre especially useful if you are in the market for a few insurance products or have more complex requirements. Collision coverage pays for damage to your car with out regard to who caused an accident. Learn insurance industry vocabulary that will help you better understand your insurance policies. Disability insurance covers wage loss for the disabled person. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Accident insurance insurance for unforeseen bodily injury. Bold blue text indicates a term defined in this glossary. Jan 07, 2014 this document contains a list of commonly used health insurance terms and their definitions to help consumers better understand how health insurance coverage works. This document contains a list of commonly used health insurance terms and their definitions to help consumers better understand how health insurance coverage works.
Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. Gerber life insurance offers adult and childrens life insurance to help you protect your familys future. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. Dec 27, 2019 life insurance terminology doesnt have to be confusing. Brokers know the market well, so on your behalf they get the quotes, read the fine print, negotiate deals and explain what it means for you. Glossary of health insurance terms december 12, 2008 experimental or investigational services. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Ab initio a term used to describe avoidance of a contract from its inception or its beginning.
Accident only an insurance contract that provides coverage, singly or in combination, for death. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Insurance dictionary pdf take advantage of the income stops obtaining online quick personal loans arriving. Dictionary of insurance terms barrons business guides harvey w. Addictionary glossary of substance use disorder terminology.
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 life insurance terms department of financial. 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. Coinsurance a form of medical cost sharing in a health insurance plan that. Glossary of common auto insurance terms helpinsure. The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions. 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. Insurance dictionary pdf health insurance provider. Glossary of common auto insurance terms glossary of common. 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. Glossary of insurance terms national insurance brokers association. The current commercial time element coverage forms are. Business terminology shouldnt be reserved for insurance agents. There are approximately 1,700 terms in this edition and its an invaluable resource for your insurance education and professional development.
Glossary of insurance terms its hard to navigate the insurance world if you dont speak the language. Cpt is a standard set of codes maintained by the american medical association ama. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Direct loss a loss which is a direct consequence of a peril. Premiums the monthly or annual amount that you must pay in order to have the insurance coverage.
Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. It contains five digit numerical representations for every type of service. Consumer glossary national association of insurance. Start studying health insurance terminology quiz 1. Deductible the amount of money the policyholder must pay on a loss.
Oct 14, 2014 gerber life insurance offers adult and childrens life insurance to help you protect your familys future. It will vary, depending on the insurance provider and plan. This document is for informational purposes only and is not intended to alter or replace the insurance policy. A company owned solely or in large part by one or more non insurance entities. 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. Texas department of insurance glossary of common insurance terms. Learn all the insurance terms with our insurance terms and terminology resources. Glossary of medical insurance terminology page 1 annual deductible is the amount you must pay each year for medical and mental health expenses before your medical plan begins to pay benefits. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment. Commercial insurance is divided into two main categories.
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. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment. Auto insurance premiums are quoted for either 6 month or annual policy periods. Accidental death benefits if a life insurance policy includes an accidental death benefit, the cause of death will be examined to determine whether the insured. Insurance dictionary pdf he wants to have fun with wrongdoing in case you have enquired authorities to get a easy conversion from offer preliminary customer screening process to very last finance in an exceedingly rough appraisal.
The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented information when applying for insurance. Accidentonly policies policies that pay only in cases arising from an accident or injury. The payment required for an insurance policy to remain in force. All members of the insurance council of australia must adhere to the code. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. 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. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage. Two such glossaries are of particular use to visitors and customers of insurancecanada. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
An independent agent represents more than one company. Glossary of dental insurance and dental care terms. An individual employed by a propertycasualty insurer to evaluate losses and settle policyholder claims. The guide is an important resource that will help to create a much greater understanding of. See if you qualify for a special enrollment period. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in. Glossary of health insurance terms national health policy forum.
A form of dental cost sharing in a dental insurance plan that requires the member to pay a fixed dollar amount for each visit to a dentist or for a specific service. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.
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