The basic manual of rules, rates and forms for the writing of title insurance in the state of texas contains seven sections and an appendix. Health insurance is a contract between you and your health insurer to cover your medical expenses. The current commercial time element coverage forms are. This coverage is subject to the terms, limits and conditions. Technically, the basic function of property casualty insurance is the transfer of risk.
Well give you an assist by helping you learn the language of health insurance. A loss is measured in terms of the reduced value of the property, the amount of medical and other related expenses, or the amount of the claim made against an insured. While these terms can be confusing, the better you understand them, the. It is critical that you read the contract and ask questions if you dont understand the coverage. 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. Oct 14, 2014 for example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to choose the best kind of policy for you, and assist you in other ways. Learn vocabulary, terms, and more with flashcards, games, and other study tools. This can be a deductible, copayments, or co insurance see separate definitions of these terms. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative.
The terms of an insurance contract are embodied in a w ritten document called the insurance policy. Iso, commercial property insurance causes of loss forms. 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. For example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to choose the best kind of policy for you, and assist you in other ways. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Health insurance 101 words to know when you need medical care 00. Insurance policy over and above a basic liability policy. It is important to know these basic concepts since you will encounter them throughout your study of insurance. Able able and available additional claim adjudication alien status alternate base period appeal appeals hearing approved training available back pay base period benefit year benefit year beginning date benefit year ending date between academic school terms. Basic causes of loss form one of the three insurance services office, inc.
The defined terms and coverage provisions in your policy or certificate of insurance, such. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. 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. The term property insurance includes many lines of available insurance. A fee or percentage of the premium paid to an insurance broker. Insurance terminology north american training group, inc. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Dictionary of insurance terms a absolute liability. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. Where the property insured is completely destroyed or so badly damaged that it. The insurance contract is a legal document that spells out the coverage, features, conditions and limitations of an insurance policy. An event or occurrence which is unforeseen and unintended. Like auto insurance covers your car if you get into an accident, health insurance covers you if you get sick or injured. Causes of loss forms establish and define the causes of loss or perils for which coverage is provided.
Health insurance is a product that covers your medical expenses. It contains statutes specific to title insurance that have been enacted by the texas legislature. The amount covered by the terms of an insurance contract, usually. Policy forms vary i n complexity depending upon the type of. Title insurance basic manual texas department of insurance. Its aim is to reduce financial uncertainty and make accidental loss manageable. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Consumer glossary national association of insurance. Foreword adult basic education, the organisations are working together to help tackle financial literacy and to address the issue of access to financial products and services for those with literacy and numeracy difficulties. The agent represents the insurance company in all transactions. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. All of the terms printed in green in this book are defined there. Insurance is a method for spreading the risk of a financial loss among a large number of people. Agent an individual who sells, services, or negotiates insurance policies.
A statement of coverage issued to an individual insured under a group insurance contract, outlining the insurance benefits and principal provisions applicable to the member. Under the terms of a life insurance policy, the insurer promises to pay a certain sum to a person you choose your beneficiary upon your death, in exchange for your premium payments. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without adjustment to. This page provides a glossary of insurance terms and definitions that are. Please read your official policy for full details about coverages. Insured person means the person who is covered by the insurance policy or the one who avails the benefit of the policy and the insurer is the insurance. Section i contains title 11 of the texas insurance code and is referred to as the texas title insurance act. Health insurance basics 101 guide to health insurance. 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. Agent the insurance company representative who sells policies on behalf of the insurer.
Learn insurance industry vocabulary that will help you better understand your insurance policies. The basic causes of loss form cp 10 10 provides coverage for the following named perils. Notification to the insurance company that a loss has occurred and a demand of payment for the loss, as provided by the terms of the insurance policy. Get a free online adult life insurance quote or call us at 18007042180 to get started. Iec, developed the general insurance code of practice the code. Before you go through the below terms lets take an example of an insurance policy which will help you to better understand the below terms. Allowable charge sometimes known as the allowed amount, maximum allowable, and usual, customary, and reasonable ucr charge, this is the dollar amount considered by a health insurance company to be a reasonable charge for medical services or supplies based on the rates in your area. Comprehensive loss underwriting exchange clue report. Every industry has its own jargon, and the property and casualty insurance. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms.
Except for binders and contracts for temporary insurance covered by ors 742. Insurance professionals with whom you may come into contact should be prepared to. It does this substituting payment of a small, known feean insurance. The life insurance 101 basic step in this situation is to get a lowcost life insurance policy that can provide the most protection. 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. 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. This page provides an index of insurance terms and.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Type of packing, mode of carriage, name of carrier, nature of goods, the route. Insurance terminology north american training group. No insurance website could be complete without offering and index of insurance terms and definitions. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance bureau of canada are indicated with an asterisk. Agent a person or a group of people selling insurance on behalf of an insurance company. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. The lower cost of term insurance makes it a good choice for.
Together, we created this glossary of key health insurance terms. Glossary of life insurance terms department of financial. Affiliate a person or entity that directly, or indirectly, through one or more other persons or entities, controls, is controlled by or is under common control with the insurer. A statement of coverage issued to an individual insured. Even if a service is covered, you may still need to pay a deductible, copayment or co insurance. Life insurance basics life insurance is an agreement between you the insured and an insurer. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Insuredthe term insured refers to the person who has taken insurance. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance.
Basic limits the minimum amounts of insurance for which it is the practice to quote premiums in liability insurance. Insured the individual whose property or liability is covered by an insurance policy. The minimum limits of liability that can be carried by an insured. Pdf this chapter examines the characteristics of insurance contracts. The amount of outofpocket expenses that you or your business must pay before the payment is made by an insurer. A fee or percentage of the premium paid to an insurance broker or agent. All are extremely important but on this first page, we have tried to explain in plain english what the most important and common terms. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
All are extremely important but on this first page, we have tried to explain in plain english what the most important and. The language of insurance can be quite complex and confusing. Basis of a claim for indemnity under provisions of an insurance policy. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. There may be certain risks regarding the basic honesty and integrity of a person. Principles of general insurance principles of insurance 58 b in motor insurance. Basic causes of loss form insurance glossary definition. Notification to an insurance company that you believe a payment is due to you or your company under the terms of the policy. Insurance the concept of insurance is really quite simple. Below are some commonly used insurance terms and their meanings. 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. Insurance contracts, in all countries, are subject not only to the same basic law. Copayment a form of medical cost sharing in a health insurance plan that requires an insured person to pay a fixed dollar amount when a medical service is received.
Clausea section of an insurance policy dealing with various coverages, exclusions, duties of the insured, locations covered and conditions that terminate coverage. Insurance is a contract between the insurer and the insured person or a group. With accident forgiveness not available in ca, ct, and ma on your geico auto insurance policy, your insurance rate wont go up as a result of your first atfault accident actual cash value. The purpose of an insurance is to provide protection against the risk of any financial loss. Common health insurance terms and definitions wps health. Insurance professionals with whom you may come into contact should be prepared to explain these terms.
Glossary of commercial insurance terms commercial insurance is divided into two main categories. 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. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. The written application is considered part of the policy if. 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. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Understanding business insurance terminology trusted choice.
The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. Liability for damages even though fault or negligence cannot be proven. A person licensed by the state insurance authority to sell insurance products. The dental services, procedures, and prescription drugs your plan covers. An agent can be independent agent who represents at least two insurance. Explain the basics of health insurance and how it works point out some things to look for in a health insurance plan. Insurer is the company which accepts risks after receiving premiums and pays claims.
Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. Use this glossary of insurance definitions to better understand insurance. A person responsible for investigating and settling a claim. You buy an insurance policy on the name of your wife for an insurance cover of rs.
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