This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. The essential glossary of group benefits words and terms. Crop adjuster profi ciency program capp 8900 indian creek pkwy, ste. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative. Deductible the amount of loss paid by the policyholder.
Texas department of insurance 333 guadalupe, austin tx 78701 p. An explicit right of ownership and possession which is free from any restrictions or limitations, given to the insured. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Trial period required in most states where policy owners have up to 20 days. Many term policies only cover periods of 5, 10 or 20 years but can be renewed, usually for a higher cost, at the end of the policy. Life insurance is considered legal property of the policyowner and the policyowner has the right to designate the policys beneficiary and any contingents, decide the revocable or irrevocable status of the beneficiary. Act of god an accident or event that is the result of natural causes, without human. Insurance coverage for all motor vehicles to indemnify the insured upto the limits prescribed in the motor vehicle act, 1988 in respect of his legal liability to pay compensation for death or bodily injury to any third party or damage to the property of any third party caused in any accident or series of accidents arising out of one event in so far as is necessary to meet the requirements of. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is responsible for. Iec, developed the general insurance code of practice the code. Insurance and indemnification requirements risk management division effective march 2007 1 d.
Usually associated with motor vehicle insurance a cars agreed value is set at the beginning of. Insurance glossary understanding common insurance terms. General insurance reinsurance risk mgt glossary pdf by lajpat ray chandnani. Pdf this chapter examines the characteristics of insurance contracts. It is the application form for applying for an insurance cover insurance agent. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. You should consult a qualified professional for interpretation of terms in a specific contract. Free look period an insurer may cancel an auto insurance policy for any reason during the free look period, which is usually the first 30 days of the policy. Insurer is the company which accepts risks after receiving premiums and pays claims. A legal definition of insurance that appears in many insurance laws is the. In a normal competitive market, insurers are free to select from among people.
Insurance definitions, dictionary, glossary and terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Outside the united states, propertycasualty insurance is referred to as nonlife or general insurance. Insureris the company which accepts risks after receiving premiums and pays claims. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable.
We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. General insurance reinsurance risk mgt glossary pdf. Insurance pdf types of insurance, scope of insurance. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. Following is the property and casualty insurance glossary of basic insurance terms and definitions that are commonly used in the insurance industry. Icici lombard general insurance ltd, icici lombard house, 414, veer savarkar marg, near siddhi vinayak temple, prabhadevi, mumbai 400025. Jul 30, 20 general insurance definition, types, etc 12. The term property insurance includes many lines of available insurance.
Principles of general insurance principles of insurance 58 b in motor insurance. If available, some optional coverages and benefits might be offered at an additional charge. The document appendix 1 earned vs written contains more material on a topic that was only touched on briefly in chapter 20. The essential glossary of group benefits terminology written by rise april 25, 2017 every industry has its distinctive jargon and terminology, but few are as unique and languageintensive as group benefits and health insurance. It applies across the insurance industry to insurance companies, their employees, agents, investigators, assessors, loss adjusters and collection agents. 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. An independent agent represents more than one company. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Type of packing, mode of carriage, name of carrier, nature of goods, the route. 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.
Publication date 20161101 topics general insurance, reinsurance and risk management glossary. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance.
Dictionary of insurance terms a absolute liability. Common general insurance terms you should be aware of securenow. Insurance glossary insurance terms and definitions from general insurance. The advertisement contains only an indication of cover offered. Glossary of health insurance terms december 12, 2008 experimental or investigational services.
Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Health insurance glossary texas department of insurance. General insurance definition and meaning collins english. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. The following are general terms that may apply to this insurance and we hope will be of use to you.
Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued. Property coverage pays for damage to, or theft of, the car. This type of coverage provides the beneficiary of the individual insured with a death benefit in the case of the insured individuals loss of life due to injuries sustained in an auto accident. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london.
Insurance companies face various financial risks associated with assets backing liability cash flows. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Calendar year deductible in health insurance, the amount that must be paid by the insured. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. The document appendix 0 basic glossary contains the definition of some of the most important and ubiquitous terms used in the book. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. Liability for damages even though fault or negligence cannot be proven. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss proposal. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to.
Insweb insurance glossary of insurance terms need to know what those insurance words mean. Asset liability management alm is a fundamental element of life insurer strategy and operations. These general definitions are provided for educational purposes. For most assets owned more than 12 months, profits are considered longterm capital gains and are taxed at 0. Complete glossary of insurance coverage insurance coverage terms acli. 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. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. All members of the insurance council of australia must adhere to the code. In most states, proof of insurance takes the form of a minimum amount of automobile liability insurance, but some states permit selfinsurance or a financial responsibility bond. Here are some of the terms commonly used in case of general insurance insurance. General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance.
All are extremely important but on this first page, we have tried to explain in plain english what the most important and. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. General insurance typically comprises any insurance that is not determined to be life insurance. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Insured the individual whose property or liability is covered by an insurance policy. General insurance terminologies starting with g we have covered you for all the insurance words such as general average, general average loss, general average refund etc. Either a specified dollar amount, a percentage of the claim amount, or a specified. Policy jacket document used to assemble an insurance policy. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. 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. Coverages and benefits listed below may not be available in your state. General insurance terms, concepts, and federal regulations governing the federal crop insurance program. Accidental death coverage accidental death coverage is sometimes a part of your auto insurance policys personal injury protection pip or may be offered as a separate accidental death and dismemberment program.
Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. An event or occurrence which is unforeseen and unintended. Report general insurance glossary please fill this form, we will try to respond as soon as possible. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Use this glossary of insurance definitions to better understand insurance. Agent the insurance company representative who sells policies on behalf of the insurer. Car insurance glossary complete list of car insurance. These definitions represent a common or general use of the term. Propertycasualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. A selection of abi statistical publications are available free of charge below.
Matrix used to determine which type of risk treatment is appropriate for a risk. Insurance glossary insurance terms and definitions from union general. 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. A life insurance policy is not a personal contract between the insurance company and the insured individual. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim time.
Consumer glossary national association of insurance. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. 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. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. In health insurance, the term copayment is also used to define a fixed. Insurance handbook insurance information institute. General insurance terminologies starting with l we have covered you for all the insurance words such as l. This type of coverage is usually found under the 1st party benefits or under the personal injury section of your policy. Glossary and appendices pricing in general insurance. The overall aim of the code is to raise service standards across the general insurance industry. Insurance terms substantial 711 terms 10302016 html insurance glossary.
Definition of general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. The profit from the sale of such property as stocks, mutualfund shares and real estate. Broad form coverage coverage for causes of loss due to falling objects trees or other objects that may fall onto a structure, sudden and accidental. Bodily injury as defined in many liability policies, any physical injury to a person, including sickness, disease, and death. Insurance terminology north american training group, inc. Box 149104, austin, tx 78714 5126766000 8005784677. Agent a person or a group of people selling insurance on behalf of an insurance company. How these risks are managed vary by company and jurisdiction and are largely influenced by the regulatory environment.
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