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AS IS WHERE IS : Refers to a present state of condition and location of the goods at the time of … 0000063971 00000 n
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Below are some commonly used insurance terms and their meanings. 0000022051 00000 n
3�g�(%R�"�!�?&��aR`aHB)e"@H\ƸN!�ͮ��(\7�?f�f��,c@! Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. New terms will be added to the glossary over time. GLOSSARY OF TERMS - GENERAL INSURANCE Prepared by David Forfar, MA, FFA with the assistance of David Raymont, Librarian of Institute of Actuaries, London. So whether you’re trying to select new insurance or you’re trying to understand the details of the plan you’ve chosen, these are the words and terms you need to know. 0000045206 00000 n
Life Insurance: Glossary of Terms Incidents of Ownership: Various rights which may be exercised under the policy contract by the policy owner. Gaining this knowledge will help you feel empowered and informed. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Terms is just one of the achievements of EBS’s partnership with NALA. It should help you to unravel the language you may not come across very often in your day−to−day life. Insurance coverages. =Oo�������Uf�2C���❉�KO��~������. 0000004363 00000 n
An independent agent represents more than one company; a captive agent represents only one company. 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. <<9bbea032cae33547bb9b540446d1e589>]>>
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Insurance Terms And Terminology Uncertainties are a part of life. 0000004228 00000 n
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Version 10/1/2002 1-year accounting :-a basis of accounting which presents, at the end of each year of account, the estimated technical account for business exposed during the year. GLOSSARY OF RISK MANAGEMENT TERMS This is a comprehensive list of insurance terms. startxref
Below are some commonly used insurance terms and their meanings. 0000002586 00000 n
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• Accident: An event or occurrence which is unforeseen and unintended. 0000007797 00000 n
Insurance professionals with whom you may come into contact should be prepared to explain these terms. Insurance vocabulary pdf. Insurance Product Information Documents Insurance Product Information Documents. Actuary an expert on pension scheme assets and liabilities, life expectancy and probabilities (the likelihood of things happening) for insurance purposes. {�1FB�1܊#p��Y��l��m�`�zB���Y ���,$,ܘ]O�
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An insurance policy acts as a bulwark against most dangers and risks we are exposed to. startxref
This does not cover self-inflicted injury, intentional harm from another person, homicide, sickness or death from natural causes. 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 … 0000002027 00000 n
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These include: (1) the right to cash in the policy; (2) to receive a loan on the cash value of the policy; and (3) to change the beneficiary. 0000040785 00000 n
Agent The insurance company representative who sells policies on behalf of the insurer. Accidental damage . 117 0 obj <>
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Maturity age: Maturity age is the age of the life assured at which the policy ends or terminates. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance … **Dental Benefits: A Guide to Dental PPOs, HMOs And Other Managed Plans, Don Mayes, Revised Edition, 2002. Dictionary of Insurance Terms -A- • Absolute Liability: Liability for damages even though fault or negligence cannot be proven. This … Title: Insurance vocabulary Author: Frédéric Created Date: 9/23/2010 10:41:42 PM ��4��&A�P,z�%��B�\Q��,;�1bZ&�yo��' 0000001339 00000 n
A building car etc the assessor said our house is worth over 200000. We have written this A to Z guide to help you to understand some of the terms you will come across when you buy a house, go into business, take out insurance, invest your money and do all the other things you might have to do in your lifetime. From accidental damage to vacant possession, insurance terms can be confusing. More Insurance Terms And Definitions. 0000016760 00000 n
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A person who calculates the value of something eg. By knowing the definitions of these terms, your study of the subject should be much easier. A benefit in addition to the face amount of a life insurance policy, payable … Once you understand the vocabulary on your insurance paperwork, it will all start to make more sense. ��T���-:�f66�� ����FJ ��s�� ���`% �0 0000000816 00000 n
GLOSSARY OF REINSURANCE TERMINOLOGY Term Definition Accident Year Experience Reinsurance experience calculated by matching the total value of all losses occurring during a 12-month period with premiums earned for the same period. Silver - Download a copy of your Silver Travel Insurance Terms (PDF 167KB). 0
GLOSSARY OF INSURANCE TERMS AGGREGATE LIMIT: The maximum amount an insurer will pay under a policy in respect of all accumulated claims arising within a specified period of insurance. H�|V�n�6��+�(6#R%�. Please note: our terms and conditions are in PDF format. Basic insurance terms and definitions, life insurance terms and definitions, basic insurance terminology, insurance glossary pdf, important insurance terms, insurance terms and concepts, health insurance terminology and insurance terms for dummies. 0000006148 00000 n
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Click on the "Check Answers" button at the bottom of the quiz to check your answers. 0000064488 00000 n
The language of insurance can be quite complex and confusing. Revised: October 23, 2006 A Absolute Liability: Liability arising from extremely dangerous operations; for example, blasting. 0000027043 00000 n
Acquisition Costs All expenses directly related to acquiring insurance or reinsurance accounts; normally the commission paid to the reinsurance company as an … ii. 0000002390 00000 n
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This is very much a 'work in progress', and we welcome any corrections, ... Actual loss an insurance term which means that the insured item no longer exists. 0000016336 00000 n
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Our glossary will help you to understand some of the jargon so you can know more about the policies we offer. These general definitions are provided for educational purposes. A person who calculates risks for insurance companies. 0000033432 00000 n
Glossary of insurance related terms used by Lloyd's and market participants. If you don't understand, ask! The following definitions are intended for general guidance. �f�o�Vצ|�P���������s
�nw��}Ӂ�*�!BRXRBc�6y�'����E�ݪ��0������Bg#�0�����u�s� "Z�#r�y��;Uß5rkM�ɛ�S�H|�!D2%l(�f��M�ҡ1~��*��;$i�%*@����Nj��A;줝��Q�0�ҷj9k�I�3M� ��`Ȉ3`"!�{��u�ۂ~�Kit��Y��2. Insurable Interest – interest in property such that loss or destruction of the property could cause a … 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. Accidental Death Benefit. … Quiz: Insurance policy vocabulary exercise. Glossary of Common Insurance Terms NOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy.
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Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. 0000001526 00000 n
The Insurance Vocabulary List Accident insurance – covers the medical expenses as the result of a bodily injury or death. 0000002343 00000 n
A . Abscess: Acute or chronic. 0000027926 00000 n
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Insurance bureau of canada are indicated with an asterisk. Now choose the word/phrase from the question's selection box which you believe answers each question. 0000038845 00000 n
Not all concepts or coverages identified in this list are found at Chapman University. Tags: insurance insurance terms Vocabulary lesson Publication date: 10/21/2015 In this lesson, students learn useful terms used to talk about insurance, especially auto insurance. This information is for educational purposes only and should not be relied upon to form professional opinions on coverage issues. 0000024900 00000 n
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5.4 FACTS, WHICH MUST BE DISCLOSED i. Below is a definition/description of each of the words in bold from the above text. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy). 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. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. 0000001438 00000 n
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Download PDF. 0000045050 00000 n
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External factors that make the risk greater than normal e.g. 0000004952 00000 n
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The terms and explanations are for the law in England and Wales. Glossary of Dental Insurance and Dental Care Terms . insurance broker: n. agent who arranges insurance; middleman between insurer and policyholder: Good insurance brokers find the best deals for their clients, and bad ones find the highest commissions. trailer
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So, we need a safety cover to protect ourselves and our family from the many unforeseen perils and risks. 0000002426 00000 n
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�`)�fdDK-�1��3zQ-�Z����DXP� When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Only use one word/phrase once. 0000017610 00000 n
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premium or the terms and conditions of the contract must be disclosed. If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. <<3755E396FC673544B3AC86703C7834F9>]>>
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National Association of Dental Plans, www.nadp.org . AVERAGE CONDITION: If you were to under-estimate the value of your insured property when arranging insurance this would result in under-insurance. 0000025677 00000 n
If, at any time you come across an insurance term in LifeInsure.com you don’t understand, come back to this glossary and look up the definition. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. 0000005400 00000 n
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1 * American Dental Association Current Dental Terminology 2011 -2012, glossary. 0000001302 00000 n
GLOSSARY OF INSURANCE TERMS THE A-Z 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. 13 36
5 General Insurance Terms of Business Agreement e) Non-advised service renewal If your policy is due for renewal, we will write to you with details relating to the renewal of your insurance policy (provided that your insurer is willing to offer to you a policy for the new policy period) and to confirm the premium and terms applicable. Facts, which show that a risk represents a greater exposure than would be expected from its nature e.g., the fact that a part of the building is being used for storage of inflammable materials. The average condition clause could then be applied and would … 0000001556 00000 n
3-year accounting :-a form of funded accounting.
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