A benefit that provides for the payment of a portion of the death benefit prior to an insureds death should the insured be diagnosed as. Life insurance glossary of common terms we recognize you are looking to make the best decisions for you and your family by comparing online insurance quotes. This is why claybrooke has assembled a list of the most common terms you will see throughout our website in regard to insurance policies. Glossary of life insurance terms department of financial. 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. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Variable life insurance a type of whole life insurance policy in which the death benefit and the cash value change according to the investment performance of a separate account fund that you select. Whole life insurance policies also provide taxdeferred buildup of cash value, payable upon surrender or payment default. Reinsurance terms basic collection of terms used in the reinsurance industry. Insurance terms used in the area of residential title insurance. Thank you for choosing to learn more about residential title insurance. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells.
An independent agent represents more than one company. Download glossary of insurance and risk management terms. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Dictionary of insurance terms a absolute liability. See page 4 for an example showing how deductibles, co insurance and out of pocket limitswork together in a real life situation. 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. This type of insurance costs less than whole life insurance, and so, in general, pays the highest immediate benefit for your premium dollar. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. Insurance glossary understanding common insurance terms. Browse our life insurance glossary of common terms. Life insurance terms glossary life insurance definitions when it comes to protecting what matters most, life insurance is an easy and proactive way to ensure youre financially taking care of your loved ones. Life insurance terms glossary and facts from netquote. A type of life insurance that provides coverage for a specified period of timegenerally one, 10, 20, or 30 years, or until the insured reaches 65 or 70 years of age.
Life insurance with critical illness as above but also pays out on diagnosis of certain medical conditions as laid out in the policy, i. Mcqa glossary of terms texas department of insurance. Agent the insurance company representative who sells policies on behalf of the insurer. A life insurance policy that provides coverage until the death of the insured person. The amount actually paid on a life insurance policy at death or when the policyowner receives payment at surrender or maturity. 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.
The individual members of the group hold certificates as evidence of their insurance. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured. Ashare 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 their lifetimes, in the event of a terminal illness. We feel it is important for you to be informed about the rates available to you in. Group life insurance life insurance usually without medical examination, on a group of people under a master policy. The insurance business encompasses a daunting array of industry jargon. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Download the free pdf for glossary of important insurance terms here.
The printed legal document stating the terms of insurance contract that is issued to the policyowner by the company. Download glossary of insurance and risk management terms pdf. Policy loan a loan a life insurance company makes to a policy owner. The guide provides concise explanations of auto, home, life, disability and business insurance, as well as issues papers, a glossary and directories. Health insurance is full of terms you may not know. If youd like clarification on any term you notice on your policy, do not hesitate to contact one of our knowledgeable agents at 1. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Kaplan financial educations seventh edition of the glossary of insurance terms is a completely new volume. Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing 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. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions.
Liability for damages even though fault or negligence cannot be proven. Form of life insurance allowing the owner to change the face amount, premium amount. The most comprehensive mutual fund glossary on the web. Term life insurance provides life insurance coverage for a designated period of time. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. To help you better understand health insurance, heres a list of the most commonly used health care terms and definitions. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. Captive insurance company a reinsurance company, often located offshore, which is owned by a corporation or association and provides reinsurance of direct insurance written to insure the corporation or the associations members. When it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. Insurance handbook for reporters and the insurance handbook for policymakers. These general definitions are provided for educational purposes. Bold blue text indicates a term defined in this glossary. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b.
Review our glossary of life insurance terms we recognize you are looking to make the best decisions for you and your family by comparing online life insurance quotes. 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. Glossary of life insurance terms whether you are an experienced buyer of insurance or looking for a policy for the first time, understanding the different terminology can be quite challenging. Glossary of health coverage and medical terms omb control numbers 15452229, 12100147, and 09381146 page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert. Whole of life a plan that covers you for the rest of your life instead of a set term. Glossary of life insurance terminology gerber life insurance. Maximum amount on which payment is based for covered health care services. The purpose of the glossary is to acquaint the reader with easytounderstand definitions of workers compensation terms. Review our glossary of life insurance terms intelliquote. Such terms and availability may vary by state and exclusions may apply. You can find some most used terms here at our insurance terms and glossary.
The guide is an important resource that will help to create a much greater understanding of. Additionally accommodates a listing of risk and insurance organizations, listing of state insurance departments in all 50 states, and glossary of over 500 frequent. An event or occurrence which is unforeseen and unintended. It may also include disablement and can be offered as an option in connection with credit cards and auto loans. We feel it is important for you to be informed about life insurance rates in order to make smart decisions about your life insurance. Most terms are additionally crossreferenced to irmis references for events whenever you want extra info on chosen topi cs. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. Insurance terms glossary understanding common insurance terms. The insurance contracts act allows an insurer to avoid.
Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. Insurance terms and glossary learn some most used terms. 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. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life. Browse our life insurance glossary of common terms intelliquote.
These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. Health insurance glossary texas department of insurance. Complete glossary of insurance coverage insurance coverage terms acli. Its what you could expect to receive if you sold your car to a private buyer, and its what an insurer will base your payment on if your car is stolen or totaled. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. We feel it is important for you to be informed about the rates available to you in order to make intelligent decisions about your coverage. Whole life insurance a life insurance policy that stays in effect for your entire life unless you cash the policy in or stop paying. Additionally accommodates a listing of risk and insurance organizations, listing of state insurance departments in all 50 states, and glossary of over 500. Texas department of insurance 333 guadalupe, austin tx 78701 p. A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement.
In an effort to keep the definitions simple, many of the terms in this glossary have been defined in greater. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death. While the update of the content of the internet database version is an ongoing activity, the pdf, and word versions currently available are snapshots of the internet database version as of december 2007. Actual cash value is the fair market value of your vehicle. A life insurance plan is a contract that is held between an insurance firm and the policy buyer. Nov 01, 2017 when it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. To make an informed and hasslefree decision when you purchase your next life insurance policy, make sure to read through this glossary of life insurance definitions to better understand what the various terms mean.
Insurance policy legal document issued to the insured setting out the terms of the contract of insurance. Insurance definitions, dictionary, glossary and terms. An agent can be independent agent who represents at least two insurance companies or a direct writer who. Glossary of important insurance terms download pdf oliveboard.
If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one. Box 149104, austin, tx 78714 5126766000 8005784677. Policy the legal document, issued by the life insurance company to the policyholder, stating the terms of the life insurance contract. Life insurance terms glossary american family insurance.
Term used in universal life policies to describe the total of all premiums and earnings credited to the account before deductions for any expenses, loans, and surrenders. It is typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. Accountable health plan ahp under the managed competition act, providers and insurance companies would be encouraged through tax incentives to form ahps, similar to hmos, ppos, and other group practices. 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. Unlike term insurance, whole life insurance provides insurance coverage for the lifetime of the insured. Annuity retirement option or life annuity glossary of terms please click on the term to view its meaning. Glossary of health insurance terms blue cross and blue. Glossary of life insurance terms arizona department of. Benefits are paid only if something happens to you within that specified period, known as a term. Consumer glossary national association of insurance.
Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. 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. It covers many areas of the insurance business and also includes a variety of noninsurance terms that are related to insurance in some manner. Its better to know some insurance terms before asking for a quotes. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book.
Since were all about simplicity here at simplified life, weve compiled this handy glossary so that you can understand some of the most commonly used terms in the world 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. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health. Acronyms and abbreviations found in the acronyms and abbreviations section of this manual are defined in this glossary. 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. Term life insurance glossary life insurance definitions.
806 1386 1151 260 1349 212 880 1255 944 1022 1106 39 1191 817 1294 241 868 1300 938 567 1279 1526 416 1307 1188 1195 465 1539 1260 1231 751 600 614 301 1168 35 1015