Insurance Terms Glossary Pdf
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.
Insurance terms glossary pdf. On march 23 2010 president obama signed the patient protection and affordable care act ppaca into law. 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. 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. All are extremely important but on this first page we have tried to explain in plain english what the most important and common terms mean.
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. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. An independent agent represents more than one company. Below are some commonly used insurance terms and their meanings.
These definitions represent a common or general use of the term. Glossary of common insurance terms version 2 00 the following terms are commonly used in the insurance market and may well appear in your insurance policy arranged by us. Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. Glossary of health insurance terms.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Definitions provided by insurance bureau of canada are indicated with an asterisk. Insurance professionals with whom you may come into contact should be prepared. The language of insurance can be quite complex and confusing.
When making decisions about health coverage consumers should know the specific meanings of terms used to discuss health insurance. 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. Insured the individual whose property or liability is covered by an insurance policy. New terms will be added to the glossary over time.
Some of these terms also might not have exactly the same meaning when used in your policy or plan and in any such case the policy or plan. Some words and or phrases. More insurance terms and definitions. 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.
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. Below are definitions for some of the more commonly used terms and how ppaca impacts their use. Insurance a form of risk management primarily used to hedge against the risk of a contingent uncertain loss. We ve curated additional glossaries of insurance terms and definitions to help you better understand the.
Most of the definitions below are provided courtesy of the insurance institute of canada. These are our words and interpretation of what they actually mean.
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