Insurance Industry Glossary
942019 back to main Life Insurance Glossary page Variable universal life insurance. The insurance premium is the amount you pay for your insurance normally on an annual basis or by instalments.
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A permanent life insurance policy with sub-accounts for various investments similar to mutual funds.
Insurance industry glossary. 5132020 A health insurance program that offers eligible employees and their dependents extended health insurance coverage for the plan theyre on in the event that they lose their job or their hours are reduced. Learn the definition and meaning of insurance industry terms like insured insurer claim reinsurance policy and policy premium etc. Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories.
Help is at hand with our alphabetical list below. Click the capital letters below to jump to that section. Glossary of Insurance Terms.
Property insurance provides coverage for property that is stolen damaged or destroyed by a covered peril. It stands for the C onsolidated O mnibus B udget R econciliation A ct of 1985 which is the law that first introduced COBRA insurance. Includes many lines of available insurance.
Insurance Traditional risk-financing tool used to transfer the financial hazard of risk. Property And Casualty Insurance Glossary Every industry has its own jargon and the property and casualty insurance business is no exception. 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.
An article to explain key terms used in the Insurance Industry and Insurance Business. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Real property Land and the permanent things on it such as buildings outdoor fixtures machinery and equipment.
Below is a glossary of insurance terms frequently used in the insurance industry. Insurance industry terminology can be a little daunting. Also learn about various operational and performance metrics used in the insurance domain.
An insurance policy spells out what is or is not covered caused by all or specific perils causes of damage or injury. The basis of the contract between you and insurer. An insurance company incorporated under the laws of a foreign country as opposed to a foreign insurance company that does business in states outside its own.
Insurance Terms Glossary Below is an explanation of the most commonly used insurance terms encountered when purchasing short-term insurance in South Africa. Thats why weve defined some commonly used terms to help you navigate your way through the technical jargon. A policyowner can select which account to invest the policys cash value.
The giving up by an insured to the insurer of damaged property when a total loss is claimed. Weve curated a list of PC insurance terms and definitions - to help you better understand the often confusing legal language of insurance. A licensed insurance adjuster hired to represent the insureds interests during a property insurance claim.
Property insurance and casualty insurance. INSURANCE POOL A group of insurance companies that pool assets enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references.
A formal document providing evidence that an insurance policy has been issued by an insurer containing the details of the type of insurance cover its value any exclusion or excess limits the premium and the period of the insurance cover how long it is in force. You can also download our insurance glossary to share with colleagues or clients. New terms will be added to the glossary over time.
Pools may be formed voluntarily or mandated by the state to cover risks that cant obtain coverage in the voluntary market such as coastal properties. If youre unsure of what something means take a look below. An insurance contract is based on utmost good faith which means you are duty bound to answer all questions correctly to the best of your knowledge.
Contact ISU Calgard Associates for any additional information at 909-305-0177. The term property insurance. Such terms and availability may vary by state and exclusions may apply.
If youre new to or outside of the insurance industry its easy to become confused by technical terms jargon and acronyms.
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