Insurance Law Glossary
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Insurance Law and Legal Definition Insurance is a contract called an insurance policy in which the insurer agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium.
Car Insurance Terms Glossary Life Insurance Facts Insurance Policy Car Insurance
It is defined to be a contract of indemnity from loss or damage arising upon an uncertain event.
Insurance law glossary. It is more fully defined to be a contract by which one of the parties called the insurer binds himself to the other called the insured to pay him a sum of money or otherwise indemnify him in case. Offset Setoff Offset Clause. Health insurance or plan that helps pay for prescription drugs and medications.
Glossary - Insurance Law. The term property insurance. Therefore if the insured has passed six months after the last birthday he or she is considered.
Glossary - Insurance Law. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. Property insurance provides coverage for property that is stolen damaged or destroyed by a covered peril.
It is accessible by the police and insurers are required by law to supply certain data to the MID within a maximum of 14 days from inception of insurance cover. Legal Insurance Prepaid legal insurance coverage plan sold on a group basis. 6202016 Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur.
Office Burglary and Robbery. Old Line Insurance. Off-Premises Power Coverage - see Utility Service Interruption Coverage.
Includes many lines of available insurance. The Motor Insurance Database is an independently operated database of all insured cars in the UK. A method used by some insurance companies to compute an insureds age as that nearest the closest birthday.
Insurance accounting is concerned with solvency and the ability to pay claims. Office of Motor Carrier Standards OMCS Office Sharing Exclusion. Drugs and medications that by law require a prescription.
New terms will be added to the glossary over time. State insurance laws therefore require a conservative valuation of assets prohibiting insurance companies from listing assets on their balance sheets whose values are uncertain such as furniture fixtures. A must-read for anyone in the insurance business How to Draftexplains the rules courts use when reading an insurance policy and offerspractical suggestions for using definitions punctuation tabulation sentencestructure and simplified prose to minimize ambiguity.
The amount that must be paid for your health insurance or plan. Liability Auto Coverage for a policyholders legal liability resulting from injuries to other persons or damage to their property as a result of an auto accident. Will Disputes and Family Provision Claims in New South Wales.
Prescription Drug Coverage UCR. You andor your employer usually pay it monthly quarterly or yearly. Property insurance and casualty insurance.
Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories. Your particular insurance policy may define these terms in a different manner which may make a difference if. 942019 Age nearest birthday.
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. 152021 The following glossary of common terms related to automobile insurance may give you a better idea of what is being said. Insurance Definitions Dictionary Glossary and Terms.
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