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Maturity age: Maturity age is the age of the life assured at which the policy ends or terminates. {�1FB�1܊#p��Y��l��m�`�zB���Y ���,$,ܘ]O�
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Insurance bureau of canada are indicated with an asterisk. An insurance policy acts as a bulwark against most dangers and risks we are exposed to. 0000004228 00000 n
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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. premium or the terms and conditions of the contract must be disclosed. New terms will be added to the glossary over time. 0000040785 00000 n
Life Insurance: Glossary of Terms Incidents of Ownership: Various rights which may be exercised under the policy contract by the policy owner. 0000016760 00000 n
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A person who calculates the value of something eg. It should help you to unravel the language you may not come across very often in your day−to−day life. This … H�|V�n�6��+�(6#R%�. Below is a definition/description of each of the words in bold from the above text. 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. 0000027926 00000 n
External factors that make the risk greater than normal e.g. 0000024900 00000 n
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… 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. 0000033432 00000 n
��4��&A�P,z�%��B�\Q��,;�1bZ&�yo��' 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.
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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. The Insurance Vocabulary List Accident insurance – covers the medical expenses as the result of a bodily injury or death. GLOSSARY OF TERMS - GENERAL INSURANCE Prepared by David Forfar, MA, FFA with the assistance of David Raymont, Librarian of Institute of Actuaries, London. Terms is just one of the achievements of EBS’s partnership with NALA. 0000010682 00000 n
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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. Not all concepts or coverages identified in this list are found at Chapman University. c��� Y��0��.�Sݱ��H��#������@n��U-���)���{:����w�mm��\;����&%vl�;e͵��=ˀF\��d4b2¨���C9Ne'�q��
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�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. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy). 0000002343 00000 n
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Acquisition Costs All expenses directly related to acquiring insurance or reinsurance accounts; normally the commission paid to the reinsurance company as an … Glossary of Common Insurance Terms NOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy. <<9bbea032cae33547bb9b540446d1e589>]>>
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Insurable Interest – interest in property such that loss or destruction of the property could cause a … • Accident: An event or occurrence which is unforeseen and unintended. 0000025089 00000 n
Only use one word/phrase once. 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. 0000001339 00000 n
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. Dictionary of Insurance Terms -A- • Absolute Liability: Liability for damages even though fault or negligence cannot be proven. 0000045050 00000 n
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This does not cover self-inflicted injury, intentional harm from another person, homicide, sickness or death from natural causes. Localized inflammation. 0000022051 00000 n
National Association of Dental Plans, www.nadp.org . 0000000816 00000 n
Actuary an expert on pension scheme assets and liabilities, life expectancy and probabilities (the likelihood of things happening) for insurance purposes. endstream
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Insurance Product Information Documents Insurance Product Information Documents. **Dental Benefits: A Guide to Dental PPOs, HMOs And Other Managed Plans, Don Mayes, Revised Edition, 2002. 0000001438 00000 n
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5.4 FACTS, WHICH MUST BE DISCLOSED i. Silver - Download a copy of your Silver Travel Insurance Terms (PDF 167KB). 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. The following definitions are intended for general guidance. 0000035206 00000 n
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AVERAGE CONDITION: If you were to under-estimate the value of your insured property when arranging insurance this would result in under-insurance. 0000007797 00000 n
Click on the "Check Answers" button at the bottom of the quiz to check your answers. 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. 0000001921 00000 n
Accidental Death Benefit. 119 0 obj<>stream
A person who calculates risks for insurance companies. Gaining this knowledge will help you feel empowered and informed. 0000025677 00000 n
By knowing the definitions of these terms, your study of the subject should be much easier. This information is for educational purposes only and should not be relied upon to form professional opinions on coverage issues. 0000016572 00000 n
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**FDA/ADA radiograph guidelines. Agent The insurance company representative who sells policies on behalf of the insurer. 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. Title: Insurance vocabulary Author: Frédéric Created Date: 9/23/2010 10:41:42 PM Insurance coverages. trailer
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Insurance professionals with whom you may come into contact should be prepared to explain these terms. Abscess: Acute or chronic. startxref
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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. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. 0000002027 00000 n
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Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. A building car etc the assessor said our house is worth over 200000. So, we need a safety cover to protect ourselves and our family from the many unforeseen perils and risks. 0000027798 00000 n
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Below are some commonly used insurance terms and their meanings. 0000001526 00000 n
2 www.ibc.ca A . Glossary of insurance related terms used by Lloyd's and market participants. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance … Once you understand the vocabulary on your insurance paperwork, it will all start to make more sense. B@�\\T!T���P�B�������H� J1)Ü���A���l&շ@Z�%�"*���>�%�*�*0``�a�a��^`������)%/�8R��|;� �&��Ӂ� � �+�=
A benefit in addition to the face amount of a life insurance policy, payable … 0000002390 00000 n
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These general definitions are provided for educational purposes. If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. trailer
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. More Insurance Terms And Definitions. 0000063971 00000 n
Glossary of Dental Insurance and Dental Care Terms . 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 … 48 0 obj
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A . 3-year accounting :-a form of funded accounting. 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. 13 36
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. 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. GLOSSARY OF RISK MANAGEMENT TERMS This is a comprehensive list of insurance terms. xref
Revised: October 23, 2006 A Absolute Liability: Liability arising from extremely dangerous operations; for example, blasting. %PDF-1.4
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From accidental damage to vacant possession, insurance terms can be confusing. 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. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. 0000002266 00000 n
The language of insurance can be quite complex and confusing. ��T���-:�f66�� ����FJ ��s�� ���`% �0 0000002020 00000 n
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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. If you don't understand, ask! 0000006148 00000 n
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Insurance Terms And Terminology Uncertainties are a part of life. 0000033588 00000 n
An independent agent represents more than one company; a captive agent represents only one company. Please note: our terms and conditions are in PDF format. The average condition clause could then be applied and would … The terms and explanations are for the law in England and Wales. Now choose the word/phrase from the question's selection box which you believe answers each question. %%EOF
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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. AS IS WHERE IS : Refers to a present state of condition and location of the goods at the time of … 1 * American Dental Association Current Dental Terminology 2011 -2012, glossary.