Learn insurance industry vocabulary that will help you better understand your insurance policies. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. An area within each states government that administers and regulates the insurance industry within the state. Premiums the monthly or annual amount that you must pay in order to have the insurance coverage. We know that business insurance terminology can be confusing our glossary will help you understand some of the key terms. Two such glossaries are of particular use to visitors and customers of insurancecanada. From accidental damage to vacant possession, insurance terms can be confusing.
The items on a balance sheet showing the value of property owned. The complete dictionary of insurance terms explained simply samaroo, melissa on. Photos and documents word, pdf can be uploaded when you. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Insurance handbook insurance information institute. Insurance terminology north american training group. Compiled from the academys five insurance and risk management book plus many other sources, this extensive. Understanding business insurance terminology trusted choice. As a useful guide to insurance vocabulary, it will help you understand your coverage or. The guide provides concise explanations of auto, home, life, disability and business insurance, as well as issues papers, a glossary and directories. For example, while small fleets may be largely rated according to book.
A comprehensive resource of insurance terms and definitions compiled from the academy of insurances five insurance and risk management books. This glossary breaks down the meaning behind some of the most used words in the insurance industry and makes sure you know what you might be signing up to. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Generalinsurancedefinitions institute and faculty of. They do not override or qualify any definition that appears in any lloyds byelaw or regulation, in any contract or in any other document. It is important to understand some basic insurance terms because it will help you take the right decision when you are buying insurance coverage for your family. Insurance definitions, dictionary, glossary and terms. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Every industry has its own jargon, and the property and casualty insurance business is no exception. Islands, guernsey, the british virgin islands, luxembourg and barbados are also. Book of business total amount of insurance on an insurers books at a particular point in time. 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.
Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary. Insurance for nonoccupational disabilities, by contrast, had no established network of interests. The term property insurance includes many lines of available insurance. Learning about life insurance can be a daunting task, especially if one doesnt know the meaning of the specialized words, of which there are many. 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. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.
Captive insurer an insurance company established by a parent firm for the purpose of insuring the parents exposures. This is a short list of key insurance terms, listed in alphabetical order. 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. Consumer glossary national association of insurance. Our glossary will help you to understand some of the jargon so you can know more about the policies we offer.
The motor insurance database is an independently operated database of all insured cars in the uk. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Uk insurance and longterm savings the state of the market. 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 isnt a full list. Gerber life insurance offers adult and childrens life insurance to help you protect your familys future. Replacement cost of damaged or lost property less depreciation.
Insurance handbook for reporters and the insurance handbook for policymakers. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Whole of life a plan that covers you for the rest of your life instead of a set term. The insurance handbook reflects this diversity of subjects and issues. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Whether youre buying business insurance for the first time or taking out a new policy, its really important that you have a good understanding of your insurance cover. Business terminology shouldnt be reserved for insurance agents. A book published by an insurance or bond ing company or a rating. From cambridge english corpus in the first subsection, we discuss the historical context for adoption of workers compensation insurance in the early twentieth century. An insurance company that accepts the risk transferred from. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020 intellectual property and media liability insurance market survey2020. Indemnity basis or reinstatement basis see definitions in glossary. Glossary of business insurance terms for small businesses.
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. Words and phrases used in insurance, with definitions free for students of business english who need to learn business vocabulary. Here is an insurance glossary or list of travel insurance terms that you need to know when searching for a policy. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Texas department of insurance glossary of common insurance terms. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. The guide is an important resource that will help to create a much greater understanding of.
If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. You can find more terms in the the insurance bureau of canadas glossary actual cash value acv. The insurance contracts act allows an insurer to avoid. It comprises insurance and reinsurance companies, lloyds syndicates, protection and indemnity clubs originally created to serve the marine industry, and brokers who handle most of the business. A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer. There are many insurance terms, words and phrases you may need to know. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy. Insurance fact book, the financial services fact book and a firm foundation. 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. Insurance meaning in the cambridge english dictionary. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Words and phrases used in insurance, with definitions free for students of. The following definitions are intended for general guidance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Life insurance companies use some jargons that go above our heads. Insurance glossary understanding common insurance terms. Life and protection insurance glossary plenty of terms get thrown around in the world of protection insurance, but what do they all mean. Life insurance with critical illness as above but also pays out on diagnosis of certain medical conditions as laid out in the policy, i. 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. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Last years inaugural report built on our annual key facts summary document, using the abis wide range of data on the uk insurance and longterm savings market, to paint a picture of the key trends affecting our. Glossary of insurance terms national insurance brokers association. Insured the persons covered by the insurance policy. Iii we are the trusted source of unique, datadriven.
Documents, manuscripts, business books computer systems records. Use this glossary of insurance definitions to help you better understand what each term means. The complete dictionary of insurance terms explained. Life and protection insurance glossary money advice service. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020 intellectual property and media liability insurance market survey2020 in the betterley report april 2020. If youre looking for a free download links of glossary of insurance terms pdf, epub, docx and torrent then this site is not for you.
The complete dictionary of insurance terms explained simply. The finance act 1994 introduced this new tax on most general insurance risks located in the. This glossary provides business insurance definitions for terms you might encounter while researching policies for your business and maintaining existing coverage. 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. Insurance intermediaries and insurers handling claims on another insurers policy. By understanding the relevant terms, you can make informed decisions about protecting your business. 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. Some mewas are sponsored by associations that are local, specific to a trade or industry, and exist for business purposes other than providing health insurance. Be an expert on insurance words such as any one claim aggregate and insurance premium tax.
Insurance fact book, the financial services fact book and a firm. Glossary of insurance related terms used by lloyds and market participants. Book value original cost, including capitalized acquisition costs and accumulated depreciation, unamortized premium and discount, deferred origination and commitment fees, direct writedowns, and increasedecrease by adjustment. An independent agent represents more than one company. Agent the insurance company representative who sells policies on behalf of the insurer.
London market a distinct, separate part of the uk insurance and reinsurance industry centred on the city of london. Here is some of the basic terminology for life insurance. Welcome to the abis second state of the market publication. Print and pdf formats, and quantity discounts are available for most. Calls to 0800 numbers from uk landlines and mobiles are free. This document is for informational purposes only and is not intended to alter or replace the insurance policy. When making decisions about health coverage, consumers should know the specific meanings of terms used to. A proprietary software program developed by quickquote to estimate the amount of life insurance protection an individual needs. It is accessible by the police, and insurers are required by law.
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