Terminology in insurance

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What is insurance glossary? Policy is the name sometimes given to your contract of insurance. It refers to the level of cover that you have agreed with your insurer , outlines the terms , and details any particular conditions that you need to be made aware of, or that you need to make your insurer aware of. Agent - A person or a group of people selling insurance on behalf of an insurance company.

Insurer- Is the company which accepts risks after receiving premiums and pays claims. Process by which regulatory organizations determine whether an entity (i.e. healthcare providers) meet. An unforeseeable, natural occurrence, such as a flood or tornado.

The percentage of total costs for.

People are subject to loss or damage om many perils. Here is an insurance glossary or list of travel insurance terms that you need to know when searching for a policy. As a useful guide to insurance vocabulary, it will help you understand your coverage or benefits plan page. 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. 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.

ABI stands for the Association of British Insurers. The ABI provides advice to consumers, while working together with the Government and policymakers. Their aims are to promote clarity, high standards and best practice within the insurance industry. The ABI also makes up part of the panel that recommends insurance group ratings.

The following terms are commonly used in the insurance market and may well appear in your insurance policy arranged by us. 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. These are our words and interpretation of what they actually mean. Giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss. The Australian Competition Consumer Commission promotes competition and fair trade in the market place to benefit consumers, business and the community.

Policyholder : The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium. Insurance Terminology Abandonment.

From deductibles to premiums to copays, GoodRx ’s health insurance glossary of terminology aims to define and explain these common health insurance terms and phrases in simple and easy-to-understand ways. Life assured is the one for whom the life insurance plan is. Our glossary was designed to demystify the jargon so consumers can understand their plans, its benefits, limitations, costs and coverage options. Basic insurance terminology and definitions about life, health, automobile and home insurance to help you understand basic concepts and buy the right insurance.

As you experience changing events in life and take on greater responsibilities, you may need to manage different kinds of life, health, automobile or home insurance. Become an expert on everything from claims to deductions with our glossary of common (and not-so-common) insurance industry terms. The premium remains the same from year to year and is more than the actual cost of protection in the earlier years of the policy and less than the actual cost in the later years.

For this week’s post, we thought it would be helpful to list and explain some of the most common insurance terms and abbreviations! If there any that you have come across that you don’t see here, please let us know and we’d be happy to define them for you. There are two main types of term life insurance : level term and decreasing term.

Decreasing term insurance is often used to cover large debts, e. Increasing term is the opposite: the value increases over the life of the policy. ADDITIONAL COVER : An insurance policy extended to cover additional risks like riots, strikes etc. ADDITIONAL EXPENSES-STRIKES : This term used in relation to cargo refers to an event when the destination port is bound by a strike at the time the cargo is due to arrive at that port.

The shipowner can choose to deliver the cargo at the nearest alternate port, in which case the cargo owner will have to bear the expense of transporting it to the final port. Many of the terms you encounter when dealing with health insurance are not familiar. While these terms can be confusing, the better you understand them, the better you will be prepared to successfully gain coverage and access to the treatments that are right for you. Browse the list of 7. In insurance terminology the first party is the insurer and the second party is the insured.

THIRD PARTY LIABILITY Liability of the insured to persons who are not parties to the contract of insurance and are not employees of the insured.