List of all most popular abbreviated insurance terms defined. This manual or any part thereof may not be reproduced. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Descriptions of the customary definitions and coverage which may be obtained are listed below. The insurance handbook reflects this diversity of subjects and issues.
When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. With reference to estate tax, it refers to the the sum total value of the decedents assets plus additions, less the total. Coverage begins on the date construction begins if the. There is no such thing as a full coverage auto insurance policy. The most comprehensive investing glossary on the web. While the update of the content of the internet database version is an ongoing activity, the pdf, and word versions currently available are snapshots of the internet database version as of december 2007. Common insurance acronyms guidebook us insurance agents. Form added to commercial property insurance policy that indicates the causes of loss that are covered.
Agent the insurance company representative who sells policies on behalf of the insurer. If you have other forms of health care coverage, such as a private insurance plan, medicare, medicaid or tricare, you can continue to use va along with these plans. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Commercial lines insurance and term glossary commercial. Commercial property policy insurance glossary definition. Browse the list of 7 574 insurance abbreviations with their meanings and definitions. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. A policy which primarily provides coverage of benefits to a business as contrasted. 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. Coverage that bundles property insurance and general liability insurance under one. Coverage begins on the date construction begins if the building doesnt have basement or on the date construction starts above the lowest basement floor if it has a basement. General liability, commercial property insurance, business income coverage.
A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if it were a partnership. This form added to the commercial property coverage part covers commercial, residential, or farm buildings that are under construction. Insweb insurance glossary of insurance terms need to know what those insurance. The coverage is a backup to a strong policy and procedure manual which. These general definitions are provided for educational purposes.
Coverage includes product liability, completed operations, premises and operations, and independent contractors. Business packs are sometimes tailored to cover the risks of a particular industry or. Many business insurance policies include basic coverages such as property, liability, crime and commercial auto insurance, as well as other optional insurance, such as business interruption insurance. Coverage for common business risks including bodily injury, customer. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. A provision added to a policy, to effect a change or alteration of terms or. In the next few pages you will learn about auto insurance, types of coverage available, and some. Insurance an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling.
Horst insurance provides commercial insurance, risk reduction programs, employee group benefits plans, and personal insurance. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. Insurance information institute 110 william street new york, ny 10038 tel. Insurance handbook insurance information institute.
The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim. The policyholder the person s protected in case of a loss or claim. Visit progressive commercial insurance for more detailed information on all our commercial products, or call 18882409837 to get a free quote. The enhancement also changes the definition of property damage to include. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list.
An independent agent represents more than one company. This page provides a glossary of insurance terms and definitions that are commonly. Prepaid legal insurance coverage plan sold on a group basis. 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. Commercial lines products designed for and bought by businesses. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a. Pdf portable document format to view a file in pdf format, you need adobe acrobat reader, a free application distributed by adobe systems. Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. Lets pretend that someone hit your car in a parking lot. An life insurance policy whereby the policyholder has the right to change any of the following parameters premium amount, premium frequency, policy term. The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. Mar 23, 2010 below are definitions for some of the more commonly used terms and how ppaca annual limit many health insurance plans place dollar. A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the.
Put quite simply, commercial insurance consists of one or more types of coverage designed to protect businesses, their owners and their employees. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Commercial general liability insurance cgl a broad commercial policy that covers all liability exposures of a business that are not specifically excluded. Were a leading regional insurance agency, with offices. Commercial lines insurance and term glossary commercial lines insurance address the liability assumed or property that is owned and or used by or in the course of doing business. Commercial insurance guide ca department of insurance. The glossary of insurance and risk management terms was first published by the international risk management institute irmi in 1978 to help those within and outside the insurance. Rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. The insurer agrees, for a consideration, to assume, to a. Commercial property insurance can be sold separately as an individual line policy referred to as a monoline policy, or it can be sold as part of a commercial package policy cpp, which combines two or more commercial coverage parts such as commercial property, general liability, and commercial auto. All members of the insurance council of australia must adhere to the code. These glossary terms and definitionsare intended to be educational. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim time. Includes insurance against loss through damage or legal liability for damage, to property caused by the use of teams or vehicles other than ships, boats, or railroad rolling stock, whether by.
Glossary to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorneys fee, and prepaid items, such as escrow deposits for taxes and insurance. The term property insurance includes many lines of available insurance. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Consumer glossary national association of insurance. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Insurance terms substantial 711 terms 10302016 html insurance glossary. Iso, direct damage commercial property coverage form. While the update of the content of the internet database version is an ongoing activity, the pdf. Federal deposit insurance corporation fdic federal reserve system frb national credit union administration ncua office of the comptroller of the currency occ. An life insurance policy whereby the policyholder has the right to change any of the following parameters premium amount, premium frequency, policy term, death benefit. Glossary of insurance terms customized business insurance. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Commercial property, inland marine, boiler and machinery, and crime are the most.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Independent agents in our network believe that knowledge is power, and they are dedicated to not only providing consumers with competitive rates and coverage, but education and answers as well business terminology shouldnt be reserved for insurance agents. In the next few pages you will learn about auto insurance, types of coverage available, and some tips on how to shop and what to do if you are in an accident.
Business insurance definitions commercial insurance. Remember, it is always a good idea to inform your doctors if you are receiving care outside of va so your health care can be coordinated. Coverage for common business risks including bodily injury, customer property damage, and advertising injury. Insurance agency personal and commercial insurance horst. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The glossary of insurance and risk management terms was first published by the international risk management institute irmi in 1978 to help those within and outside the insurance industry to communicate effectively. Commercial auto coverage for motor vehicles owned by a business engaged in commerce that protects the insured against financial loss because of legal.
Understanding business insurance terminology trusted choice. This form cp 00 10 covers buildings, business personal property, and personal property of others for direct loss or damage, subject to the limits shown in the declarations for each of these categories. To create an agency principal user account andor to authorize your agency for. Insurance to value amount of insurance purchased vs. If your car insurance policy indicates that you have a. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Insurance definitions, dictionary, glossary and terms.
Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. The date on which the sale of a property is to be finalized and a loan transaction completed. It has been continuously updated and expanded since the original publication and, with definitions of more than 3,200 risk and insurance terms, is probably the most. Glossary to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorneys fee, and prepaid items, such. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Insurance for businesses, professionals and commercial establishments.
Choosing health insurance is one of the most important choices you can make to help protect the health and wellbeing of you and your family. Insweb insurance glossary of insurance terms need to know what those insurance words mean. There are various types of health insurance and different markets. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Descriptions of the customary definitions and coverage which may be obtained are. Insurance glossary understanding common insurance terms. The pennsylvania insurance department is here to help you understand automobile insurance. Broad form property damage coverag including completed operations. These glossary terms and definitionsare intended to be. Insurance terminology north american training group. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. This form cp 00 10 covers buildings, business personal property, and personal property of. Commercial property insurance definitions flashcards quizlet.