It has been widely reported as one of the most popular tools for think tanks globally in the last decade1. Explain the purpose and importance of different types of insurance protection as a risk management strategy e. Guide to understanding insurance terminology 101 defining. Auto insurance, what follows are terms specific to au. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The policyholder, natural or legal person who takes out the insurance policy. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is. Appraisal an evaluation of a home insurance property claim by an authorized person to determine property value or damaged property value. In technical terms, sum assured is the term used for an amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured event. A person licensed by the state insurance authority to sell insurance products. Examine the different types of insurance available.
Business terminology shouldnt be reserved for insurance agents. There are many pdf markup software programs that are available free online and can be used to get the work done. 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. A binder is subject to the premium and all the terms of the policy to. The a to z guide to legal phrases plain english campaign. Clancy, phd, mba, rn, faan clinical professor and assistant dean april 22, 2015. The agent represents the insurance company in all transactions. Used in some medicaid programs or other insurance plans where services provided are combined into one bundle for the purpose of payment and providers receive the same payment for each client regardless of the particular services they received.
The links below to the policy prospectus, fund prospectuses, semiannual reports, annual reports, or performance information, as applicable, utilize adobe acrobat pdf files. But there are still legal phrases that baffle nonlawyers. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. The amount can vary by the type of covered health care service. He did not mean to hit the identify key terms associated with insurance and risks. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. 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.
There are many questions and misunderstandings regarding medical insurance coverage and terminologies used, in an everchanging industry. The basis of accounting under which revenues are re. Because risk always sounds negative and we feel it needs to be avoided by any means. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Everyone loves free and they want it to be that way. Glossary of important business, economic, and financial history terms by robert e. Agent a person or a group of people selling insurance on behalf of an insurance company. It applies across the insurance industry to insurance companies, their employees, agents, investigators, assessors, loss adjusters and collection agents. Different types of insurance oklahoma state department of. While purchasing an insurance policy is the firststep to protecting yourself and your property against potential. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Adjudication the final determination of the issues involving settlement of an insurance claim. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day.
Little booklet of risk management terminologies 5 project risk talking about risk is really challenging. Typically, benefits or cash must be used within the given benefit year or the employee loses the money. Glossary accreditation accreditation is an evaluative process in which a health care organization undergoes an examination of its policies, procedures and performance by an external organization accrediting. Specific twelve month period utilized to measure the. Introduction in this essential guide, we detail a key communication tool used to advocate for research or expertbased analysis. Here we have listed and defined a few common terms used in health insurance. Matrix used to determine which type of risk treatment is appropriate for a risk.
The legal principle that allows an individual or organization to represent another individual or organization. A binder is subject to the premium and all the terms of the policy to be issued. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. Pdf this chapter examines the characteristics of insurance contracts.
Glossary of public health terms accreditationthe development of a set of standards, a process to measure health department performance against those standards, and some form of reward or recognition for those agencies meeting the standards. Glossary of insurance terms national insurance brokers association. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Mathematician employed by an insurance company to calculate premiums, reserves, dividends. A customer master file includes the primary files of a participating ffi or deemedcompliant ffi for maintaining account holder information, such as information used. The amount of outofpocket expenses that you or your business must pay before the payment is made by an insurer. Annual limit many health insurance plans place dollar. The insurance contracts act allows an insurer to avoid. Clinical terminology standards required for us health data. Glossary of frequently used billing and coding terms. Agent the insurance company representative who sells policies on behalf of the insurer.
Insurer is the company which accepts risks after receiving premiums and pays claims. Insurance terminology north american training group. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Ppaca requires the use of adjusted community rating, with maximum variation for age of 3.
Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Health insurance glossary insurance compare insurance. Many policies provide an appraisal process to resolve claim disputes. Following is the property and casualty insurance glossary of basic insurance terms and definitions that are commonly used in the insurance industry. Notification to the insurance company that a loss has occurred and a demand of payment for the loss, as provided by the terms of the insurance policy. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. A japanese expression meaning common or simple, mistake proof. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage.
A method of preventing errors by putting limits on how an operation can be performed in order to force the correct completion of the operation. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. A policy may be canceled at the request of the insured or by the insurer. Accounts payable accounts payable refers to the amount the snp owes, but has not yet paid, for goods delivered and services. Accounting terminology guide over 1,000 accounting and. National nursing informatics deep dive program identifying nursings unique contribution to patient outcomes through standardized terminologies part 4 bonnie l.
A fee or percentage of the premium paid to an insurance broker or agent. Terminologies used in insurance and their meanings. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Insurance policy to cover receivables of financial institutions related to their cross border finance transactions which operate in accordance with the principles of shariah. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Read all about 20 life insurance terms that will help you understand various life insurance.
Derived from other commonly used public and private drug terminologies, including fda structured product labeling spl. Also see the health and life insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings. Insurance glossary understanding common insurance terms. The replacement cost of the item minus depreciation. Cancellation the termination of a policy prior to the expiration date stated in the policy. Understanding business insurance terminology trusted choice. Insurance is an intricate product and so is its glossary.
The definitions in this glossary are developed by the naic research and actuarial. Consumer glossary national association of insurance. 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. How to file a death claim under a life insurance policy. Terminologies and classifications form the information content in the electronic health records ehrs, including the personal health record phr. Understanding insurance terminology 101 insurance terminology 101. Weve curated a list of terminologies used in insurance and their meanings to help you better understand the confusing language of insurance. Risk transfer and insurance for disaster risk management.
Texas department of insurance glossary of common insurance terms. In technical terms, sum assured is the term used for an amount that the insurer. General liability insurance to protect an owner or operator of a business from a wide range of liability exposures. 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. The overall aim of the code is to raise service standards across the general insurance industry. Many lawyers are now adopting a plain english style. Currently, the ana recognizes two minimum data sets, two reference terminologies and eight interface terminologies for facilitating documentation of nursing care and interoperability of nursing data between multiple concepts and nomenclatures within it systems ana, ana recognized terminologies that support nursing practice, 2012. Application a form to be filled out with personal information that an insurance company will use to decide whether to issue a policy and how much to charge. Flat cancellation ending of an insurance policy as of its date of inception, without premium charge. These health insurance terminologies will give you a better understanding of health. The accounting format prescribed by irda regulations, used to represent the premium underwritten by the insurer for each department. Getting to know and understand the terms can go a long way to help you understand the plan and thus choosing the best one.
Glossary of common auto insurance terms glossary of common. Elimination of waste storage at the work site pokayoke. Also, an organization that sells and services insurance policies to consumers. You may come across the term sum assured at the time of comparing policies online, when buying life insurance plan, and in the policy document. Glossary of common research terms blinded study a study design in which the participants singleblinded or participants and investigators doubleblinded do not know which participants have been assigned to which treatment or intervention. Every industry has its own jargon, and the insurance business is no exception. This glossary provides insurance terms definition and explanation commonly used in insurance business world. We have attempted to include the major terms and abbreviations used when discussing taxation issues.
Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. This system is based on the belief that truth can best be determined by giving opposing parties full opportunity to present and establish their evidence, and to test by crossexamination the evidence presented by their adversaries. The coverage also includes machinery and equipment used in the course of. Terminologies used in insurance and their meanings terms. Credit personal property insurance insurance written in connection with a credit transaction where the collateral is not a motor vehicle, mobile home or real estate and that covers perils to the goods purchased through a credit transaction or used as collateral for a credit transaction and that concerns a creditors interest in the purchased goods or pledged collateral, either in whole or in part. Glossary of risk management terms this is a comprehensive. Notification to an insurance company that you believe a payment is due to you or your company under the terms of the policy.
Assessmentone of public healths three core functions. An independent agent represents more than one company. Glossary of insurance and medical billing terms a accept assignment provider has agreed to accept the insurance company allowed amount as full payment for the covered services. Thank you for choosing to learn more about residential title insurance. Defining the basics at preferred mutual insurance company, we believe in giving you the tools and resources you need to make confident decisions and live assured. Westra, phd, rn, faan, facmi associate professor and director, center for nursing informatics thomas r. The terminology used is peculiar to insurance but the declarations, insuring.
Insurance insurance is a contract in which an insurance company promises to compensate an insured. A landscape analysis mbl technologies, clinovations. A term used to describe avoidance of a contract from its inception or its beginning. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Ask the insurer for all the documents necessary to compile the file and also. Glossary of insurance terms the az 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. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Clinical terminology standards required for us health data exchange. Insuredthe term insured refers to the person who has taken insurance against various. Insureris the company which accepts risks after receiving premiums and pays claims. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Polaris life individual is issued by american general life insurance company and distributed by aig capital services, inc.
Accounting terminology guide over 1,000 accounting and finance terms. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in the mid1970s. Popular in the past in medicaid programs, allinclusive fee structures are. 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. Clinical trial a research study designed to determine the safety and effectiveness of a new medical drug. An entity or person, other than the one in whose name coverage is written, protected against loss by an insurance policy or other coverage document. Different types of insurance oklahoma state department. General terms and conditions as with any insurance policy. One who acts for the insured, pool or self insured like chapman. Hazard a condition that creates or increases the chance or severity of a loss due to a peril. Insurance terms used in the area of residential title insurance. They are the basis for public health reporting, performance measurement and quality reporting, research, and billing and payment for healthcare services.
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