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Insurance Concepts
| Term | Definition |
|---|---|
| Adjuster | inspect property damage or personal injury claims to determine how much the insurance company should pay for the loss. |
| Deductible | able to be deducted, especially from taxable income or tax to be paid. |
| Insurer | a person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation. |
| Policyholder | a person or group in whose name an insurance policy is held. |
| Policy | a course or principle of action adopted or proposed by a government, party, business, or individual. |
| Insured | covered by insurance. |
| Peril | serious and immediate danger. |
| Risk | possibility of loss or injury. |
| Premium | an amount to be paid for an insurance policy. |
| Replacement Cost | is the amount it will take to replace your property or belongings without any deduction for depreciation. |
| Bodily Injury | coverage helps pay for medical bills of anyone injured in an accident when you're found at fault. |
| Collision | between innovators and existing players are forcing executives to rethink their strategy. |
| Comprehensive Coverage | helps cover the cost of damages to your vehicle when you're involved in an accident that's not caused by a collision |
| Uninsured Motorist | helps you pay for damages caused by a driver who doesn't have car insurance. |
| Property Damage Liability | It helps pay to repair damage you cause to another person's vehicle or property. |
| No-fault Insurance | designed to cover your medical expenses and/or loss of income when you're involved in a car accident, regardless of who was at fault. |
| Liability Insurance | protects your company if you cause injury to others or damage to others' property. |
| Claim | is a formal notice to an insurance company that you have suffered a loss that you believe entitles you to compensation. |
| Co-insurance | is an insured individual's share of the costs of a covered expense |
| Co-payment | is a fixed amount for a covered service, paid by a patient to the provider of service before receiving the service. |
| HMO (Health Management Organization) | A type of health insurance plan that usually limits coverage to care from doctors who work for or contract with the HMO. |
| Limitations | a limiting rule or circumstance; a restriction. |
| POS (Point of Service Plan) | A type of plan in which you pay less if you use doctors, hospitals, and other health care providers that belong to the plan's network. |
| Primary Care Physician | nurse practitioner, clinical nurse specialist or physician assistant, as allowed under state law, who provides, coordinates or helps a patient access a range of health care services. |
| Maximum Out-of-Pocket Expense | is a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year. |
| Medical Payments | pays for the other party's medical expenses in accidents that you cause, but not medical expenses for you or your passengers. |
| Network | is a list of the doctors, other health care providers, and hospitals that a plan contracts with to provide medical care to its members. |
| Accidental Death and Dismemberment Benefit | is a plan that pays a benefit if you lose your life, limbs, eyes, speech or hearing due to an accident. |
| Beneficiary | a person who derives advantage from something, especially a trust, will, or life insurance policy. |
| Cash Value Insurance | is a type of permanent life insurance that can earn interest, help pay premium costs or allow tax-free withdrawals. |
| Medical Examination | involves checking the vital organs (such as the heart, liver, and kidneys) for defects |
| Proceeds | money obtained from an event or activity. |
| Rider | is an extra protection added to an insurance policy in exchange for paying a higher premium to an insurer. |
| Suicide Clause | limits payments made to survivors of a policyholder who dies by suicide within a certain period after purchasing the policy. |
| Term Life Insurance | is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. |
| Term of Policy | is the maximum period the life cover in the policy will remain active. |
| Underwriter | is any party, usually a member of a financial organization, that evaluates and assumes another party's risk in mortgages, insurance, loans, or investments for a fee, usually in the form of a commission, premium, spread, or interest. |
| Whole Life Insurance | s a permanent life plan that provides coverage throughout your entire life. |
| Act of God | an instance of uncontrollable natural forces in operation (often used in insurance claims). |
| Appraisal | an act of assessing something or someone. |
| Declarations | a formal or explicit statement or announcement. |
| Collateral | insures property held as collateral for loans made by lending institutions. |
| Hazard | a danger or risk. |
| Loss | the fact or process of losing something or someone. |
| Homeowner’s Policy | is a property insurance policy that provides coverage for your private residence. |
| Renter’s Insurance | is a group of coverages designed to help protect renters living in a house or apartment. |
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