Acquisition costs all expenses directly related to acquiring insurance or reinsurance. The insurance handbook reflects this diversity of subjects and issues. The most comprehensive investing glossary on the web. This form cp 00 10 covers buildings, business personal property, and personal property of. Glossary insurance terms csis commercial insurance. These glossary terms and definitionsare intended to be. Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an 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. Commercial property policy insurance glossary definition. With reference to estate tax, it refers to the the sum total value of the decedents assets plus additions, less the total. A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years. 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.
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. There is no such thing as a full coverage auto insurance policy. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Insurance glossary understanding common insurance terms. An life insurance policy whereby the policyholder has the right to change any of the following parameters premium amount, premium frequency, policy term. These glossary terms and definitionsare intended to be educational. Coverage begins on the date construction begins if the. This is the maximum amount of money that an insurer is contracted to provide the policy holder in a specific policy period. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Coverage that bundles property insurance and general liability insurance under one. 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. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care.
Horst insurance provides commercial insurance, risk reduction programs, employee group benefits plans, and personal insurance. 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. 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. 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. Insurance for businesses, professionals and commercial establishments.
Consumer glossary national association of insurance. Pennsylvanias health insurance market can be broken down into medicaid and chip, medicare, and commercial fullyinsured and selfinsured. A provision added to a policy, to effect a change or alteration of terms or. Broad form property damage coverag including completed operations. 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. 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. Coverage includes product liability, completed operations, premises and operations, and independent contractors. 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. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. The coverage is a backup to a strong policy and procedure manual which. Browse the list of 7 574 insurance abbreviations with their meanings and definitions.
While the update of the content of the internet database version is an ongoing activity, the pdf. 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. Insweb insurance glossary of insurance terms need to know what those insurance. The insurer agrees, for a consideration, to assume, to a. This form added to the commercial property coverage part covers commercial, residential, or farm buildings that are under construction. Business insurance definitions commercial insurance. Insurance definitions, dictionary, glossary and terms. List of all most popular abbreviated insurance terms defined. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The book begins with basic information on the various types of insurance. This manual or any part thereof may not be reproduced. Descriptions of the customary definitions and coverage which may be obtained are listed below. 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. Insurance terms substantial 711 terms 10302016 html insurance glossary.
Insurance agency personal and commercial insurance horst. 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. 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. Rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. 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. Federal deposit insurance corporation fdic federal reserve system frb national credit union administration ncua office of the comptroller of the currency occ. 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. Agent the insurance company representative who sells policies on behalf of the insurer.
An independent agent represents more than one company. To create an agency principal user account andor to authorize your agency for. 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. Lets pretend that someone hit your car in a parking lot. This page provides a glossary of insurance terms and definitions that are commonly. Commercial insurance guide ca department of insurance. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the. 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. A policy which primarily provides coverage of benefits to a business as contrasted.
Commercial lines insurance and term glossary commercial. The enhancement also changes the definition of property damage to include. Insurance information institute 110 william street new york, ny 10038 tel. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business.
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 date on which the sale of a property is to be finalized and a loan transaction completed. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Insurance to value amount of insurance purchased vs. Business packs are sometimes tailored to cover the risks of a particular industry or. 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.
There are various types of health insurance and different markets. Insurance handbook insurance information institute. These general definitions are provided for educational purposes. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a. The term property insurance includes many lines of available insurance. Commercial property insurance definitions flashcards quizlet. Insurance terminology north american training group. All members of the insurance council of australia must adhere to the code. Common insurance acronyms guidebook us insurance agents. 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.
Insurance an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling. Form added to commercial property insurance policy that indicates the causes of loss that are covered. Visit progressive commercial insurance for more detailed information on all our commercial products, or call 18882409837 to get a free quote. If your car insurance policy indicates that you have a. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Understanding business insurance terminology trusted choice. The pennsylvania insurance department is here to help you understand automobile insurance. The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. To register an individual user account, contact your agency principal or designated office administrator. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
Were a leading regional insurance agency, with offices. Glossary of insurance terms customized business insurance. The policyholder the person s protected in case of a loss or claim. 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. 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. Descriptions of the customary definitions and coverage which may be obtained are. Iso, direct damage commercial property coverage form. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. 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. Coverage for common business risks including bodily injury, customer. 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.
Commercial property, inland marine, boiler and machinery, and crime are the most. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. 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. General liability, commercial property insurance, business income coverage. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Put quite simply, commercial insurance consists of one or more types of coverage designed to protect businesses, their owners and their employees. In the next few pages you will learn about auto insurance, types of coverage available, and some. Commercial general liability insurance cgl a broad commercial policy that covers all liability exposures of a business that are not specifically excluded. Coverage for common business risks including bodily injury, customer property damage, and advertising injury.
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 lines products designed for and bought by businesses. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. Pdf portable document format to view a file in pdf format, you need adobe acrobat reader, a free application distributed by adobe systems. Prepaid legal insurance coverage plan sold on a group basis. 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. Commercial auto coverage for motor vehicles owned by a business engaged in commerce that protects the insured against financial loss because of legal.
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