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A book published by an insurance or bonding company or a rating. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. We want to make sure that you clearly understand your options and know precisely what youre paying for. A percentage of the cost of services that the insured person have to pay. Renewable term insurance insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination.
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A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. The percentage of costs of a covered health care service you pay after youve paid your deductible. Accelerated death benefits an insurance policy with an accelerated death benefits provision will pay under certain conditions all or part of the policy death benefits while the policyholder is still alive. Insurance terms and glossary learn some most used terms. This page provides a glossary of insurance terms and definitions that are. It is not meant to be all inclusive, but should help with your understanding of the most common terms. Click the letter that the word begins with or use the. Glossary of insurance terms national insurance brokers association. Below is a glossary of insurance terms for your convenience.
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Gains loss excess deficiency of the sales price of an asset over its book value. This book is particularly effective for someone new to insurance or for someone starting in the risk management field. 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. A temporary or preliminary agreement which provides coverage until a policy can be written or delivered. Auto insurance premiums are quoted for either 6 month or annual policy periods. The maximum dollar amount a benefits plan will pay for a procedure. Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death. Health insurance glossary health insurance definitions and. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums.
We feel it is important for you to be informed about the rates available to you in order to make intelligent decisions about your coverage. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. The information presented on this glossary is not an insurance policy, declarations page or endorsement. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. This fact sheet defines various insurancerelated terms. This is a list of terms designed to assist you while shopping for insurance.