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Insurance
type of Insurance
| Term | Definition |
|---|---|
| Life Insurance | Life insurance is a contract between an insurance policy holder and an insurer or assure, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. |
| Automobile Insurance | Vehicle insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions. |
| Health Insurance | Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. |
| Home Insurance | Home insurance, also commonly called homeowner's insurance, is a type of property insurance that covers a private residence. |
| Adjuster | An adjuster is an agent who handles insurance related claims commonly commissioned by an insurance company. |
| Deductible | The amount you pay for covered health care services before your insurance plan starts to pay. |
| Insurer | a person or company that underwrites an insurance risk; the party is an insurance contract undertaking to pay compensation. |
| Policyholder | a person or group whose name an insurance policy is held. |
| Policy | Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. |
| Insured | Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. |
| Peril | A hazard is a potential source of harm. Substances, events, or circumstances can constitute hazards when their nature would allow them, even just theoretically, to cause damage to health, life, property, or any other interest of value. |
| Risk | Risk is exposure to the consequences of uncertainty. It includes the possibility of economic or financial loss or gain, physical damage, injury to people. |
| Premium | an amount to be paid for an insurance policy. |
| Replacement Cost | The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. |
| Bodily Injury | Personal injury is a legal term for an injury to the body, mind, or emotions, as opposed to an injury to property. |
| Collision | In physics, a collision is any event in which two or more bodies exert forces on each other in a relatively short time. |
| Comprehensive Coverage | Comprehensive Cover is the highest level of cover a person can have if they take out motor insurance in the United Kingdom. In recent years, Comprehensive Cover has actually gone cheaper than the lesser cover. |
| Uninsured Motorist | Uninsured motorist coverage protects you if you're hit by a driver who has no auto insurance. Under insured motorist coverage, which is usually offered alongside uninsured motorist coverage, protects you if you're hit by a driver who doesn't have enough . |
| Property Damage Liability | Property damage liability coverage is part of a car insurance policy. It helps pay to repair damage you cause to another person's vehicle or property. |
| No-fault Insurance | no-fault insurance is any type of insurance contract under which the insured party is indemnified by their own insurance company for losses, regardless of the source of the cause of loss. |
| Liability Insurance | Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits. |
| Claim | state or assert that something is the case, typically without providing evidence or proof. |
| Co-insurance | The percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible. |
| Co-payment | A co payment or copay 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 health maintenance organization is a medical insurance group that provides health services for a fixed annual fee. |
| Limitations | the quality or state of being limited. |
| 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 | A primary care physician is a physician who provides both the first contact for a person with an un-diagnosed health concern as well as continuing care of varied medical conditions. |
| Maximum Out-of-Pocket Expense | An out-of-pocket maximum 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 | Medical payments coverage, also called MedPay, is a type of motor vehicle insurance available in Georgia. MedPay works similarly to health insurance but only applies after a car accident. |
| Network | A computer network is a set of computers sharing resources located on or provided by network nodes. |
| Accidental Death and Dismemberment Benefit | Accidental Death & Dismemberment (AD&D) is a plan that pays a benefit if you lose your life, limbs, eyes, speech or hearing due to an accident. Full-time regular staff are eligible for AD&D coverage. |
| Beneficiary | A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. |
| Cash Value Insurance | Cash value refers to an investment component in life insurance that grows tax-free over the course of the policy's life. |
| Medical Examination | physical examination, medical examination, or clinical examination, a medical practitioner examines a patient for any possible medical signs or symptoms of a medical condition. |
| Proceeds | money obtained from an event or activity. |
| Rider | a condition or proviso added to something already said or decreed. |
| Suicide Clause | Most life insurance policies include a suicide clause that prevents the insurer from paying out the claim if the insured's death was due to self-inflicted injury within a certain period from the start of the policy (typically two years). |
| Term Life Insurance | A term life policy is a contract between you and an insurance company for a defined period, typically between 10 and 30 years. |
| Term of Policy | Term of the Policy means the period from and including the Effective Date to and including the date on which all Insured Payments have been paid. |
| Underwriter | Underwriters are the main link between an insurance company and an insurance sales agent. Insurance underwriters use computer software to analyze risk for determining whether to approve an applicant. |
| Whole Life Insurance | a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. |
| Act of God | The phrase Act of God refers to an accident or other natural event caused without human intervention that could not have been prevented by reasonable foresight or care. |
| Appraisal | Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property. |
| Declarations | the formal announcement of the beginning of a state or condition. |
| Collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default. |
| Hazard | Hazard insurance is a term sometimes used to describe the coverage that homeowners insurance provides for certain risks. |
| Loss | A loss is the basis of a claim for damages under the terms of a policy. |
| Homeowner’s Policy | Homeowners insurance protects against damage to your home and belongings from covered perils, and safeguards your assets if you're liable for someone else's injuries or property damage. |
| Renter’s Insurance | Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance. |
| Property Insurance | Property insurance is a type of insurance policy that can provide coverage for property owners or renters. |
Created by:
saratt
Popular Insurance sets