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Insurance Terms
| Term | Definition |
|---|---|
| Adjuster | An individual who assesses and evaluates insurance claims to determine the extent of coverage and the amount of compensation owed. |
| Deductible | The amount of money an insured person must pay out of pocket before the insurance company starts to cover the costs. |
| Insurer | The company that provides insurance coverage and assumes the risk of potential losses in exchange for premium payments. |
| Policyholder | The individual or entity that owns an insurance policy and is entitled to receive the benefits outlined in the policy. |
| Policy | A contract between the insurer and the policyholder that outlines the terms, conditions, coverage limits, and exclusions of the insurance agreement. |
| Insured | The person or property covered by an insurance policy, protected against specified risks in exchange for premium payments. |
| Peril | A specific event or circumstance that may cause loss or damage, such as fire, theft, or natural disasters. |
| Risk | The probability or likelihood of an event causing loss or damage, which insurers assess to determine insurance premiums and coverage. |
| Premium | The amount of money paid by the policyholder to the insurer in exchange for insurance coverage over a specified period. |
| Replacement Cost | The amount of money required to replace or repair damaged property with similar items at current market prices. |
| Bodily Injury | Physical harm or injury to a person resulting from an accident or negligent act, covered under liability insurance policies. |
| Collision | Coverage that compensates for damage to the insured vehicle resulting from a collision with another object or vehicle. |
| Comprehensive Coverage | Insurance protection that covers damage to the insured vehicle caused by perils other than collision, such as theft, vandalism, or natural disasters. |
| Uninsured Motorist | Coverage that provides protection for bodily injury or property damage caused by a motorist who does not have insurance or sufficient coverage. |
| Property Damage Liability | Coverage that pays for damage caused by the insured to another person's property, such as vehicles or buildings. |
| No-fault Insurance | A type of insurance system where each party's insurance company pays for the insured's losses, regardless of who is at fault in an accident. |
| Liability Insurance | Insurance coverage that protects the insured against claims arising from injuries or damage to other people or property. |
| Claim | A formal request by the policyholder to the insurance company for compensation or coverage for a loss or damage covered by the policy. |
| Co-insurance | The percentage of costs shared between the insurance company and the insured after the deductible has been met. |
| Co-payment | A fixed amount paid by the insured for covered services or prescriptions, typically due at the time of service. |
| HMO (Health Management Organization) | A type of health insurance plan that provides coverage through a network of doctors, hospitals, and other healthcare providers, with a primary care physician coordinating care. |
| Limitations | Restrictions or conditions specified in an insurance policy that may limit coverage or benefits under certain circumstances. |
| POS (Point of Service Plan) | A type of health insurance plan that allows members to choose between in-network and out-of-network providers, with different coverage levels for each. |
| Primary Care Physician | A healthcare provider, often a family doctor or internist, who serves as the main point of contact for managing a patient's healthcare needs. |
| Maximum Out-of-Pocket Expense | The most money a policyholder is required to pay for covered services during a specific period, after which the insurance company covers 100% of the remaining costs. |
| Medical Payments | Coverage that pays for medical expenses incurred by the insured or their passengers as a result of injuries sustained in an accident, regardless of fault. |
| Network | A group of healthcare providers, facilities, and suppliers contracted with an insurance company to provide services to its members at discounted rates. |
| Accidental Death and Dismemberment Benefit | Coverage that provides a lump-sum payment to the beneficiary in the event of the insured's accidental death or loss of a limb or sight. |
| Beneficiary | A person or entity designated to receive the proceeds of an insurance policy or financial account upon the death of the insured or account holder. |
| Cash Value Insurance | Life insurance policies that accumulate a cash value over time, which can be accessed by the policyholder through loans or withdrawals. |
| Medical Examination | A physical examination conducted by a healthcare professional to assess an individual's health status, often required for insurance underwriting purposes. |
| Proceeds | The money received from an insurance policy or investment upon the occurrence of a covered event, such as death, disability, or maturity. |
| Rider | An amendment or attachment to an insurance policy that modifies or expands its coverage, often available at an additional cost. |
| Suicide Clause | A provision in life insurance policies that limits or excludes coverage for death by suicide within a specified period after the policy's inception. |
| Term Life Insurance | Life insurance coverage that provides a death benefit for a specified period or term, typically offering lower premiums than permanent life insurance. |
| Term of Policy | The duration or period of coverage provided by an insurance policy, specifying the start and end dates of the insurance contract. |
| Underwriter | An insurance professional responsible for assessing risks, determining premiums, and deciding whether to accept or reject insurance applications. |
| Whole Life Insurance | Life insurance coverage that provides a death benefit for the insured's lifetime, with guaranteed cash value accumulation and fixed premiums. |
| Act of God | An uncontrollable and unforeseeable event caused by natural forces, such as earthquakes, floods, or hurricanes, often excluded from insurance coverage. |
| Appraisal | The process of determining the value of property, assets, or damages for insurance purposes, conducted by an independent appraiser or adjuster. |
| Declarations | The part of an insurance policy that contains basic information about the insured, coverage limits, premiums, and other essential terms and conditions. |
| Collateral | Assets or property pledged as security for a loan or debt, which may be seized by the lender in the event of default. |
| Hazard | A condition or circumstance that increases the likelihood of loss or damage, such as fire hazards or unsafe driving conditions. |
| Loss | The reduction in value or financial detriment resulting from damage, destruction, or disappearance of property, assets, or life. |
| Homeowner’s Policy | An insurance policy that provides coverage for a homeowner's dwelling, personal property, and liability risks, typically including additional endorsements or riders for specific coverage needs. |
| Renter’s Insurance | An insurance policy that provides coverage for tenants' personal property. |
| Peril | An event or circumstance that poses a risk of loss or damage, such as fire, theft, vandalism, or natural disasters, covered under an insurance policy. |
Created by:
anilec
Popular Insurance sets