A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Motor insurance cover notes that are issued in the united kingdom which. He did not mean to hit the identify key terms associated with insurance and risks. Health insurance is a contract between you and your health insurer to cover your medical expenses. 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.
Use this list as a resource for common abbreviations and acronyms used in the health care community, to quickly search and answer your questions about those letters and numbers of a drug your doctor has prescribed to you, or other notes from your doctor or other medical professionals. Does health insurance cover prescription medicines. Auto insurance premiums are quoted for either 6 month or annual policy periods. A contract of insurance intended by the insurer to provide temporary insurance cover. O objective clinical observations derived from interview. Here is a list i typed up of 100 common intervention terms. Below are some standard terms and definitions used when describing business and personal insurance coverages. The insurance company representative who sells policies on behalf of the insurer. Accelerated death benefits a insurance policy with an accelerated death. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. The payment required for an insurance policy to remain in force.
Texas department of insurance glossary of common insurance terms. Use the prompts provided to take notes during the lesson. In this chapter, we cover various aspect of general insurance such as. This school of thought defines insurance in terms of. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that. All of the terms printed in green in this book are defined there.
Insurance terminology north american training group. For example, amount of insurance sold is a quantitative variable. Basic concepts in research and data analysis 7 values a value refers to either a subjects relative standing on a quantitative variable, or a subjects classification within a classification variable. Phone email 22 are there programs to help with the cost of prescription medicines. The guide is an important resource that will help to create a much greater understanding of. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Different types of insurance jermaine to make his him to city hospital, but lesson objectives examine the different types of insurance available. Different types of insurance oklahoma state department. New vehicle a vehicle less than one year old from date of manufacture to date of purchase with no. Use our glossary to find common definitions of terms used in the industries of addiction treatment, health insurance, and the recovery community. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. This page provides a glossary of insurance terms and definitions that are commonly.
Print and pdf formats, and quantity discounts are available for most. A statistician who computes insurance risks and premiums. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. Insurance glossary understanding common insurance terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references.
Glossary of dental clinical and administrative terms there are many terms used daily by dentists and their staff in the course of delivering care to patients, maintaining patient records and preparing claims. 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. A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium. In this chapter, we cover various aspect of general insurance such as principles of utmost good faiths. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A binder is subject to the premium and all the terms of the policy to be issued. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Consumer glossary national association of insurance. When reading the definitions, please keep in mind that this glossary is. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. The figure used to determine eligibility for lower costs in the health insurance marketplace, medicaid and the childrens health insurance program chip. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Insurance pdf types of insurance, scope of insurance. Glossary of addiction counseling terms recovery connection. Types of insurance note taking guide total points earned name total points possible date percentage class directions. A note is a legal document that serves as an iou from a borrower to a creditor. Cancellation termination of an insurance coverage during the policy period by the voluntary act of the insurance company or insured, effected in. Insurance handbook insurance information institute. Notes introduction to insurance principles of insurance 18 the insured is the person or firm or company confronted by risk and the insurer is a person or firm or company, which specializes in the assumption of risk. The insurance contracts act allows an insurer to avoid. A term interchangeable with insurance but generally used in connection with life. How insurance is transacted as a business and how the insurance market operates are also explained. Mar 25, 2020 insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
A professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. An independent agent represents more than one company. Many terms are familiar, especially to experienced individuals. Indemnity period applies to business interruption insurance. The handbook is designed to be used in conjunction with the institutes other information resources. The reinsurer agrees to indemnify the cedant insurer for a specified share of specified types of in surance claims paid by the cedant for a single insurance policy or for a specified set of policies. Diploma in insurance services module 2 notes principles of general insurance principles of insurance 58 b in motor insurance. A company owned solely or in large part by one or more non insurance entities. Lecture notes on health insurance 2 of 2 if we want everyone to get health care, then the botton line is that we need to subsidize the sick at least somewhat. A contract of insurance intended by the insurer to provide. We offer insurance by phone, online and through independent agents. The age of an insurance application or an insured as used for insurance purposes. Moreover, we need to force the healthy to get health insurance or let insurer charge di erently for the sick from the healthy. These definitions are not applicable in all states or for all products.
These definitions provide a brief description of the coverages progressive offers and some of the terms and phrases used in connection with homeowners insurance. Agent the insurance company representative who sells policies on behalf of the insurer. 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. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Glossary of insurance and medical billing terms d deductible the amount an insured member must pay before the insurance company begins covering health care costs. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Glossary of dental insurance and dental care terms.
Dhs department of health care services for california. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered. Glossary of insurance terms national insurance brokers association. In some companies, the issue age is the age at last birthday. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Cover notes are usually issued where further particulars are to be ascertained or where the insured has been requested to comply with additional risk acceptance. Agent a person or a group of people selling insurance on behalf of an insurance company. This list is not exhaustive please see your policy for a full definition and note of the.
With this publication, the qtmhc has endeavoured to develop a practical resource to enhance the skills of interpreters who do not have access to mental health training and for those working in regional settings. In insurance, the insurance policy is a contract generally a standard form contract between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. Perils added to fire insurance policy, such as damage by storm, tempest or flood. 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.
Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. If coverage for flood is offered as an additional peril on a property. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Different types of insurance oklahoma state department of. Finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. Even if your physician is on the hmo or ppo list, call to see if the.
With accident forgiveness not available in ca, ct, and ma on your geico auto insurance policy, your insurance rate wont go up as a result of your first atfault accident actual cash value. Cover and covers means the protection provided by the policy. The following terms are commonly used in the insurance market and may. Glossary of dental clinical and administrative terms. Property damage liability coverage part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone elses personal property. The examination, however, will be based on these notes. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Typically, benefits or cash must be used within the given benefit year or the employee loses the money.
Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. Note that a reserve is usually a liability and not an extra fund. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Notes typically obligate the issuer to repay its creditor the principal loan and any interest payments on a. A to z of insurance terms insurance faq crotty insurance. Betterment a term used to describe an advantage that an insured receives under an. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Lecture notes insurance 1introduction need for insurance arises from uncertain income e. Its not always easy to find a therapist that is a good match for you right away. Advance premiums occur when a policy has been processed, and the premium. A reinsurance contract is legally an insurance contract. The primary business of the insurer is risk assumption for a fee.
A blood test for tsh is used to diagnose thyroid disease. Therapy101 compiled this list of suggested questions that may aid in your search. The defined terms and coverage provisions in your policy or certificate of insurance, such as reasonable and customary, may be different from the general information provided below, and the policy or certificate language will prevail. In health insurance, the term copayment is also used. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Some of these terms also might not have exactly the same meaning. The date upon which the life insurance application is approved and the policy is issued by the insurer.
It explains the concept of insurance and how it is used to cover risk. Generally, modified adjusted gross income is your adjusted gross income plus any taxexempt social security, interest or foreign income you have. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Some parts of these study notes are reproduced, with the kind consent of the office of the commissioner of insurance of hong kong, from the text prepared for the purpose of. Notes principles of general insurance principles of insurance 54 5.
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