The terms of this act require an insurance company to obtain prior written consent from an individual before approaching any medical practitioner for a medical report pertaining to them. 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. Accelerated death benefits adb when the holder of a life insurance policy is terminally ill and needs the money for medical and living costs, they may request an accelerated death benefit. Liability arising from extremely dangerous operations. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Insurance policies designed to pay ransoms demanded by kidnappers.
Not all concepts or coverages identified in this list are found at chapman university. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Glossary of insurance terms additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under the policy at the request of the named insured. 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. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Glossary of medical insurance terminology pdf uc merced. Texas department of insurance glossary of common insurance terms. Founded in 1935, naco provides essential services to the nations 3,068 counties. The right of an underwriter, in the event of a breach of good faith or delay in the commencement of an insured voyage to step aside from the insurance contract and treat it as though he had never accepted the risk.
A business that has 2100 employees and has at least one common law employee insured by the company. Glossary of insurance terms national insurance brokers association. Glossary of health coverage and medical terms page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Read online glossary of insurance and medical billing terms book pdf free download link book now. Health insurance financial protection against all or part of the medical care costs to treat illness or injury. Glossary of health insurance terms december 12, 2008 broker a salesperson who has obtained a state license to sell and service con tracts of multiple health plans or insurers, and who is considered to be an agent of. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. For more information on each providers definition of terms, consult the providers website. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete.
Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Health insurance financial protection against all or part of. 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. This page provides a glossary of insurance terms and definitions that are. You should also be aware that some preferred provider. Glossary of insurance and medical billing terms a accept assignment provider has agreed to accept the insurance company allowed amount as full payment for the covered services. Definitions of political risk terms vary among political risk providers. If your provider charges more than the allowed amount, you may have to pay the difference. American land title association a type of title insurance policy issued by title. These general definitions are provided for educational purposes. Adjudication the final determination of the issues involving settlement of an insurance claim. Glossary of risk management terms this is a comprehensive list of insurance terms.
All books are in clear copy here, and all files are secure so dont worry about it. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Agent the insurance company representative who sells policies on behalf of the insurer. The insurance contracts act allows an insurer to avoid. Aggregate stoploss coverage a type of stoploss insurance that provides benefits when a groups total claims during a specified period exceed a stated amount. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Publication date 1997 topics insurance publisher santa monica, calif. Glossary of terms used in the political risk insurance. Clause written into a contract by which one party agrees to. Medicare and health insurance terminology balance bill. With just a few clicks you can access the geico insurance agency partner your boat insurance policy is with to find your policy service options and contact information.
The term property insurance includes many lines of available insurance. Injury to the body of a person as defined in coverage documents. Bodily injury bodily harm, sickness, or disease, including resulting death. Agent a person who is authorized by an mco or an insurer to act on its behalf to negotiate, sell, and service managed care contracts. Coverage designed to protect against the liability for injury, loss, or damage that a. The cfpbs glossary of english chinese financial terms. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. The act of agreeing or consenting to the terms of an offer thereby establishing the meeting of the minds that is an essential element of a contract. Glossary of insurance and medical billing terms pdf book.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Common law employee under commonlaw rules, anyone who performs services for you is your employee if you can control what will be done and how it will be done. Term insurance that provides coverage for one year and allows. This limit never includes your premium, balance billed charges or health care your health insurance or plan doesnt cover. Glossary of terms used in the political risk insurance industry note. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. File and use residential property rates utilize a sys.
A copay is in addition to the amount your insurance pays for the service. Ambulatory care facility acf a medical care center that provides a wide range of healthcare. Patient financial services glossary of insurance terms created. No doubt you will hear and see words and terms youve. Annual deductible is the amount you must pay each year for medical and mental health expenses. The federal poverty level fpl is the set minimum amount of. Terms for the updated glossary have been compiled from other entities, including the federal housing finance agency, department of.
This glossary of common financial terms was created and is used by the bureau for translating consumer education materials from english to chinese. 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. 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. Use these insurance terms and definitions to help you understand your policy. Basic insurance terms and definitions, life insurance terms and definitions, basic insurance terminology, insurance glossary pdf, important insurance terms, insurance terms and concepts, health insurance terminology and insurance. This may be called eligible expense, payment allowance, or negotiated rate. Terms for the updated glossary have been compiled from other entities, including the federal housing finance agency, department of housing and urban development, internal revenue service, department of justice, federal deposit insurance corporation, federal trade commission, social security. This document is for informational purposes only and is not intended to alter or replace the insurance policy. An insurance purchased by a company or organization on key employees and naming the company as beneficiary. Aggregate stoploss coverage a type of stoploss insurance that provides benefits when a groups. Insurance terminology north american training group. Glossary of health coverage and medical terms omb control numbers 15452229, 12100147, and 09381146 page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Words associated with surety and bonds and title insurance are listed separately at the end of this list.
Some of these terms also might not have exactly the same meaning when. Group insurance coverage through an employer or other entity that covers all individuals in the group. Insurance and indemnification requirements risk management division effective march 2007 1 d. Glossary of glossary of public finance terms 1 public finance terms about naco the voice of americas counties the national association of counties naco is the only national organization that represents county governments in the united states. The purpose of liability insurance is to cover bodily injury to a third party resulting from the negligent or unintentional acts of an insured. Glossary of insurance terms california department of insurance. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Download glossary of insurance and medical billing terms book pdf free download link or read online here in pdf. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non.
These matters are set forth in your summary plan description and you should read that carefully. Auto insurance, what follows are terms specific to au. 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. When making decisions about health coverage, consumers should know the specific meanings of terms used to. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. 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. Insurance held jointly by two or more insurance providers. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned.
Some health insurance or plans dont coun t all of your copayments, deductibles, coinsurance payments, out ofnetwork payments or other expenses. Glossary of terms used in the political risk insurance industry. Glossary of health coverage and medical terms page 1 of 4 glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. Consumer glossary national association of insurance. The date on which the sale of a property is to be finalized and a loan transaction completed. A company owned solely or in large part by one or more non insurance entities. Glossary of insurance terms this list is not meant to be all inclusive, but should help with your understanding some insurance terms used in our website. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references.
An independent agent represents more than one company. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. The bureau created a glossary translating common financial terms into spanish in october 2015 and has updated it in 2018 with additional terms. In the united states, this level is determined by the department of health and human services. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance. Other medical insurance terms copay this is a predetermined flat fee that you pay for a specific health care service. Insurance glossary understanding common insurance terms. Health insurance glossary allowed amount maximum amount on which payment is based for covered healthcare services. A business that has at least 2 verifiable employees.657 1265 843 81 280 455 351 85 1511 1441 102 705 513 1003 321 1101 579 181 1385 978 775 1260 544 953 461 886 963 243 162 1065 290 1365 884 1427 8 99 1181 284 200 738