Dictionary of insurance terms a absolute liability. The dollar amount of reinsurance coverage during one specified period, usually 12 months, for all reinsurance losses sustained under a treaty during such period. Below are some commonly used insurance terms and their meanings. Definitions provided by insurance bureau of canada are indicated with an asterisk. When loss or damage occurs thats likely to be covered by an insurance policy, this is the action that the policyholder takes to obtain the benefits provided by the insurance policy. Health insurance in the commercial market is commonly obtained through an employer. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Indemnity basis or reinstatement basis see definitions in glossary. This is always shown in the insurance policy schedule. Consumer glossary national association of insurance.
In accordance with the general insurance terms and conditions, effective at the moment of concluding insurance contract, and these terms and conditions, aas bta baltic insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Insurance glossary insurance terms and definitions from pni agency. Insurance glossary f north dallas commercial insurance. Select from the list of glossary words below or use the search box to help find what you are looking for. The amount we agree as the sum insured for any item which is the subject of an insurance policy. Insuredthe term insured refers to the person who has taken insurance against various. 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. Aviation insurance is a highly specialized field designed to meet general aviation needs. More comprehensive protection can usually be provided but must be requested. National flood insurance program federal governmentsponsored program under which flood insurance is sold to homeowners and businesses. Whether you drive a big rig or own a fleet of them, our commercial insurance specialists can help with the right coverage. An insurance policy that insures you against errors in the title search, essentially guaranteeing the borrowers and lenders financial interest in the property.
Accident and sickness insurance term used to denote a personal accident insurance policy, which is extended to cover sickness benefits also. We are an independent, multiline, insurance agency representing a number of top rated insurance companies. It is a contract between you and the insurance company. Agent a person or a group of people selling insurance on behalf of an insurance company. Insurance glossary s north dallas commercial insurance. Bop bodily injury business interruption insurance certificate of.
When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. An event or occurrence which is unforeseen and unintended. Nicb insurance acronym, organization and term list index. Between 2008 and 2010, a group of national research directors from. Selling insurance through groups such as professional and business associations. Actual cash value acv actual damages also known as compensatory damages additional insured admitted carrier aggregate limit a. Commercial insurance glossary cres insurance services. Calendar year deductible in health insurance, the amount that must be paid by the insured during a calendar year before the insurer becomes responsible for. While the aviation insurance policy is not standardized, the insurance contract contains many adaptations of other familiar general insurance forms specifically fire and automobile. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Commercial property policy insurance glossary definition. Descriptions of the customary definitions and coverage which may be obtained are listed below. An insurance company licensed and authorized to do business in a particular state. Business auto auto insurance protects you against financial loss if you have an accident.
Risk allocation provisions are contained in all contracts. Our goal is to make the task of buying insurance as simple as possible. However benefits relating to sickness extension will be restricted to weekly compensation for temporary total disablement and for reimbursement of medical expenses towards treatment in a hospital or a nursing home for all. Commercial insurance refers to a policy that is meant to protect a business from future risks. Understanding your insurance policy can be overwhelming. Coverage e glossary word homeowner policy provisions and limits for damage or injury sustained by other than residents of the homeowners dwelling for which the homeowner is legally liable. Commercial lines insurance and term glossary commercial.
Home business property glossary word valuable home theater components are protected against many causes of loss but one significant one is excluded. This fact sheet defines various insurancerelated terms. Commercial property insurance terms and conditions no. Definitions for selected commonly used office and industrial terms were gathered from real estate associations, research organizations, developers, brokerage firms, and technology providers. They are used in an attempt to assure the intended economic objectives of the deal.
Agent the insurance company representative who sells policies on behalf of the insurer. While not often used in property insurance, aggregates are sometimes included with respect to certain catastrophic exposures, e. Able able and available additional claim adjudication alien status alternate base period appeal appeals hearing approved training available back pay base period benefit year benefit year beginning date benefit year ending date between academic school terms. Includes insurance against loss through damage or legal liability for damage, to property caused by the use of teams or vehicles other than ships, boats, or railroad rolling stock, whether by accident or collision or by explosion of engine, tank, boiler, pipe, or tire of the vehicle, and insurance against the theft of the whole or part of such vehicle california. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Sold by insurance companies whose business objective is the profit motive as distinct from blue crossblue shield it can be classified by its renewal provision, and types of benefits provided. Commercial property insurance terms and conditions. Plain and simply, commercial insurance is insurance that protects businesses. Independent agents in our network believe that knowledge is power, and they are dedicated to not only providing consumers with competitive rates and coverage, but education and answers as well business terminology shouldnt be reserved for insurance agents. Insurance to cover loss of or damage to ships, port terminals and cargo. Insurance glossary northwest insurance group seattle. 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. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Commercial property coverage forms insurance glossary. The most common methods by which risk is shifted in a. It covers businesses against losses, arising from things like damage to property or injury to employees, and is a term commonly used to label core business insurance covers like public liability and employers liability. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance glossary insurance terms and definitions from north dallas commercial insurance agency, inc. 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.
Most of the definitions below are provided courtesy of the insurance institute of canada. The term property insurance includes many lines of available insurance. Since the employer typically covers at least a portion of the cost, this is often a costeffective way for the. Benefits will pay for preventative services, medical expenses and catastrophic care, with limits. Youll find definitions of common real estate insurance terms by clicking on the topic below. Glossary of terms links to external websites are provided solely for the users convenience.
A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Auto insurance provides property, liability and medical coverage. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Peril specifically mentioned as covered in an insurance policy. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented.
An examination of public records to disclose the past and current facts regarding the ownership of a given piece of real estate. Accident and health insurance coverage for accidental injury, accidental death, and related health expenses. Glossary of commercial insurance terms commercial insurance is divided into two main categories. This form cp 00 10 covers buildings, business personal property, and personal property of others for direct loss or damage, subject to the limits. Understanding business insurance terminology trusted choice. These glossary terms and definitionsare 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. Coverage for more than one type of property at one location or one. Coverage may include business property damage, loss of income due to a business interruption, legal issues, theft, and employees grievances.
About naiop naiop, the commercial real estate development association, is the leading organization for developers, owners, and related professionals in office, industrial, retail and mixeduse real estate. The items on a balance sheet showing the value of property owned. If available, some optional coverages and benefits might be offered at an additional charge. Below are definitions for some of the more commonly used terms and how. Liability for damages even though fault or negligence cannot be proven. The date an agent broker license was converted to a producer license. On july 1, 2009, our office moved from a duallicense system agents and brokers to a singlelicense system producers. Iso, direct damage commercial property coverage form.
National insurance crime bureau october 12, 2015 1 nicb insurance acronym, organization and term list the following is a list of insurance related acronyms, organizations, and terms that may be encountered during an investigation. An independent agent represents more than one company. Companies that market and sell products via independent agents. Insurance coverage definitions dry cleaner insurance. Commercial lines insurance address the liability assumed or property that is owned and or used by or in the course of doing business.
Contact north dallas commercial insurance agency, inc today to learn more. The insurance contracts act allows an insurer to avoid. A portion of the insurance that contains information such as the name and address of the insured, the property insured, its location and description, the policy period, the amount of the insurance coverage, applicable premiums, and supplemental representations by the insured. Indian insurance glossary, meanings of indian insurance terms. Terms claim a claim is a bill from your health care provider doctor or hospital. We offer competitive rates for your auto, home, boat, r.
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