There may be certain risks regarding the basic honesty and integrity. A statement of coverage issued to an individual insured. Insured the persons covered by the insurance policy. Face amount the dollar amount that the insurance policy would pay out upon the death of the insured. Making a list of all your insurance policies makes sense to help you keep track and for your loved ones if the day comes that your life insurance policy is activated. Coinsurance a form of medical cost sharing in a health insurance plan that requires an. Represents the interests of the insured in searching for insurance coverage at the lowest cost and. Glossary of insurance terms national insurance brokers association. Start studying basic insurance terms and definitions.
Use this glossary of insurance definitions to better understand insurance. Here is some of the basic terminology for life insurance. Consumer glossary national association of insurance. Agent the insurance company representative who sells policies on behalf of the insurer.
Renewable term insurance insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Plan documents human resources washington university. A contractual means of transferring the payment of a loss to a third party by means of a contract and the pooling of similar risks. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented information when applying for insurance.
Insurance policy over and above a basic liability policy. Ab initio a term used to describe avoidance of a contract from its inception or its beginning. When making decisions about health coverage, consumers should know the specific meanings of terms used to. See your summary of benefits and coverage for information on how to get a copy of your policy or plan document. Insurance terminology north american training group. Basic insurance terms and definitions flashcards quizlet.
Premiums the monthly or annual amount that you must pay in order to have the insurance coverage. Indemnity basis or reinstatement basis see definitions in glossary. Coverage excludes shortterm medical insurance, the federal employees health benefit program and noncomprehensive coverage such as basic hospital only. The terms of this act require an insurance company to obtain prior written consent. 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. 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. Glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. Basic insurance terminology and definitions about life, health, automobile and home insurance to help you understand basic concepts and buy. Health insurance, car insurance, and life insurance are a part of everyday life. Coverage on property left in the care of the insured for storage, repair or servicing. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law.
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