By spreading the risk, we are reducing the financial impact of an individual loss. Such terms and availability may vary by state and exclusions may apply. Insurance terminology you should know: Bound: Once the insurance has been accepted and is in place, it is called "bound". Insurance Domain Knowledge and Basics. It's OK—we know as well as anyone that the language of health insurance can be hard to understand. Also see the Health And Life Insurance Glossary, Small Business Insurance Glossary and Terminologies Used In Insurance And Their Meanings. ... – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 242c1-YTQxZ Insurance Basics Let’s start by discussing some important insurance terms and concepts. Here, you'll find plain-English definitions for 33 of the most common insurance terms. Insurance is a method for spreading the risk of a financial loss among a large number of people. The purpose of an Insurance is to provide protection against the risk of any financial loss. So how do we do that? GLOSSARY OF INSURANCE TERMS THE A-Z 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 icisa Catalogue of Credit Insurance Terminology aims to clarify most of these terms for the benefit of anyone not familiar with credit insurance, but also as an easy reference manual for those working with or in the industry. Insurance The concept of insurance is really quite simple. The process of being bound is called the binding process. We want you to use it often, so you can become familiar with some of the words you’ll hear when you get medical care. don't want to pay for the insurance and then find out that what you thought was covered isn't included. Pennsylvania Insurance Department > Coverage > Insurance 101 - The Basics of Auto Insurance Begin Main Content Area Page Content Automobile Insurance Terminology. ... Can be used for term or permanent life insurance. The Insurance Contracts Act allows an insurer to avoid ... 1 in 5 households have no life insurance. Requirements regarding auto insurance vary state by state, but the following definitions can be helpful for understanding the basics when shopping for auto insurance: Insured– The person(s) covered by the insurance policy. While these terms can be confusing, the better you understand them, the better you will be prepared to successfully gain coverage and … Yet every day, it's becoming more and more important for health care consumers to have at least a basic knowledge of the industry's terminology. (For more insight, read Understand Your Insurance Contract.) Explain the purpose and basic characteristics of life insurance. Together, we created this glossary of key health insurance terms. Following is the property and casualty insurance glossary of basic insurance terms and definitions that are commonly used in the insurance industry: Index Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. When you understand these terms, you will be one step closer to the information you need to … It offers descriptions of the most commonly used terms in … Many of the terms you encounter when dealing with health insurance are not familiar. Insurance is a contract between the insurer and the insured person or a Group.Insured person means the person who is covered by the insurance policy or the one who avails the benefit of the policy and the insurer is the insurance company who sells the policies. Common Health Insurance Terminology 101.

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