General insurance terms and conditions for citizen property and liability insurance vppmo 114 common provisions article 1 introduction 1. So this small pdf file of insurance terms surely will which will be very helpful to you get a good idea on insurance terms and to perform well in the exam. Dictionary of insurance terms a absolute liability. Today we are going to learn about car insurance, why it is needed, how insurance companies price it. Iim kozhikode which has released the cat 2019 notification is conducting cat exam this year. You can find more terms in the the insurance bureau of canadas glossary actual cash value acv. 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. The property insurance exam is easier than the casualty insurance exam. T his refers to the maximum amount a plan will pay for a covered healthcare service. Section 4 concludes that, despite the similarities between life and longterm disability insurance, the decision processes for buying each product vary dramatically. An event or occurrence which is unforeseen and unintended. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Maybe this is good for an actuary, but not for the insurance professional in the field, and definitely not for the consumer. All contractual terms and conditions, as well as any information provided prior to the conclusion of the contract, are in english and all communications will be in.
Health insurance policies are simply more complicated than life insurance policies. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. View test prep insurance terms study guide from blaw 3312 at university of texas, arlington. The purpose of this insurance is to indemnify, under these terms and conditions, for any direct material damage caused to the object of insurance by the insurance event, and other expenses specified elsewhere in the terms and conditions. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without adjustment to.
Dictionary of insurance terms barrons business guides. Consumer glossary national association of insurance. F riends, with this post we are giving you the pdf file of the terms commonly associated with insurance especially life insurance. Click on the chapters headings on the left to navigate the insurance handbook, a guide to the insurance industry for reporters, public policymakers, students, insurance company employees, regulators and others. Follow our stepbystep guide to get your insurance license in oregon. Through this exam you will gain a greater understanding of the structure and functions of a general insurance company underwriting roles, claim and reinsurance functions, risk control, liabilities, specialty coverages and more. The guide provides concise explanations of auto, home, life, disability and business. An attachment to an insurance policy that alters the policys coverage or terms. Insurances for your home and home contents 1 those insured those insured are the policyholder and the persons residing permanently in the same household as the policyholder. Getting your insurance license is the first step to becoming an insurance agent in oregon. Below are definitions for some of the more commonly used terms and how. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance.
This practice exam covers general insurance concepts. Be on the lookout for additional information in the questions thats only there to throw you off. We are providing insurance awareness pdf keeping in mind of upcoming insurance exams. The availability of reinsurance protection allows an insurer to. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Insurance terms study guide insurance terms study guide.
The term property insurance includes many lines of available insurance. Section 2 discusses life insurance purchases, and section 3 focuses on longterm disability insurance purchases. Insurance regulatory and development authority of india irdai ac team 1april 22, 2016. Life insurance, car insurance, home insurance, or business insurance all require a license to sell in any state. Glossary of health insurance terms national health policy forum. So that you will get a good idea and understanding of the basic lic terms.
A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Between life and health, students say that the health insurance exam is the more difficult. National insurance company ltd who are going to recruit assistants via this exam are of insurance based, obviously you will get some questions from insurance background. If available, some optional coverages and benefits might be offered at an additional charge. Unlicensed activities national association of insurance commissioners naic b. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Notification to an insurance company that you believe a payment is due to you or your company under the terms of the policy. Incorporating careerspecific vocabulary and contexts, each unit offers stepbystep instruction that immerses students in the four key language components. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Tell the students what they will be able to do upon conclusion of the lesson. A fee or percentage of the premium paid to an insurance broker or agent.
National insurance assistants exam study materials. Learn more in the cambridge englisharabic dictionary. 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. The company must pay for the repair or up to the actual cash value of. Insurance glossary insurance terms and definitions from advanced insurance. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. It is designed to help you evaluate your comprehension of the general insurance concepts for which you will be tested in your insurance license qualification exam. Glossary of risk management terms this is a comprehensive list of insurance terms. Agent the insurance company representative who sells policies on behalf of the insurer. Free online insurance exam practice and preparation tests. And the sum undertaken to be paid becomes payable irrespective of the value of life or limb lost. Platinumone insurance broking private limited is a registered company under the companies act, 20 cin. 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.
To learn more, read let life insurance riders drive your coverage. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Accident insurance insurance for unforeseen bodily injury. Insurance is a new educational resource for industry professionals who want to improve their english communication in a work environment. How to become an insurance agent in oregon or insurance. Study 288 terms personal lines insurance flashcards. Each insurance licensing exam presents its own challenge. Accident only an insurance contract that provides coverage, singly or in combination, for death. Replacement cost of damaged or lost property less depreciation. Td bank financial education 2 grades 912lesson 8 state the objective. All are extremely important but on this first page, we have tried to explain in plain english what the most important and common terms mean. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Not all concepts or coverages identified in this list are found at chapman university. This is the person or entity who will be compensated for loss by an insurer under the terms of the insurance contract.
See all formats and editions hide other formats and editions. Students report that about of the exam questions are terminology questions, are numberday questions, and are questions where you have to apply the knowledge to reason through a practical situation story problems usually short. If the client has a copay or coinsurance they will owe a dollar amount or percentage amount based on their level of coverage and the insurance will pay the remainder of. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. This is a short list of key insurance terms, listed in alphabetical order. These policies always require the insured to retain part of the risk uninsured. Insurance for special needs individuals and senior citizens 8% federal tax considerations for health insurance 3% additional considerations for life and health insurance counselors 10% the exam consists of 150 questions and is taken on a personal computer at an examination testing center. Liability for damages even though fault or negligence cannot be proven.
We hope this small pdf file of insurance terminology glossary will help you getting good marks in upcoming lic aao and united india insurance ao exams. About our travel insurance services about the insurer. Indemnity basis or reinstatement basis see definitions in glossary. The amount of outofpocket expenses that you or your business must pay before the payment is made by an insurer. The motor insurance options that are available are super, standard, maxi and medium motor insurance. Insurance glossary understanding common insurance terms. Coverages and benefits listed below may not be available in your state. 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.
This form is needed to assist the insurer to decide whether or not it is willing to provide insurance cover and, if so, the terms of such cover. Glossary of common auto insurance terms glossary of common. The need for life insurance is apparent, but individuals have a. Coinsurance a form of medical cost sharing in a health insurance plan that. Mississippi property insurance laws commissioner of insurance broad powers 1. 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.
If the deductible amount remaining is greater than the allowed amount the client will owe the allowed amount in full. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Insurance is an agreement where, for a stipulated payment called the premium, one party the insurer agrees to pay to the other the policyholder or his designated beneficiary a defined amount the claim payment or benefit upon the occurrence of a specific loss. Glossary of insurance terms simplepractice support. The questions are intended to resemble the types of querries and the range of content on your insurance license qualification exam. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Members can take a free confidential hearing test by phone. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. 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. Collision coverage pays for damage to your car with out regard to who caused an accident. Insurance protection bought by an insurer to limit its own exposure. Glossary of insurance terms paperback january 1, 1996 by merritt publishing editor 5.