Video press conferences, public service announcements, hearings and public forums. Is when a group of people with similar risks share resources by combining their. 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. Those can be found in your insurance policy or certificate. Credit insurance commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency. Buildings or structures including additions, fixtures, machinery and equipment constituting a permanent part of the building, building service. Youre in the insurance business, and youre searching for a breakthrough. Pool a a cooperative group of governmental entities joining together to. Commercial insurance update insurance ramifications of.
The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. This section of terms is taken from the workers compensation insurance organizations a voluntary association of. Insurance glossary insurance terms and definitions from advanced insurance group. Symbols 2, 3 and 4 afford automatic coverage for autos you acquire during the policy period. The coverage is geared to manufacturers, wholesalers, and service providers who may be dependent on a few accounts and therefore could lose. Bop bodily injury business interruption insurance certificate of. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. Nicb insurance acronym, organization and term list index. Insurance for businesses, professionals and commercial establishments. These general definitions are provided for educational purposes. Note that equipment insurance is typically a separate policy.
An independent agent represents more than one company. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Youll find definitions of common real estate insurance terms by clicking on the topic below. 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. A person responsible for investigating and settling a claim. 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. Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of. Combining both property and liability insurance, a bop will cover a business in. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Get the definition of commercial insurance company and understand what commercial insurance company means in insurance. Members learn more about your health plan and how we keep. 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. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
The insurance handbook reflects this diversity of subjects and issues. Coverages and benefits listed below may not be available in your state. Actual cash value acv actual damages also known as compensatory damages additional insured admitted carrier aggregate limit a. Comprehensive loss underwriting exchange clue report. Title insurance glossary meridian title corporation. A users guide to pollution exclusions and environmental. A users guide to pollution exclusions and environmental insurance the need for environmental coverage in the property and liability insurance packages sold to commercial insurance buyers has expanded over a hundred fold in the past decade. Insurance glossary understanding common insurance terms. Browse this glossary to get to know the meaning of basic terms and phrases commonly used in real estate transactions and throughout the meridian title website. Used in conjunction with the downtown revitalization act passed to assist in filling commercial buildings that were built prior to 1975. 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. Agent the insurance company representative who sells policies on behalf of the insurer.
An insurance company licensed and authorized to do business in a particular state. Glossary of business insurance terms for your benefit, this page provides a glossary of insurance terms and their definitions most commonly used when defining business insurance products and programs. Contingent business interruption cbi coverage is designed to cover an insured s business income loss resulting from loss, damage, or destruction of property owned by others, including. It has been continuously updated and expanded since the original publication and, with definitions of more than 3,200 risk and insurance terms, is probably the most. When reading the definitions, please keep in mind that this glossary is. Insurance glossary insurance terms and definitions from advantage 1. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. Learn more a trusted partner to plan sponsors, tpas, and carriers for more than 25 years, magnacare achieves exceptional value for clients and their members through highly customized, innovative health care solutions. A health insurance policy you buy directly from a health insurance company or broker rather than through an employer.
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. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The field guide to pollution exclusions and environmental insurance below is intended to be used as. Glossary of business insurance terms onegroup new york. 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. Improve the user experience with our new selfservice portals and mobile app. If available, some optional coverages and benefits might be offered at an additional charge. Glossary and appendices pricing in general insurance.
Glossary of insurance terms business insurance products. This policy covers you, your employees and company vehicles for injuries and damages, whether the vehicles are leased, owned, or rented. The essential glossary of group benefits words and terms. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. You can find more terms in the the insurance bureau of canadas glossary. Whether it is workers comp, builder risk, or any commercial need, we have you covered. Technical terms that appear elsewhere in this glossary are marked in green. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Complete glossary of insurance coverage insurance coverage terms acli. 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. A contractual business undertaking in which two or more parties combine.
Commercial crime commercial crime insurance is a type of crimefidelity insurance that covers the cost of losses arising from employees dishonest or fraudulent acts such as forgery, burglary, computer fraud, and extortion. Understanding business insurance terminology trusted choice. 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. Insurance glossary, letter a commercial auto insurance. Every industry has its distinctive jargon and terminology, but few are as unique and languageintensive as group benefits and health insurance.
Commission a percentage of premium paid to agents by insurance companies for the sale of policies. Insurance policies are a contract between the insurance company and the insured, and they cannot be assigned without the insurance companys consent. Insurance purchasing group glossary word a group of separately owned but related businesses that band together for the purpose of obtaining insurance coverage. Captive insurance companies association, defines reinsurance provided by amre. Commercial property property insurance coverage sold to commercial ventures. Insurance that covers the insured against loss liability and physical damage arising out of the use of steam boilers or other machinery may be written as a separate policy or as part of a. Guidelines for insurance requirements in contracts office of. The document appendix 0 basic glossary contains the definition of some of the most important and ubiquitous terms used in the book.
Insurance handbook insurance information institute. Coverage for more than one type of property at one location or one. Descriptions of the customary definitions and coverage which may be obtained are listed below. These definitions are not applicable in all states or for all insurance and financial products. Consumer glossary national association of insurance. Commercial insurance glossary cres insurance services. Market share reports, consumer complaint study, residential and commercial earthquake insurance coverage study, annual report of the commissioner, and more. The term property insurance includes many lines of available insurance. Browse and search thousands of insurance abbreviations and acronyms in our comprehensive reference resource. Commercial lines insurance address the liability assumed or property that is owned and or used by or in the course of doing business. As used in property insurance, prohibits the insured from. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020 intellectual property and media liability insurance market survey2020 in the betterley report april 2020.
Definition of commercial insurance company in insurance. A company owned solely or in large part by one or more non insurance entities. This coverage is subject to the terms, limits and conditions. Explaining commercial insurance company term for dummies. Seanbiolatest postsabouti am committed to helping people discover the value when working with an insurance broker a professional that works for the insured person and their property, not the insurance company. Community rating a rating system where standard rating is established and usually adjusted within specific guidelines for each group on the basis of anticipated utilization by the groups employees. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The aligned insurance glossary provides quick answers to questions involving over 3200 terms used in insurance specifications, proposals, risk reports etc. These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by.
It is issued to indemnify a business for the loss of services of a key employee or a partner who becomes disabled. Business insurance definitions commercial insurance. 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. Glossary of health insurance and medical terms page 1 of 4 glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. Dos and donts to protect your property from fire and smoke damageexcel insurance. A policy which primarily provides coverage of benefits to a business as contrasted to an individual. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Selling insurance through groups such as professional and business associations. Admitted company an insurance company licensed to do business in a. This policy is meant to protect the building and other business property that you own or lease. The document appendix 1 earned vs written contains more material on a topic that was only touched on briefly in chapter 20. Insurance covering loss of income by a business when. Commercial lines insurance and term glossary commercial.
Commercial insurance that covers damage caused by the malfunction or breakdown of boilers, and a vast array of other equipment including air conditioners, heating, electrical, telephone, and computer systems. Insurance glossary insurance terms and definitions from union general. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. The definitions in this glossary are developed by the naic research and actuarial. The insurance contracts act allows an insurer to avoid.
Insurance terminology north american training group. Tasmania applies a statutory fire levy to some forms of commercial insurance. You should consult a qualified professional for interpretation of terms in a. Insurance services offices iso commercial lines manual. Health insurance in the commercial market is commonly obtained through an employer. Companies that market and sell products via independent agents. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Comprehensive general liability the cgl covers four types of injuries. Since the employer typically covers at least a portion of the cost, this is often a costeffective way for the. An individual plan can cover you andor any of your eligible family members. The essential glossary of group benefits terminology. The glossary of insurance and risk management terms was first published by the international risk management institute irmi in 1978 to help those within and outside the insurance industry to communicate effectively.
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