Attestation clause a clause in an insurance contract which confirm that the. In fire insurance, the physical units of property at risk instead of perils or hazards. Sometimes co insurance applies only to defense costs, or only to settlements and judgments, but usually it applies across the board. A clause in a treaty wording defining the laws under which any dispute shall be. In insurance terminology the first party is the insurer and the second party is.
The percentage of all loss that is the companys or the insureds sole responsibility, throughout the pendency of a claim. Generalinsurancedefinitions institute and faculty of. 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. Definitions provided by insurance bureau of canada are indicated with an asterisk. Glossary of terms and definitions 1 this glossary lists frequently used terminology in an attempt to help the broker decipher industry jargon. 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. They are presented in english with chinese translations. Glossary guidance on selected words used in the iso 9000. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. For health insurance, it is a percentage of each claim above the deductible paid by the policyholder. Environmental insurance and risk management tools glossary of terms the following terms are typically used by the environmental insurance industry, transactional specialists, and other parties involved in using en vironmental insurance or risk management tools.
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. We want to help you understand by explaining what co insurance is and how it works. Not all indemnification clauses and in surance clauses in construction con. A policyholders request for reimbursement from an insurance company for a loss of property. Insurance definitions, dictionary, glossary and terms. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Consumer glossary national association of insurance. 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. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. When making decisions about health coverage, consumers should know the specific meanings of terms used to.
Insurance insurance that provides payment for accidental loss of life, limb, hearing, or sight. In reinsurance, each insurance company makes its own rules for defining units of hazard or single risks. For a 20 percent health insurance coinsurance clause, the policyholder pays for the deductible plus 20 percent of his covered losses. Glossary of compensation terms bureau of labor statistics. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. If the insured fails to maintain the amount specified in the clause usually at least 80%, the insured shares a higher proportion of the loss. Glossary of terms and definitions nacora international insurance. The coinsurance clause the majority of insurance professionals have never seen a coinsurance penalty applied to a claim, but to quote mr. The insurance contracts act allows an insurer to avoid a policy ab initio in.
Glossary 6 delay rental a payment from the lease holder to the lessor to maintain the lease from period to period during the primary term without drilling. Finally, a section is included containing the most commonly asked questions from manual users. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. The term property insurance includes many lines of available insurance. It is hoped that publication of this glossary will assist in facilitating dialogue and comparisons between systems in various countries operating these financial services. It also can be somewhat daunting, even if youve done it before. Inchmaree clause an ocean marine insurance provision adding coverage for damage directly resulting from the bursting of boilers, breakage of shafts, other mechanical failures, latent defects in the ships equipment or machinery, and faults or errors in the navigation or management of the ship. Glossary of reinsurance terms insurance and reinsurance. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The terms in this glossary are among the most commonly used in documents published by the irs. The sale of an insurance policy by the insurer to a company business which does not. Giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss. Also see the health and life insurance glossary, property and casualty insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings. Insurance requirements for individual construction projects are set out in the insurance clauses in the project construction contract.
Attestation clause a clause in an insurance contract which confirm that the insurers have agreed to provide the coverage under certain conditions, evidenced by their signing or stamping. Most of the definitions below are provided courtesy of the insurance institute of canada. Co insurance is arguably one of most commonly misunderstood and confusing concepts in insurance. The most comprehensive investing glossary on the web.
Policy provision in which the insured agrees to maintain a stated or determinable amount of insurance. Glossary of lloyds terms association of lloyds members. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Glossary of insurance terms replacement cost a property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss. Dig deep into important issues and trends in captive insurance. Co insurance is a clause used by insurance companies on policies covering property such as buildings, contents, stock, or industrial equipment. Glossary of common construction contract terms this glossary contains terms and their meanings that frequently are used within the context of contracts and subcontracts in the construction industry. Below are some commonly used insurance terms and their meanings. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. A glossary of english grammar glossaries in linguistics s.
You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. Glossary international freight terms abi automated brokerage interface. A clause in insurance policies whereby, in the event of underinsurance, the claim paid out by the insurer is restricted to the same proportion of the loss as the. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in the mid1970s. Insurance terminology north american training group.
Insurance policies are contracts between the insurance carrier and the insured. Glossary of reinsurance terms citation this glossary is reproduced from reinsurance, 1997 and reinsurance contract wording, 1996 by preferred reinsurance intermediaries, inc. Download this free special report featuring practical knowledge and insights from 11 respected captive insurance thought leaders. This insurance covers, except as excluded by the provisions of clauses 3 and 4 below, loss of or damage to the subjectmatter insured caused by 1. If a common word is used at different locations in the text of a standard with different dictionary meanings, the relevant clauses are indicated. A clause by which the bailee of the goods claims benefit of any insurance policy affected by the cargo owner on the goods in the. A section of an insurance policy dealing with various coverages, exclusions, duties of the insured, locations covered and conditions that terminate. The insurance contracts act allows an insurer to avoid. Coinsurance commercial lines, personal lines, the bottom. Readers are invited to contact fao with comments and suggestions which could be. Clauses general exclusions our policy insures approved general merchandise against risks of physical loss or damage from external causes.
Like a general liability policy written for construction contractors, the wrapup is only. However, this policy does not cover all losses possible in the course of an international shipment. After paying 80 percent of losses up to a specified ceiling, the insurer starts paying 100 percent of losses. 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.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. A reinsurer may also reduce its assumed reinsurance risk by purchasing reinsurance coverage from other reinsurers, both. A clause in an insurance contract which permits an insurer andor an insured to. 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. The different types of properties or insurable interest, e. Glossary of insurance terms national insurance brokers association. The company and the subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the company and the subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate subscription amount. Customs brokers with the computer capabilities and customs certification to transmit and exchange customs entries and other information, facilitating prompt release of imported cargo.
See also delayrental clause, unless lease, or lease, and paidup lease. The language of insurance can be quite complex and confusing. How to talk the talk buying a home can be exciting. The following clauses are examples of actual data protection clauses used in technology agreements, adapted to remove any identifying information regarding the providers or customers.