Insurance can be a complex and confusing topic, especially when it comes to understanding the terminology used in the industry.
Introduction
.This glossary is designed to provide a comprehensive guide to insurance terms, helping you make informed decisions about your insurance coverage.
*A*
1. _Actual Cash Value (ACV)_: The current market value of a property or asset.
2. _Actuary_: A professional who calculates insurance premiums and policy values.
3. _Adjuster_: A person who assesses damage or loss for an insurance company.
4. _Agent_: A representative of an insurance company who sells policies.
*B*
1. _Beneficiary_: A person or entity that receives benefits from an insurance policy.
2. _Broker_: An intermediary who represents multiple insurance companies.
3. _Bundle_: Combining multiple insurance policies with a single provider.
*C*
1. _Claim_: A request for payment from an insurance company.
2. _Coinsurance_: A percentage of costs shared between policyholder and insurer.
3. _Copayment_: A fixed amount paid by policyholder for medical services.
4. _Coverage_: The scope of protection provided by an insurance policy.
*D*
1. _Deductible_: An amount paid out-of-pocket before insurance kicks in.
2. _Dependent_: A person reliant on another for financial support.
3. _Disability Insurance_: Coverage for income loss due to illness or injury.
*E*
1. _Endorsement_: An addition or modification to an insurance policy.
2. _Exclusion_: A specific condition or event not covered by an insurance policy.
*F*
1. _Face Value_: The original value of an insurance policy.
2. _Floater_: A policy that covers specific items, such as jewelry or art.
*H*
1. _Health Insurance_: Coverage for medical expenses.
2. _Homeowners Insurance_: Coverage for damage or loss to a primary residence.
*I*
1. _Indemnity_: Compensation for losses or damages.
2. _Insurer_: The company providing insurance coverage.
*L*
1. _Liability Insurance_: Coverage for damages or injuries to others.
2. _Life Insurance_: Coverage providing financial support to beneficiaries.
*M*
1. _Medicare_: Government-funded health insurance for seniors.
2. _Medicaid_: Government-funded health insurance for low-income individuals.
*P*
1. _Policy_: A contract between policyholder and insurer.
2. _Premium_: Regular payment for insurance coverage.
3. _Provider_: A healthcare professional or facility.
*R*
1. _Reimbursement_: Payment for expenses incurred.
2. _Rider_: An addition or modification to an insurance policy.
*S*
1. _Subrogation_: Transfer of rights to collect damages.
2. _Supplemental Insurance_: Additional coverage beyond primary insurance.
*T*
1. _Term Life Insurance_: Temporary coverage.
2. _Total Disability_: Complete inability to work.
*U*
1. _Underwriter_: A person who assesses risk and determines premiums.
2. _Universal Life Insurance_: Flexible premium payments.
*V*
1. _Variable Life Insurance_: Investment-linked coverage.
2. _Vision Insurance_: Coverage for eye care and vision services.
Conclusion
This insurance glossary provides a comprehensive guide to understanding insurance terminology. By familiarizing yourself with these terms, you can make informed decisions about your insurance coverage and ensure you have the right protection for your needs.
