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This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references.
The NICE glossary provides brief definitions and explanations of terms used on the website. The terms describe how NICE works and how its guidance is produced. Our glossary excludes specific clinical and medical terms.
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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
Insurance terms. Explore our glossary of insurance related terms used by the Lloyd’s Corporation and market participants. Please note that the definitions are intended for general guidance and they do not override or qualify any definition that appears in any Lloyd’s byelaw or regulation, in any contract or in any other document.
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
To that end, we’ve created a glossary of common terms and defined them in plain language. Because we know that staying on top of your healthcare is hard enough—understanding it shouldn’t be an additional challenge. Common health insurance terms. Allowable charge. The highest amount that a health plan will pay for a particular service. Claim.
Dec 19, 2022 · Refer to Forbes Advisor's health insurance terms glossary to understand medical insurance terms and to clear up confusion about health insurance terminology.
