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- A document that is provided as a temporary proof of cover while your official insurance policy and certificate of motor insurance are being prepared by your insurance provider.
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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. Search.
Mar 11, 2022 · Insurance terms and acronyms can be confusing. Discover our insurance glossary for definitions of common insurance jargon & terminology.
- 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.
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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.
Mar 10, 2020 · Whether you’re scanning your last medical bill or filing an automobile insurance claim, it’s good to know what all those terms mean. Keep reading to find a thorough list of abbreviations for the health and auto insurance industries.
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Mar 12, 2020 · Policy term. A policy term is the length of time your car insurance is valid for (generally 12 months). Policyholder. The person whose name is shown on the schedule and the certificate of motor insurance. It’s not necessarily the main driver. Premium. The premium is the amount you pay for your insurance, either on an annual basis or by ...
NAIC’s consumer insurance glossary provides definitions of common insurance terms, helping consumers easily understand key concepts across health, auto, life, and home insurance. It is helpful for beginners and policyholders seeking explanations.
