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Glossary of insurance related terms used by Lloyd's and market participants. The following definitions are intended for general guidance. 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.
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.
Mar 11, 2022 · Insurance terms and acronyms can be confusing. Discover our insurance glossary for definitions of common insurance jargon & terminology.
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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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This glossary provides insurance terms definition and explanation commonly used in insurance business world. 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.
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The insurance industry uses quite a number of technical terms, usually for reasons of precise meaning, which are not necessarily easily understood by the layman. This section clarifies what the key words and phrases that you’ll find in insurance documents mean.
