Insurance Terms and Definitions

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1035 exchange
A+/A1
A-/A3
A.M. Best
AA+/Aa1
abandonment clause
absolute beneficiary
accelerated benefits
acceleration life insurance
accelerative endowment
accidental death benefit
active retention
actuarial adjustment
actuarial reserve
actuarial risk
actuary
additional death benefit
adequacy of coverage
adjustable life insurance
adjusted cash flow/benefits paid
adjusted net worth
admitted assets
admitted carrier
admitted company
admitted reinsurance
agent
aggregate indemnity
AIG
all risks insurance
all-risks coverage
allocated funding instrument
alternative dispute resolution
American Municipal Bond Assurance Corporation
amount at risk
annual convention blank
annual premium equivalent (APE)
annuitant
annuitization
annuitization method
annuitization phase
annuitize
annuity
annuity income
annuity rate
appraisal
appraiser
Archer MSA
arson
assigned risk plan
Associate in Information Technology (AIT)
Associate in Insurance Accounting and Finance (AIAF)
Associate in Loss Control Management (ALCM)
Associate in Marine Insurance Management (AMIM)
Associate in Premium Auditing (APA)
Associate in Risk Management (ARM)
Associate in Underwriting (AU)
assumption of risk
at risk
attained age
automobile liability insurance
aviation insurance
aviation trip life insurance
bailee
bailee's customers insurance
bailor
bancassurance
bank insurance
Bank Insurance Fund
bank-owned life insurance (BOLI)
banking insurance fund
bare
benchmark surplus
beneficiary
benefit
benefit reduction
blanket bond
blanket honesty bond
blanket insurance
blanket position bond
bodily injury coverage
bonding company
broker of record
bullet contract
business interruption
business life insurance
business owner policy (BOP)
business risk exclusion
Canada Pension Plan (CPP)
capital stock insurance company
captive agent
captive insurance company
carrier
case base reserve
cash accumulation method
cash flow underwriting
cash surrender value
cash value
cash value life insurance policy
cash withdrawal
casualty insurance
casualty insurance company
casualty loss
catastrophe future
catastrophic coverage
cede
ceding commission
central guarantee fund
central loss fund
Central Provident Fund (CPF)
Certified Annuity Specialist (CAS)
Certified Financial Planner
Certified Senior Consultant (CSC)
Chartered Insurance Professional (CIP)
Chartered Life Underwriter
Chartered Property Casualty Underwriter (CPCU)
claim
clash reinsurance
class beneficiary designation
clean sheeting
CLU
CLUE report
COBRA
coinsurance
coinsurance amount limit
collateral assignment
collateral calls
collateral value insurance
collision
collision coverage
collision damage waiver
combination plans
combined ratio
commercial insurance
Commercial Lines Insurance Pricing Survey (CLIPS)
common disaster clause
community rating
commutation
commutation clause
commutation right
comparative interest rate method
comparative negligence
compensatory damages
competence
composite rate
comprehensive coverage
comprehensive insurance
conditional binding receipt
conditional receipt
conisurance formula
consideration clause
contingent beneficiary
continuation
contractors all risks insurance
contributing excess
contribution
contributory
contributory negligence
convention statement
conversion privilege
convertible term insurance
copay
cost contract
cost sharing
cost-of-living rider
Council of Insurance Agents & Brokers
credentialing
credit default insurance
credit for prior coverage
credit insurance
credit life insurance
creditable coverage
crime
cross purchase agreement
cumulative claim rate
current assumption whole life insurance
data processing insurance
death benefit
decreasing term insurance
decreasing term life
deductible
deferred group annuity
deferred nominal life annuity
demutualization
Deposit Insurance Fund
deposition
detoxification
deviated rate
diagnosis
direct premiums written
directed verdict
directors and officers liability insurance
disability
disability benefit
disability income insurance
disability insurance
disability insurance trust fund
disability pension
double indemnity
dual life insurance
dual trigger insurance
earned premium
effective age
effective date
eligibility requirements
embedded value
emergency
emergency fund
employer's liability coverage
endorsement
endowment insurance
enrollment
equity funding
equity indexed universal life insurance
equity-linked policy
escrow
estimator
evaluator
evidence of insurability
excess insurance
excludable employees
excluded risk
exclusion
executive indemnity insurance
eximbank
experience rating
experience refund
export credit agency (ECA)
Export-Import Bank
extended term insurance
face
face amount
facultative reinsurance
family income rider
fee-for-service
fidelity bond
fiduciary liability insurance
file-and-use state
financial guarantee insurance
financial institution buyer credit policy
financial needs approach
financial reinsurance
financial supermarket
finite reinsurance
finite risk insurance
fixed annuity
fixed benefits
fixed premium
flexible premium variable life insurance
flood certification fee
flood insurance
following the fortunes
formula
free asset ratio (FAR)
free of particular average
front-end load
full coverage
full surrender
gap insurance
general average
general liability insurance
GIC
Glass-Steagall Act
grace period
grievance procedure
gross negligence
group
group annuity
group carve-out plan
group certificate
group insurance
group term life insurance (GTL)
guaranteed insurability
guaranteed investment certificate (GIC)
Guaranteed Investment Contract
guaranteed investment fund (GIF)
guaranteed renewable
guiding principles
hazard
hazard insurance
health insurance
Health Insurance Portability and Accountability Act
Health Maintenance Organization
health savings account
hidden load
high risk insurance pools
high-deductible health plan (HDHP)
highly protected risk
HIPAA
HMO
hold harmless agreement
Homeowner Warranty Program (HOW)
homeowner's insurance
hospital insurance
host contract
housekeeping
human-life approach
impaired risk
implied authority
improvements and betterments insurance
imputed
in escrow
incontestability clause
incontestable clause
incurred claims
indemnify
indemnity
independent agent
indexed annuity
individual policy pension trust
inherent vice
institution
institutional financing
institutionalization
insurability
insurable interest
insurable risk
insurance
insurance agent
Insurance and Superannuation Commission
insurance broker
insurance carrier
insurance claim
insurance company
insurance company dividend
insurance derivative
insurance examiner
insurance intermediary
insurance policy
insurance premium
insurance reserves
insurance underwriter
insured
insured closing letter
insurer
interest assumption
interest option
interest sensitive policies
interest-sensitive insurance policy
interest-sensitive life insurance
intermediary clause
interrogatories
issue date
item
joint life with last survivor annuity
key person insurance
lapse
last survivor insurance
lead reinsurer
legal liability
level premium insurance
level term insurance
liability insurance
licensee
life expectancy

life insurance
life insurance in force
life insurance trust
life option
life settlement
life with guaranteed term
lifetime disability benefit
limit of liability
limitations
limited payment policy
limited policy
living benefits
Lloyd's of London
loading
loanback
long-term care insurance
long-term disability income insurance
longevity insurance
longevity risk
loss adjustment expense
loss control
loss ratio
loss-control activities
loss-of-income insurance
lost time claims
lump sum distribution
major medical insurance
malpractice insurance
managed care
manual
manual premium rate
map
market conduct
market value clause
master contract
master policy
master servant rule
material fact
MBIA
Medicaid
medical savings account
medical savings accounts (MSA)
Medicare
Medicare hospital insurance
Medigap (supplemental insurance) policies
MedPay
member
mercantile robbery insurance
mercantile safe burglary insurance
merit rating
micro-insurance
modified prior approval state
monoline insurance company
moral hazard
morale hazard
morbidity
morbidity rate
morbidity table
mortality rate
mortality tables
mortgage clause
mortgage insurance
mortgage life insurance
mortgage redemption insurance
multiple peril insurance
municipal bond insurance
Municipal Bond Insurance Association
mutual company
mutual life insurance company
named beneficiary
named insured
named nonowner coverage
named peril coverage
named perils insurance
National Association of Insurance and Financial Advisors (NAIFA)
National Association of Insurance Commissioners (NAIC)
national flood insurance program
National Guarantee Fund
National Organization of Life and Health Insurance Guaranty Associations (NOLHGA)
net premiums earned
net premiums written
No-Fault
no-fault insurance
no-load annuity
no-load life insurance
nominal damages
non-participating insurance
non-qualifying annuity
noncontestability clause
nonparticipating life insurance policy
nonrenewable
OASDI
occupancy
occupational accident
occupational disease
occurrence
odds
offset clause
omnibus clause
open end investment company
open policy
Ordinary Disability
other insurance clause
overlapping insurance
ownership
package policy
par in force
parol
partial loss
partial surrender
participant
participating GIC
participating insurance
participating life insurance policies
particular average
pay to play
payout phase
peer review
per cause deductible
performance bond
peril
period of indemnity
period-certain annuity
periodic payment plan
periodic purchase deferred contract
permanent life insurance
persistency
personal article floater
personal auto policy
Personal Injury Protection
physical hazard
pilferage
plan participants
PMI
point of service
policy
policy dividend
policy limit
policy loan
policy surrender
policyholder
policyholder surplus
policyowner
portability
portfolio manager
PPO
pre-existing conditions
precedent
Preferred Provider Organization
premium
premium auditor
prepaid insurance
presumption of agency
prima facie
primary beneficiary
primary care
primary care physician
prior approval state
private carrier
private insurance
Private Mortgage Insurance (PMI)
probability
professional corporation
professional liability insurance
professional partnership
profit commission
profit sharing plan
proof of loss
property damage coverage
property insurance
property inventory
prospecting
protection
provider
proximate cause
pure risk
qualification period
qualified impairment insurance
qualifying event
quasi-contract
rating bureau
recipient
reciprocal insurance exchange
recruiting
recurring claim provision
redlining
reduced paid-up insurance
reduction
refund annuity
registered retirement income fund
rehearing
reimbursement
reinstate
reinstatement premium
reinsurance
reinsurance ceded
reinsurance recoverables to policyholder surplus
reinsurance sidecar
reinsurance utilization
rejection
remand
removal
renewable term life insurance
renter's insurance
replacement
replacement cost insurance
representation
residual benefit
residual income
retention
retention of risk
retrocession
return on statutory capital
return on statutory surplus
revocable beneficiary
risk
risk analysis
risk pool
risk retention
risk retention group (RRG)
risk sharing
risk transfer
robbery
rule against perpetuities
salvage
salvage and subrogation
savings element
second-to-die insurance
secondary beneficiary
secondary coverage
segregated fund
selection
self insurance
self insured retention (SIR)
separate account
separate customer
settlement
settlement options
short rate penalty
single-premium life insurance
slip
social insurance
social security disability income insurance
solicitor
solvency
speculative risk
split dollar
split-funded annuity
standard risk
state guaranty fund
statutory reserve
statutory surplus
stock insurance company
stock life insurance company
subrogation clause
subscriber
substandard health annuity
substantial gainful activity (SFA)
surplus share
surrender rights
surrender value
survivor benefit
survivorship insurance
tariff office
tenants in common
term insurance
term life insurance
termination
testamentary capacity
theft
third party beneficiary
threshold level
title insurance
tortfeasor
total disability
total loss
transfer-for-value rule
ultimate net loss
umbrella liability insurance
underinsured
underinsured motorist coverage
underwriter's laboratories
underwriting
underwriting expense ratio
underwriting expenses incurred
underwriting guide
underwriting income
underwriting profitability ratio
unearned premium
unemployment insurance
uninsured motorist coverage
unit linked
universal life
utilization
utmost good faith
valuation clause
value
valued policy
values
vanishing premium
vanishing premium policy
variable annuitization
variable death benefit
variable life
variable life insurance
variable universal life
viatical settlement
viatical settlement provider
viator
vis major
waiver of premium
war risk insurance
warsaw convention
waterfall concept
whole life
whole life insurance
Workers Compensation
worth
worthless
wraparound annuity
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