Terminologies and classifications form the information content in the electronic health records ehrs, including the personal health record phr. Agent the insurance company representative who sells policies on behalf of the insurer. An independent agent represents more than one company. The az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. A generic term used to encompass the variety of crime coverage forms available to protect against losses of money, securities and property by. Guide to understanding insurance terminology 101 defining. Benefits are paid only if something happens to you within that specified period, known as a term. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Insurance regulations allowing an insurance company to use new rates prior to receiving state approval.
Insurance scores may be used in underwriting and rating insurance policies. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. However, they still have substantial regulatory requirements. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. A limit in an insurance policy stating the most the provider will pay for all covered losses sustained during a specified period of time. Understanding insurance terminology 101 insurance terminology 101. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. Glossary of life insurance terminology gerber life insurance. A term used to describe avoidance of a contract from its inception or its beginning. A binder is subject to the premium and all the terms of the policy to. This is the maximum amount of money that an insurer is contracted to provide the policy holder in a specific policy period. The guide is an important resource that will help to create a much greater understanding of.
Both forms are official documents showing proof of financial responsibility, but use different titles based on your state of residence. For example, transportation costs may include the cost of special packaging and labelling, while the detailed documentation you generally need may involve extra costs. Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. The amount of life insurance coverage you have purchased from an insurance provider. You will need to compare costs and benefits before choosing a plan. An entity that forwards claims to insurance companies electronically account number. Glossary of commonly used healthcare acronyms and terms. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. Post insurance claim terms question below normally boring insurance claim terms and jargon are defined below and spiced up with editorial by contributor ron cercone, a semi retired licensed public adjuster and owner of where there is currently a free 2nd insurance claim advice ebook offer these insurance claim terms, jargon and definitions are in layman terms and from the. Scribd is the worlds largest social reading and publishing site. This type of insurance costs less than whole life insurance, and so, in general, pays the.
Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Any and all persons designated and authorized to transact business on behalf of an account. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. A customer master file includes the primary files of a participating ffi or deemedcompliant ffi for maintaining account holder information, such as information used. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. A term interchangeable with insurance but generally used in connection with life cover as assurance implies the certainty of an event and insurance is the. Dictionary of insurance terms a absolute liability. File anduse rating laws allow the insurer to immediately use the. Insurance glossary understanding common insurance terms. It is generally used as a tool for understanding product and customer cost and profitability. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is.
Crophail insurance protection against damage to growing crops from hail, fire, or lightning provided by the private market. Describe the process used to implement national terminology requirements. Early warning system a system designed by insurance industry regulators of. Outpatient services include lab testsrays and some surgeries inpatient. An event or occurrence which is unforeseen and unintended. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. This payroll tax is used to fund state unemployment insurance programs and state job agencies. Glossary of commonly used healthcare terms 340b program. Insurance pdf types of insurance, scope of insurance. A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. Pdf this chapter examines the characteristics of insurance contracts. Web most states require that excess line insurers submit financial information, articles of incorporation, a list. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only.
Below are some standard terms and definitions used when describing business and personal insurance coverages. Insurance definitions, dictionary, glossary and terms. The 340b drug pricing program enables eligible health care organizations known as covered entities to purchase drugs from manufacturers at reduced prices. The amount of outofpocket expenses that you or your business must pay before the payment is made by an insurer. Write reflections on their response to using and seeing used the. Insurance accounting terminologies reinsurance insurance. Terminologies used in insurance and their meanings every industry has its own jargon, and the insurance business is no exception. Abbreviations and terminologies related to coding and billing. Disability insurance disability insurance, also known as disability income insurance, is another type of medical coverage. Journal have student keep a journal of where standardized terminologies are used when they are in clinical rotations.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. A fee or percentage of the premium paid to an insurance broker or agent. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. The agent represents the insurance company in all transactions. Typically, benefits or cash must be used within the given benefit year or the employee loses the money. Independent agents in our network believe that knowledge is power, and they are dedicated to not only providing consumers with competitive rates and coverage, but education and answers as well business terminology shouldnt be reserved for insurance agents. Because risk always sounds negative and we feel it needs to be avoided by any means. A person licensed by the state insurance authority to sell insurance products. Terminology definition of terminology by merriamwebster. Insureris the company which accepts risks after receiving premiums and pays claims.
The state may require you to file an fr44sr22 to verify that you maintain auto liability coverage. Insurance terminology north american training group. As such, abc has predominantly been used to support strategic decisions such as pricing, outsourcing and identification and measurement of process improvement initiatives. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. The accounting format prescribed by irda regulations, used to represent the distribution of the net profit balance. Observation type of service used by doctors and hospitals to decide whether the patient needs inpatient hospital care or can. The contract governing your openend credit account, it provides information on changes that may occur to the account. Term used to describe a plan of employee coverage in which the employee pays at least part of the premium. Insurer is the company which accepts risks after receiving premiums and pays claims. The application becomes part of the insurance contract when the policy is. Policies are often confusing, full of legal ease, industry jargon and terms that most people do not understand. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies.
Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Clinical terminology standards required for us health data. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Do you understand the terminologies used in life insurance. Captive insurance company a reinsurance company, often located offshore, which is owned by a corporation or association and provides reinsurance of direct insurance written to insure the corporation or the associations members. Here are some of the life insurance terminologies for you to comprehend.
Iec, developed the general insurance code of practice the code. Scheduling, estimating, projectconstruction management. Standardized terminologies used in the learning health system. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. The dollar amount of insurance coverage during one specified period, usually 12 months, for all insurance losses sustained during such period. Healthcare it terminology and acronyms standards, which support clinical practice and the management, delivery, and evaluation of health services, are the most commonly used in the world hospitalist a physician that are specialized in the care of patients in the hospital not the primary care physicians employed by hospital. If an fr44sr22 should expire or be canceled, an insurance. It pays part of your income if you become ill or injured and need. Claim a formal, written request to an insurance provider asking for paymentreimbursement after a sustained loss based on the terms of a prenegotiated contract policy. They are the basis for public health reporting, performance measurement and quality reporting, research, and billing and payment for. Insurance is a very important topic mba, bcom,mcom and other finance related degrees.
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. Glossary of insurance and medical billing terms d deductible the amount an insured member must pay before the insurance company begins covering health care costs. Terminologies used in insurance and their meanings terms. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Term life insurance provides life insurance coverage for a designated period of time. Learn common terminologies used in insurance and their meanings to better understand the definitions of policies you may own or need. Insurance accounting terminologies free download as powerpoint presentation. The terminology used is peculiar to insurance but the declarations, insuring. Liability for damages even though fault or negligence cannot be proven. The coverage also includes machinery and equipment used in the course of. Discussion board use the questions from the previous slide. Datamatrix import export terminology suite 208 import export terminology. In technical terms, sum assured is the term used for an amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured.
Represents the interests of the insured in searching for insurance coverage at. Dhs department of health care services for california. Glossary of life insurance terms department of financial. Notification to the insurance company that a loss has occurred and a demand of payment for the loss, as provided by the terms of the insurance policy. Usually charged by the hour outpatient patient who does not need to stay overnight in a hospital. Scheduling, estimating, projectconstruction management, contract administration, and construction claims terminology for. The payment history of an account over a specific period of time, including the number of times the account was past due or over limit. Standardized terminologies used in the learning health. Agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Post insurance claim terms question below normally boring insurance claim terms and jargon are defined below and spiced up with editorial by contributor ron cercone, a semi retired licensed public adjuster and owner of where there is currently a free 2nd insurance claim advice ebook offer. Little booklet of risk management terminologies 5 project risk talking about risk is really challenging.
Studies show that considering a persons credit behavior can help in predicting potential losses more accurately. Have student keep a journal of where standardized terminologies are used when they are in clinical rotations. Terminology definition is the technical or special terms used in a business, art, science, or special subject. G sometimes called the grandparent tax, the gst tax is a special tax on the transfer of an estate to your grandchildren, to another relative more than one generation removed from you, or to a nonrelative who is more than 37 and 12 years younger. Accountable health plan ahp under the managed competition act, providers and insurance companies would be encouraged through tax incentives to form ahps, similar to hmos, ppos, and other group practices. Matrix used to determine which type of risk treatment is appropriate for a risk. Agent a person or a group of people selling insurance on behalf of an insurance company. Insurance terms used in the area of residential title insurance. This type of insurance costs less than whole life insurance, and so, in general, pays the highest immediate benefit for your premium dollar. Like most insurers, nationwide uses a creditbased insurance score to predict insurance losses. A questionnaire or survey providing information utilized to determine insurance coverage. Type of service used by doctors and hospitals to decide whether the patient needs inpatient hospital care or can recover at home or in an outpatient area. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. A number representing the likelihood of loss, assigned to insurance applicants, based on credit history.
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