Dictionary of insurance terms a absolute liability. Associateship of the chartered insurance institute. 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 postnationalisation general insurance business was undertaken by the general insurance corporation of india gic and its 4 subsidiaries.
Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance definition of insurance by the free dictionary. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Principles of insurance 7 basic general insurance principles. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Insurance glossary insurance terms and definitions from general insurance. Here are some of the terms commonly used in case of general insurance insurance.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. General insurance definition and meaning collins english. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim time. A general liability coverage for the work of the insured that has been completed away from the business premises. These definitions represent a common or general use of the term. The general is a name that millions have come to know, depend upon, and trust. General insurance institute and faculty of actuaries. Insurable interest legal definition of insurable interest. Outside the united states, propertycasualty insurance is referred to as nonlife or general insurance. Broad categories include life, health, motor, travel, home, rural, commercial and business insurance. Each of these conventions is devoted largely to the discussion of. The low penetration of general insurance presents tremendous opportunity. The part of auto insurance that provides medical care and income replacement benefits to insured persons injured in a car collision, regardless of who caused.
General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. We offer free auto insurance quotes for drivers that have had a history of driving. Principle of uberrimae fidei a latin phrase, or in simple english words, the principle of utmost good faith, is a very basic and first primary principle of insurance. Insurance rules shall mean the general insurance terms and conditions andor special terms and conditions, or individual terms of an insurance contract. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Actuaries have a joint committee on general insurance, chaired by terry clarke. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. It is called property and casualty insurance in the united states and canada and nonlife insurance in continental europe. Definition of general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Lesson 18 insurance national institute of open schooling. In a wider context casualty insurance may cover all nonlife insurances.
Accidental death coverage accidental death coverage is sometimes a part of your auto insurance policys personal injury protection pip or may be offered as a separate accidental death and dismemberment program. Either a specified dollar amount, a percentage of the claim amount, or a specified. Type of packing, mode of carriage, name of carrier, nature of goods, the route. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. General agent definition of general agent by the free. It is the application form for applying for an insurance cover insurance agent. General insurance typically comprises any insurance that is not determined to be life insurance. Insurance policy definition is a document that contains the agreement that an insurance company and a person have made. In comparison to direct marketing practices, producers are given the authority to solicit insurance to the general public and are paid a commission on insurance sales. Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. Commercial general liability cgl is a form of comprehensive insurance that offers coverage in case of damage or injury caused by a businesss operations or products, or on its premises. Chapter iii overview of general insurance business in. General insurance was controlled and conducted by general insurance corporation of india before the incorporation of insurance regulatory and development authority irda in 2002. Although each state defines an individuals ability to solicit insurance products, producers are generally categorized as agents, brokers or solicitors.
Insurance terminology north american training group, inc. Coverages and benefits listed below may not be available in your state. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and supplemental information. The definitions are based on various insurance references. Deductible the amount of loss paid by the policyholder. For example, if one purchases health insurance, the insurance company will pay for some of the clients medical bills, if any. Most general insurance products are annual contracts. Glossary of commercial insurance terms commercial insurance is divided into two main categories. General provisions for all insurance coverage sample clauses.
Depending on what the asset which is at risk or the risk itself is protected, general insurance policies are classified as follows. Insurance contracts that do not come under the ambit of life insurance are called general insurance. The new oxford picture dictionary contextually illustrates over 2,400 words. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Insurance policy definition of insurance policy by. Insurance is an arrangement in which you pay money to a company, and they pay money to. Which agency regulate insurance sector in indiainsurance service pdf.
Under the standard commercial general liability cgl policy, such coverage is limited to liability assumed in any of a number of specifically defined insured contracts or to liability that the. Iec, developed the general insurance code of practice the code. Mar 25, 2020 insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Introduction to general insurance management paradise. India has second largest population in asia and the world and an increasing middle class population.
The tangible assets are susceptible to damages and a need to protect the economic value of. General insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Insurance company financial definition of insurance company. Usually associated with motor vehicle insurance provides specified cover for damage to insured car as well as damage the insured car may cause to the property. The usual term lasts for the duration of a particular economic activity or for a given period of time. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it. This coverage pays for damage to the policyholders car resulting from a col. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. The term property insurance includes many lines of available insurance. General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps and even from.
All members of the insurance council of australia must adhere to the code. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous nonlife insurance. We have covered you for all the az insurance words and their meanings. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Oct 23, 2019 health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. This page provides a glossary of insurance terms and definitions that are commonly used in. An independent agent represents more than one company. Insurance handbook insurance information institute. The book is a unique language learning tool for students of english. It is called property and casualty insurance in the united states and. Liability for damages even though fault or negligence cannot be proven. Principles of general insurance principles of insurance 58 b in motor insurance. Until recently life insurance corporation of india lic and general insurance corporation. What are the different types of general insurance policies.
Insurance, which is based on a contract, may be broadly classified into the following types. Insurer is the company which accepts risks after receiving premiums and pays claims. Definition of general insurance in the definitions. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. General insurance policies are issued for a short period, say, for a year, but. Insurable event shall mean an event stated in the specific special terms and conditions andor the insurance policy, upon. They also may be used in a different context where the definition shown may not be applicable to insurance. Propertycasualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. These definitions represent a common or general insurance andor legal use of the term. Insurance to protect an owner or operator of a business from a wide range of liability exposures. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. But some unexpected events can really set you back.
Associate in personal insurance api accredited adviser in insurance aai associate in insurance services ais in todays corporate environment, it is more important than ever to set yourself apart from everyone else. General insurance policies will insure anything other than the life of an individual. General insurance is typically defined as any insurance that is not determined to be life insurance. According to this principle, the insurance contract must be signed by both parties i. Defining general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Print and pdf formats, and quantity discounts are available for most. Insurance definitions, dictionary, glossary and terms. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. They are not part of the cost of goods sold but can constitute a significant portion of a companys expenses.
The overall aim of the code is to raise service standards across the general insurance industry. Consumer glossary national association of insurance. Because this category often houses the salaries of the top executives, as well as many other expenses, it is often the target of costcutting when a company has cashflow problems. What is property and casualty insurance insuropedia by. Health insurance can reimburse the insured for expenses incurred from illness. Rajiv sarath, is a businessman, has a house, a car, and two kids. After you receive your free car insurance quote from us, you can be sure that the general will have your back. Glossary ibc public assets insurance bureau of canada. Agent the insurance company representative who sells policies on behalf of the insurer. Some words and phrases may be defined differently by other individuals or organizations. Insurance definition and meaning collins english dictionary. Insurance contract, general legal definition of insurance. Liability insurance pays the other drivers medical, car repair and. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss proposal.
It applies across the insurance industry to insurance companies, their employees, agents, investigators, assessors, loss adjusters and collection agents. Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate. Insurance definition, the act, system, or business of insuring property, life, ones person, etc. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. If available, some optional coverages and benefits might be offered at an additional charge. Insurance information institute 110 william street new york, ny 10038 tel. Aaimco american association of insurance management consultants aais american association of insurance services aaltci american association for longterm care insurance aalu association for advanced life underwriting aam associate in automation management aam designation aamga american association of managing general agents. General insurance definitions clark county, washington. Without limiting contractors indemnification of county, and in the performance of this contract and until all of its obligations pursuant to this contract have been met, contractor shall provide and maintain at its own expense insurance coverage satisfying the requirements specified in sections 8.
Insureris the company which accepts risks after receiving premiums and pays claims. Insurance pdf types of insurance, scope of insurance. Insurance that covers liability of the insured assumed in a contract. Information and translations of general insurance in the most comprehensive dictionary definitions resource on the web. An event or occurrence which is unforeseen and unintended. The instrument containing the terms of the contract is known as a policy. It students with a glance at american lifestyle, as well as a compendium of useful vocabulary, the dictionary is organized thematically, beginning with topics that. A right, benefit, or advantage arising out of property that is of such nature that it may properly be indemnified.
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