Insurance Coverage Terms Definitions

Person or entity for whom the insurance policy covers. C Cancellation - Termination of an insurance policy by the company or insured before the renewal date.

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Prescription Drug Coverage UCR.

Insurance coverage terms definitions. The cost of repairing or replacing damaged property with property of the same kind and quality less depreciation ie in the same physical condition as the original property prior to damage. Insurance Terms Used in the Area of Residential Title Insurance. The beneficiaries of your life insurance policy receive a lump sum that covers bills everyday expenses and various anticipated costs such as medical bills or college tuition.

Title insurance provides coverage for losses that occur when a land title is not free and clear of defects eg. Binder - An oral or written agreement to provide temporary insurance coverage until a form written policy is issued. This insurance covers damage to your car and any other vehicles that you might be driving.

The amount that must be paid for your health insurance or plan. Comprehensive coverage includes damage to your car that is. Broad Form Coverage - Coverage for causes of loss due to falling objects trees or other objects that may fall onto a structure sudden and accidental.

A term commonly used by insurance people to describe broad forms of coverage. Below are key insurance definitions and terms you might come across as you consider purchasing an insurance policy. Insurance that covers for the negligence or contractual obligations of a named insured.

Bodily injury BI - Physical injury to a person including death. Comprehensive Physical Damage Coverage Pays for damage to your car from theft vandalism flood fire or other covered perils. Group health insurancea coverage plan offered by an employer or other organization that covers the individuals in that group and their dependents under a single policy.

This coverage is subject to the terms limits and conditions of your policy contract. It is misleading because no property or liability insurance policy is truly an all-risk coverage. An event that gives rise to a claim.

The term assurance commonly used in England is considered synonymous with. Accident Only - an insurance contract that provides coverage singly or in combination for death dismemberment disability or hospital and medical care caused by or necessitated as a result of accident or specified kinds of accident. Drugs and medications that by law require a prescription.

Coverage or more specifically insurance coverage is the amount of protection in terms of a sum of money that an insurance company provides to an insured person whereby in the event of risk or risks insured against take place such as death or accident the policyholder or a designated beneficiary or beneficiaries shall receive an. Please further note that definitions and plan options may vary by state and plan. An insurance coverage limit is the most an insurance company will pay for damages injuries or losses that apply to the coverage.

A term used when an insurance company requests that you submit multiple repair estimates for consideration. Accident Insurance - insurance for unforeseen bodily injury. Company providing the insurance coverage.

Insurance a contractual relationship that exists when one party the insurer for a consideration the premium agrees to reimburse another party the insured for loss to a specified subject the risk caused by designated contingencies hazards or perils. Log-In Get insurance Understand your policy coverage options A Accidental death and dismemberment Actual cash value Adjuster Aftermarket parts Agent. Bodily Injury - As defined in many liability policies any physical injury to a person including sickness disease and death.

Definitions of terms and coverage provisions. Since these terms and phrases are usually repeated many times in the insurance policy a single definition of the term or phrase is included in the definitions section of the policy instead of being repeated whenever the term is used. You andor your employer usually pay it monthly quarterly or yearly.

Health insurance or plan that helps pay for prescription drugs and medications. Definition of insurance insurance ɪnʃʊərəns Explore insurance in the dictionary variable noun oft NOUN noun Insurance is an arrangement in which you pay money to a company and they pay money to you if something unpleasant happens to you for example if your property is stolen or damaged or if you get a serious illness. Health Maintenance Organization HMO plan a health care financing and delivery system that provides comprehensive health care services for enrollees in a particular geographic area.

In defining the scope of coverage insurance policies rely on terms and phrases that have very special and often very specific meanings. AAA auto home life and travel insurance are there 24 hours 7 days a week. The insurance limit is often selected by the policyholder and will affect the cost of the policy.

However comprehensive insurance covers damage that is the result of incidents and not collisions. There is a concerted effort to eliminate use of this term and to replace it with the term open peril. Life insurance is a plan for the unexpected it offers financial protection to your loved ones if you die suddenly by replacing your income.

Thank you for choosing to learn more about Residential Title Insurance. Carrier - A company that provides insurance coverage. Binder - A temporary insurance contract that provides proof of coverage until a permanent policy is issued.

The defined terms and coverage provisions in your policy or certificate of insurance such as Reasonable and Customary may be different from the general information provided below and the policy or certificate language will prevail. Homeowners Insurance Glossary of Terms.

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