The digital insurer has built the worlds largest dedicated knowledgebase on digital insurance for a community of more than 35,000 people who have a common interest in digital insurance. About our insurance services to you who regulates us. Insurance operations student site nature of the industry. Checklist for completing and submitting nonlife insurance. Randa a department of management science, lancaster university management school, lancaster la1 4yx, uk. This should be equivalent to paid premiums, in most instances. Glossary of health coverage and medical terms page 1 of 4 glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. All are extremely important but on this first page, we have tried to explain in plain english what the most important and common terms mean. Insurance historical development of insurance britannica.
Background on insurance intermediaries insurance information institute 110 william street new york, ny 10038 212 3465500. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Introduction insurance in kenya is known to have been in existence for over sixty years now with the first insurance companies believed to have been owned by british insurers during the colonial times. 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. Bold blue text indicates a term defined in this glossary. It describes the two most important systems of classification used in compiling economic and financial. A tax advantage several life insurance solutions offer a tax benefit and thus reduce taxes. As such, they provide a valuable resource to aid users understanding and interpretation of important statistics on the economy. Glossary of insurance terms 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.
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. There are four contribution quarters in a calendar year. Houston astros cheating scandal, seyfarth shaw workplace class action report, and more in employment practices liability insurance consultant april 2020. One way is for companies to use inhouse or outsourced it professionals to adapt the current systems for compliance. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented. The difference reflects the insurers expenses for operating the plan. Psychic medium religious counseling retirement community services for seniors somatic counseling voice coach pest control photography photo processing. Takaful is also defined in section 2 of the malaysian takaful act 1984 as. An independent agent represents more than one company.
This school of thought defines insurance in terms of. Coinsurance a form of medical cost sharing in a health insurance plan that. Consumer glossary national association of insurance. Your contributions will be taken off along with your income tax before your employer pays your wages. In cases of liability, the insurance company will typically pay for your legal defense, but it may not pay for.
The state of the market 3 it is a pleasure to introduce the abis first state of the market publication. An insurance company that accepts the risk transferred from. On the commercial insurability of the increased liabilities following implementation of the paris and brussels conventions in the uk october 2011 indecs consulting ltd, 5254 gracechurch street, london ec3v 0eh tel. About our insurance services to you the purpose of this leaflet is to help you understand the scope of insurance services provided by healthnet services limited trading as uk health insurance and our regulatory status. Access covid19 jobs, answer relevant terminology questions, read industry news and more. The primary business of the insurer is risk assumption for a fee.
The gdpr answer for insurers insurance software solutions. Module 2 principles of insurance notes 59 principles of general insurance diploma in insurance services f. In insurance terminology the terms gross and net mean before and after consideration of reinsurance ceded, respectively. Covid19, actuaries, vermont success, total cost of risk, and microcaptives in cicr april 2020. The gdpr and key challenges faced by the insurance industry. National insurance contributions are a tax on earnings. Contribution week the period of seven days commencing from midnight between sunday and monday. Hashem licensed under creative common page 2 introduction takaful is derived from the arabic root word kafala, a verb which means guarantee, bail, warrant or an act of securing ones need ali and odierno, 2008. 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. We are required to give you this information to help you decide if our services are right for you. Here is a glossary to help you see things more clearly. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. The items on a balance sheet showing the value of property owned.
The gdpr and key challenges faced by the insurance industry author. Socalled bottomry contracts were known to merchants of babylon as early as 40003000 bce. Insurance glossary understanding common insurance terms. See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. However, while it is believed to be accurate and up to date, it is not authoritative and has no legal effect, having been. This glossary appears in both reinsurance 1997 and reinsurance contract wording 1996. Agent the insurance company representative who sells policies on behalf of the insurer. Diagnosis and improvement of service quality in the insurance industries of greece and kenya mr evangelos tsoukatosa,b, simmy marwaa, graham k. Quest journals journal of research in humanities and social science volume 2 issue 6 2014 pp. Of course, pension savings and longterm savings are the best known, but you can also receive a tax benefit from your group insurance premiums as a worker. The pricing of this line of business has increased dramatically while.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. The digital insurer is committed to working together to accelerate the digital transformation of insurance. This was especially true in asia where written premiums grew by 16. Checklist for completing and submitting nonlife insurance applications under the european union insurance and reinsurance regulations 2015. Introduction to insurance principles of insurance 18 the insured is the person or firm or company confronted by risk and the insurer is a person or firm or company, which specializes in the assumption of risk. Please find the all the information you need it regards to national insurance category letters. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned.
A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Term used in universal life policies to describe the total of all premiums and earnings credited to the account before deductions for any expenses, loans, and surrenders. The insurance contracts act allows an insurer to avoid. Insurers will be able to adjust their organisations for eu general data protection regulation gdpr compliance in one of two ways. The 2019 annual conference will be held in seoul, south korea, a thriving metropolis where modern skyscrapers, hightech subways and pop culture meet buddhist temples, palaces and street markets. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. The industry is governed by the insurance act and regulated by the insurance regulatory authority. From accidental damage to vacant possession, insurance terms can be confusing. Insurance insurance historical development of insurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Insurance and reinsurance in the uk england and wales. Contributions are taken to help build your entitlement to certain state benefits such as state pension and maternity allowance.
What your national insurance category letter means class 1. Contribution quarter a threemonth period in which contributions are made on your behalf. Insurance terminology north american training group. Glossary of economic terms these pages bring together a comprehensive list of economic terms related to and used within ons releases.
Classifications of reinsurance there are many different ways in which reinsurance may be classified or. Having detailed market data to inform our policy positions and illustrate our arguments is a musthave in our dealings with. Depending on the level of negligence and the type of damage, your insurance policy might still pay a claim if it occurs because of your negligence. Accident insurance insurance for unforeseen bodily injury. Accident only an insurance contract that provides coverage, singly or in combination, for death. Push your learning experience beyond the classroom with the history of insurancenature of the industry article in the insurance operations companion website. Insurance in some form is as old as historical society.
Our glossary will help you to understand some of the jargon so you can know more about the policies we offer. International journal of economics, commerce and management, united kingdom licensed under creative common page 47 introduction with almost half of the worlds six billion people living on less than two dollar a day, alleviation of. Bottomry was also practiced by the hindus in 600 bce and was well understood in ancient greece as early as the 4th century bce. For simplicity, assume that there is a 50% probability that after the accident the car will need repairs costing 500, a 40% probability that the repairs will cost 5000, and a 10% probability that the car will need to be replaced, which will cost 15,000. Understand the concept and salient features of general takaful understand the difference between general and family takaful b1. Glossary of economic terms office for national statistics. Nonconcurrency of an insureds umbrella policies and the liability policies required by the umbrella as underlying insurance is a problem because the nonconcurrent policy terms make it possible for a loss under an underlying policys annual aggregate limit to use up part of the limit required by the. A supplement to many life insurance policies that provides an additional cash benefit to the insured or. Naic national association of insurance commissioners definition of insurance working group white paper 2000. Introduction to british nursing index the british nursing index bni is a uk nursing and midwifery database, covering over 240 uk journals and other english language titles, including international nursing and midwifery journals, as well as selective content from medical, allied health and management titles.
Reforming the insurance regulatory framework in kenya. Permission is given to quote from this glossary or to reproduce it in whole or in part if the source of the quotation or reproduction is cited in the use thereof. Professional retrocessionaires are expected to keep and not to transfer the assumed risk to other. For convenience, we have published our terms of business into a pdf document. When making decisions about health coverage, consumers should know the specific meanings of terms used to.
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