The 340b drug pricing program enables eligible health care organizations known as covered entities to purchase drugs from manufacturers. Glossary of pharmaceutical terms and acronyms this glossary provides brief descriptions of selected terms and concepts related to the pharmaceutical industry. Insurer is the company which accepts risks after receiving premiums and pays claims. Declarations dec sheet a term used in insurance for the portion of the contract that contains information such as the name and address of the insured, the property insured, its location and description, the policy period, the amount of insurance coverage, applicable premiums, and supplemental representations by the insured. These definitions represent a common or general insurance andor legal use of the term. This statement is used by the naic, and by state insurance commissioners to regulate an insurance company according to reserve requirements, assets, and other liabilities. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book.
Community vitality is a health literacy initiative for the public from aetna and magic johnson enterprises. Glossary of life insurance terms department of financial. 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. They also may be used in a different context where the definition shown may not be applicable to insurance. 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. Matrix used to determine which type of risk treatment is appropriate for a risk. Notification to an insurance company that you believe a payment is due to you or your company under the terms of the policy.
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. Assets assets refer to all the available properties of every kind or possession of an insurance company that might be used to pay its debts. Insurance company that actually underwrites and issues the insurance policy. Cancellation the termination of a policy prior to the expiration date stated in the policy. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. You may come across the term sum assured at the time of comparing policies online, when buying life insurance plan, and in the policy document.
Studies show that considering a persons credit behavior can help in predicting potential losses more accurately. The guide is an important resource that will help to create a much greater understanding of. To gain insight into your companys insurance policy, its helpful to have a grasp of basic business insurance terms. The amount of outofpocket expenses that you or your business must pay before the payment is made by an insurer. Request by an insured for the insurance company to cover an incurred loss. Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. Crophail insurance protection against damage to growing crops from hail, fire, or lightning provided by the private market. Benefits are paid only if something happens to you within that specified period, known as a term. A fee or percentage of the premium paid to an insurance broker or agent. Current procedural terminology cpt is a code used by all hospitals, physicians and insurance companies to identify a specific type of service or procedure. It is not intended to be a comprehensive list of relevant terms or to provide a complete explanation of the included terms and concepts. Insurance glossary india a to z terms of insurance.
Agent the insurance company representative who sells policies on behalf of the insurer. 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. Insurance accounting terminologies reinsurance insurance. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law.
Independent agents in our network believe that knowledge is power, and they are. Different from freight class, this is a very specific number that corresponds to your commodity and how it is packaged. Policies are often confusing, full of legal ease, industry jargon and terms that most people do not understand. Glossary of risk management terms this is a comprehensive. Because risk always sounds negative and we feel it needs to be avoided by any means. Ndfrt is a terminology used to code clinical drug properties, including mechanism of action, physiologic effect, and therapeutic category. 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. Agent a person or a group of people selling insurance on behalf of an insurance company. Evidence of insurance that a specific entity or property is covered by insurance. The club governor is responsible to provide the member with the answer. It is called 340b since that is the section of the public health service act that establishes the program. Glossary of commonly used healthcare terms 340b program.
A demand for payment of damages upon chapman university or under a coverage agreement, insurance contract or bond. Term life insurance provides life insurance coverage for a designated period of time. Terminologies used in insurance and their meanings terms. Below are definitions for some of the more commonly used terms and how. Insurable interest interest in property such that loss or destruction of the property could cause a financial loss. Used in medicaid statutes to refer to prices to be used in pharmacy reimbursement e.
The application becomes part of the insurance contract when the policy is. Get a free online adult life insurance quote or call us at 18007042180 to get started. 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. Insurance terminology north american training group, inc. A fee or percentage of the premium paid to an insurance broker or. Learn common terminologies used in insurance and their meanings to better understand the definitions of policies you may own or need. Policies are often confusing, full of legal ease, industry jargon and. Glossary of commonly used healthcare acronyms and terms.
Oct 14, 2014 for example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to choose the best kind of policy for you, and assist you in other ways. Glossary of life insurance terminology gerber life insurance. 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 event. Insurance scores may be used in underwriting and rating insurance policies.
Typically, benefits or cash must be used within the given benefit year or the employee loses the money. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. A policy may be canceled at the request of the insured or by the insurer. Insurance definitions, dictionary, glossary and terms. The business manager will reply to the club governor and regional executive with the answer.
In reinsurance, each insurance company makes its own rules for defining units of hazard or single risks. Claimsmade a liability insurance method covering losses from claims asserted against the insured during the policy period, regardless ofwhether the liabilityimposing causes occurred during or prior to the policy penod. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. The amount can vary by the type of covered health care service. I have difficulty understanding the difference with various terminologies used. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Defining the basics at preferred mutual insurance company, we believe in giving you the tools and resources you need to make. Financial statement balance sheet and profit and loss statement of an insurance company. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. The definitions are based on various insurance references.
These glossary terms and definitionsare intended to be educational and may. Some words and phrases may be defined differently by. A demand for payment of damages upon chapman university. The purpose of an insurance is to provide protection against the risk of any financial loss. 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. Insurance is a contract between the insurer and the.
This is the maximum amount of money that an insurer is contracted to provide the policy holder in a specific policy period. Flat cancellation ending of an insurance policy as of its date of inception, without premium charge. Pool or insurer that places reinsurance of its original risk with a reinsurance company. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Radlex is a unified language of radiology terms for standardized indexing and retrieval of radiology information resources. Like most insurers, nationwide uses a creditbased insurance score to predict insurance losses. The 340b drug pricing program enables eligible health care organizations known as covered entities to purchase drugs from manufacturers at reduced prices. 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. A number representing the likelihood of loss, assigned to insurance applicants, based on credit history. Insurance glossary understanding common insurance terms. This development is still continuing daily, as new cases are. Understanding insurance terminology 101 insurance terminology 101. Aetna is the brand name used for products and services provided by one or more of the aetna group of subsidiary companies, including aetna life insurance company and its affiliates aetna.
Consumer glossary national association of insurance. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. In fire insurance, the physical units of property at risk instead of perils or hazards. Guide to understanding insurance terminology 101 defining. Glossary accreditation accreditation is an evaluative process in which a health care organization undergoes an examination of its policies, procedures and performance by an external organization. The insurance industry is a vast one and there are several types of insurance and various terminologies that are used in this industry. Hazard a condition that creates or increases the chance or severity of a loss due to a peril. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Professional reinsurer a term used to designate an organization whose business is mainly reinsurance and.
Crime insurance term referring to property coverages for the perils of burglary, theft and robbery. Founded in 1935, naco provides essential services to the nations 3,068 counties. Dwelling insurance is a type of insurance policy used to provide coverage to only a dwelling. 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. Some words and phrases may be defined differently by other individuals or organizations. It is essentially a very stripped down homeowners policy, where the land and any personal property on the land or in the home is not covered, just the dwelling. Glossary of glossary of public finance terms 1 public finance terms about naco the voice of americas counties the national association of counties naco is the only national organization that. 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. Apr 16, 2020 i hope that everyone is aware of the term insurance and each one of you would have mostly covered your life, property or any other entity using different insurance policies. Declarations dec sheet a term used in insurance for the portion of the contract that contains information such as the name and address of the insured, the property insured, its location and. The term refers to the fact that the company carries or assumes certain risks for the policyholder. Claimsmade a liability insurance method covering losses from claims. General liability insurance to protect an owner or operator of a business from a wide range of liability exposures. For example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to.
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. 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. 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. Insurance accounting terminologies free download as powerpoint presentation. This type of insurance costs less than whole life insurance, and so, in general, pays the highest immediate benefit for your premium dollar. Many new terminologies have evolved in recent times related to the reportage of hiv aids, which are neutral, nonjudgemental and positive. Having launched it originally in 2004 we have now updated it with modern. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Glossary of glossary of public finance terms 1 public finance terms about naco the voice of americas counties the national association of counties naco is the only national organization that represents county governments in the united states. A limit in an insurance policy stating the most the provider will pay for all covered losses sustained during a specified period of time. Travel insurance travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while. Certified insurance counselor designation sponsored by the society of certified insurance counselors. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.
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