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ABSOLUTE ASSIGNMENT*: An irrevocable transfer of complete ownership of a life insurance policy or an annuity from one party to another. Contrast with collateral assignment. (See Assignment)

 

ACCELERATED DEATH BENEFITS: A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries .  

 

ACCIDENT AND HEALTH INSURANCE: Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses and catastrophic care, with limits.  

 

ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D) BENEFIT*: A supplementary life insurance policy benefit that provides for an amount of money in addition to the policy’s basic death benefit. This additional amount is payable if the insured dies as the result of an accident or if the insured loses any two limbs or the sight in both eyes as the result of an accident.

 

ACCIDENTAL DEATH BENEFIT (ADB)*: A supplementary life insurance policy benefit that provides a death benefit in addition to the policy’s basic death benefit if the insured’s death occurs as the result of an accident. (See Double indemnity Benefit)

 

ACT OF GOD – An unpreventable accident or event that is the result of natural causes such as flood, storm or earthquake.

 

ACTUAL CASH VALUE: A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation.  (See Replacement cost)

 

ACTUARY: An insurance professional skilled in the analysis, evaluation and management of statistical information. Evaluates insurance firms’ reserves, determines rates and rating methods, and determines other business and financial risks.

 

ADDITIONAL TERM INSURANCE OPTION*: An option available to owners of participating insurance policies under which the insurer uses a policy dividend as a net single premium to purchase one-year term insurance on the insured’s life,  Also known as fifth dividend option. (See Dividend; Policy dividend options)

 

 ADJUSTABLE LIFE INSURANCE*: A form of life insurance that allows policy owners to vary the type of coverage provided by their policies as their insurance needs change.

 

 ADJUSTER: An individual employed by a property/casualty insurer to evaluate losses and settle policyholder claims. These adjusters differ from public adjusters, who negotiate with insurers on behalf of policyholders, and receive a portion of a claims settlement. Independent adjusters are independent contractors who adjust claims for different insurance companies.

 

 ADMITTED ASSETS: Assets recognized and accepted by state insurance laws in determining the solvency of insurers and reinsurers. To make it easier to assess an insurance company’s financial position, state statutory accounting rules do not permit certain assets to be included on the balance sheet. Only assets that can be easily sold in the event of liquidation or borrowed against, and receivables for which payment can be reasonably anticipated, are included in admitted assets. (See Assets)

 

 ADMITTED COMPANY: An insurance company licensed and authorized to do business in a particular state.

 

 ADVERSE SELECTION: The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. Insurers react either by charging higher premiums or not insuring at all, as in the case of floods. (Flood insurance is provided by the federal government but sold mostly through the private market.) In the case of natural disasters, such as earthquakes, adverse selection concentrates risk instead of spreading it. Insurance works best when risk is shared among large numbers of policyholders.

 

 AFFINITY SALES: Selling insurance through groups such as professional and business associations.

 

 AFTERMARKET PARTS: See Crash parts; Generic auto parts)

 

 AGENCY COMPANIES: Companies that market and sell products via independent agents.

 

 AGENT: Insurance is sold by two types of agents: independent agents, who are self-employed, represent several insurance companies and are paid on commission; and exclusive or captive agents, who represent only one insurance company and are either salaried or work on commission. Insurance companies that use exclusive or captive agents are called direct writers.

 

 AGGREGATE LIMIT – The maximum amount an insurer will pay under a policy in respect of all accumulated claims arising within a specified period of insurance.

 

 ALIEN INSURANCE COMPANY: An insurance company incorporated under the laws of a foreign country, as opposed to a “foreign” insurance company which does business in states outside its own.

 

 ALL RISKS – Term used to describe insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded.

 

 ALTERNATIVE DISPUTE RESOLUTION / ADR: An alternative to going to court to settle disputes. Methods include arbitration, where disputing parties agree to be bound to the decision of an independent third party, and mediation, where a third party tries to arrange a settlement between the two sides.

 

 ALTERNATIVE MARKETS: Nontraditional mechanisms used to finance risk. This includes captives, which are insurers owned by one or more non-insurers to provide owners with coverage. Risk-retention groups, formed by members of similar professions or businesses to obtain liability insurance and self-insurance, are also included.

 

 ANNUAL ANNUITY CONTRACT FEE: Covers the cost of administering an annuity contract.

 

 ANNUITANT: The person who receives the income from an annuity contract, usually the owner of the contract or his or her spouse.

 

 ANNUITY ACCUMULATION PHASE OR PERIOD: The period during which the owner of a deferred annuity makes payments to build up assets.

 

 ANNUITY ADMINISTRATIVE CHARGES: Covers the cost of customer services for owners of variable annuities.

 

 ANNUITY BENEFICIARY: In certain types of annuities, a person who receives annuity contract payments if the annuity owner or annuitant dies while payments are still due.

 

 ANNUITY CERTAIN*: A type of annuity contract that pays periodic income benefits for a stated period of time, regardless of whether the annuitant lives or dies, Also known as period certain annuity. Contrast with straight life annuity. (See payout options)

 

 ANNUITY CONTRACT OWNER: The person or entity that purchases an annuity and has all rights to the contract, usually, but not always, the annuitant (the person who receives incomes from the contract).

 

 ANNUITY CONTRACT: An agreement similar to an insurance policy for other insurance products such as auto insurance.

 

 ANNUITY COST*: A monetary amount that is equal to the present value of future periodic income payments under an annuity.  (See Gross annuity cost; income date; Net annuity cost)

 

 ANNUITY DATE*: See Income date

 

 ANNUITY DEATH BENEFITS: The guarantee that if an annuity contract owner dies before annihilation (the switchover from the savings to the payment phase) the beneficiary will receive the value of the annuity that is due.

 

 ANNUITY INSURANCE CHARGES: Covers administrative and mortality and expense risk costs.

 

 ANNUITY INVESTMENT MANAGEMENT FEE: The fee paid for the management of variable annuity invested assets.

 

 ANNUITY ISSUER: The insurance company that issues the annuity.

 

 ANNUITY PROSPECTUS: Legal document providing detailed information about variable annuity contracts must be offered to each prospective buyer.

 

 ANNUITY PURCHASE RATE: The cost of an annuity based on such factors as the age and gender of the contract owner.

 

 ANNUITY: A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitant’s lifetime. There are two basic types of annuities: deferred and immediate. Deferred annuities allow assets to grow tax-deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within about a year of purchase.

 

 ANTI SELECTION*: The tendency of individuals who suspect or know they are more likely than average to experience loss to apply for or renew insurance to a greater extent than people who lack such knowledge of probable loss,  Also known as adverse selection and selection against the company.

 APPORTIONMENT: The dividing of a loss proportionately among two or more insurers that cover the same loss.

 

 APPRAISAL: A survey to determine a property’s insurable value, or the amount of a loss.

 

 ARBITRATION: Procedure in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision made by a third party.

 

 ARSON: The deliberate setting of a fire.

 

 A-SHARE VARIABLE ANNUITY: A form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge.

 

 ASSET-BACKED SECURITIES: Bonds that represent pools of loans of similar types, duration and interest rates. Almost any loan with regular repayments of principal and interest can be securitized, from auto loans and equipment leases to credit card receivables and mortgages.

 

 ASSETS: Property owned, in this case by an insurance company, including stocks, bonds and real estate. Insurance accounting is concerned with solvency and the ability to pay claims. State insurance laws therefore require a conservative valuation of assets, prohibiting insurance companies from listing assets on their balance sheets whose values are uncertain, such as furniture, fixtures, debit balances and accounts receivable that are more than 90 days past due.  (See Admitted assets)

 

ASSIGNED RISK PLANS: Facilities through which drivers can obtain auto insurance if they are unable to buy it in the regular or voluntary market. These are the most well-known type of residual auto insurance market, which exist in every state. In an assigned risk plan, all insurers selling auto insurance in the state are assigned these drivers to insure, based on the amount of insurance they sell in the regular market. (See Residual market)

 

ASSIGNMENT*: An agreement under which one party—the assignor—transfers some or all of his ownership rights in a particular property, such as a life insurance policy or an annuity contract, to another party—the assignee. (See Absolute assignment; Collateral assignment

 

 ASSOCIATION GROUP*: A type of group that generally is eligible for group insurance and that consists of members of an association of individuals formed for a purpose other than to obtain insurance coverage, such as teachers’ associations and physicians’ associations.

 

 AUTO INSURANCE POLICY: There are basically six different types of coverage’s. Some may be required by law. Others are optional. They are: 1. Bodily injury liability, for injuries the policyholder causes to someone else. 2. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s car. 3. Property damage liability, for damage the policyholder causes to someone else’s property. 4. Collision, for damage to the policyholder’s car from a collision. 5. Comprehensive, for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft. 6. Uninsured motorists’ coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.

 

AUTO INSURANCE PREMIUM: The price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft and other losses. Prices vary from company to company, as with any product or service.  Premiums also vary depending on the amount and type of coverage purchased; the make and model of the car; and the insured’s driving record, years of driving and the number of miles the car is driven per year. Other factors taken into account include the driver’s age and gender, where the car is most likely to be driven and the times of day—rush hour in an urban neighborhood or leisure time driving in rural areas, for example. Some insurance companies may also use credit history related information. (See Insurance score)

 

AVERAGE – A clause in non-marine insurance policies whereby in the event of under insurance the claim paid out by the insurer is restricted to the same proportion of the loss as the sum insured under the policy bears to the total value at risk.

AVIATION INSURANCE: Commercial airlines hold property insurance on airplanes and liability insurance for negligent acts that result in injury or property damage to passengers or others. Damage is covered on the ground and in the air. The policy limits the geographical area and individual pilots covered.

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