Insurance Terms: O

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Occupational Disease is an abnormal condition or illness. The cause of the condition or illness can be associated with factors in a person’s workplace. Occupational Disease is covered by Workers Compensation policies usually with similar coverage as occupational injuries. Occurrence Policy Insurance is an insurance contract that will pay claims for liabilities or situations that took place while the policy was … Continue reading →

Insurance Terms: N

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Named Insured is the person, business, firm, or corporation, or any member thereof, specifically named as an insured(s) on an insurance policy. This is different from any other person who, maybe unnamed, but still protected under certain circumstances. Named Peril is a Peril specifically listed as covered peril in an insurance policy. National Association of Insurance Commissioners, (NAIC) is a national … Continue reading →

Insurance Terms: M

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Managed Care is a comprehensive health care arrangement between an employer and/or an insurance company. Selected medical and health providers agree to offer care for a discounted rate to the membership of the plan. Managed care systems use the established medical protocols and procedures generally agreed by the medical community as cost effective. Marine Insurance is insurance coverage on goods while … Continue reading →

Insurance Terms: L

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Lapse is the termination of an insurance policy because of nonpayment of the renewal premium by the end of the grace period. Law Of Large Numbers is the basis of the Business of Insurance. The theory of probability based on the premise that the larger the group of units or items that are insured, for example Dodge Minivans, the more Minivans … Continue reading →

Insurance Terms: J-K

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Insurance Terms: J Jettison is an insurance term used in Marine Insurance to describe the act of throwing a ships cargo overboard in order to lighten the load in an effort to save the ship from sinking. Jettison is an insured peril when covered under the correct marine insurance coverage. Jewelers Block is an all risk insurance policy covering a wide … Continue reading →

Insurance Terms: I

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Income Protection Insurance is a type of disability income coverage providing an income benefit both, during the time the insured policyholder is totally disabled and unable to work. But also offers coverage when an insured policyholder is able to work, but due to a disability the policyholders earning are less than then before the disability. This is also called residual disability … Continue reading →

Insurance Terms: H

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Hacker Insurance believe it or not this area is a major concern for business engaged in electronic commerce and or stores sensitive information. Hacker insurance is insurance that protects businesses from losses caused by hackers. Hard Market is a term that refers to a seller’s market when insurance is more expensive and is more difficult to obtain. A hard market is … Continue reading →

Insurance Terms: G

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z GAP Insurance is additional automobile insurance policyholders might consider as an option, in some states. GAP insurance will cover the difference between a vehicle’s actual cash value when it is stolen or wrecked and the amount owed on a lease or to an auto finance company. General Liability Insurance is an insurance product designed to protect a business owner and operator … Continue reading →

Insurance Terms: F

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Face Amount is the fixed-amount of value for a whole life insurance policy. The actual amount to be paid in the even of death or at maturity of a life insurance policy, not including any dividend additions or additional amounts payable under an accidental death clause or other provision of the life insurance policy. FAIR Access To Insurance Requirements Plans–FAIR PLANS … Continue reading →

Insurance Terms: E

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Earned Premium is the amount advance premium an insurance policyholder has paid but, which has been “earned” by the insurance company because time has passed without claim. For example if an auto insurance policyholder pays 6-months of premium and the policy is cancelled after 2-months the insurance company has provided coverage for the 2-months and that portion of the paid insurance … Continue reading →