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: W Waiting Period under a health insurance policy, the waiting period is the time that has to pass from the policy issue date until the date the benefits become payable. In some cases, the waiting period may also be called an “elimination period” or a “probationary period.” Waiver is the surrender of a right or privilege. With life insurance, … Continue reading
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: U Umbrella Policy is additional insurance coverage for losses that exceed the liability limit of underlying policies such as homeowners and auto insurance. Underinsurance results when a policyholder fails to purchase enough insurance coverage. The policyholder may be entitled to receive only a portion of the cost to replace or repair damages to covered items. Underwriter is the company … Continue reading
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U-V | W-Z Term Life Insurance is a form of life insurance covering an insured person for a specific period of time, which becomes the “term” of the policy. Benefits are paid to the beneficiary only if the insured person dies during the term specified on the policy. Term life policies are usually renewable with increased premiums based on age. … Continue reading
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: Q Qualified Annuity is a form of an annuity purchased with pretax dollars as a part of a retirement plan benefiting from a special tax arrangement like a 401(k) plan. Qualified High-Deductible Health Plans are health plan with lower premiums that cover expenses after the insured has met the large deductible for out of pocket … Continue reading
A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Package Policy are single insurance policies combining several coverage’s which may ordinarily or often be sold separately. Some companies package homeowner, auto and personal liability coverage any issue one package policy. Partial Loss is an insured loss involving less than the full value insured. A claim where less than the maximum amount of insurance coverage is needed. Performance Bond In general … Continue reading
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
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
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
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
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