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All content and materials are for general informational purposes only. A form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a. Pennsylvania s health insurance market can be broken down into medicaid and chip, medicare, and commercial. Insurance glossary understanding common insurance terms. Insurance 446 commercial umbrella insurance 447 surety bonds 448 surplus lines 451 federal terrorism risk insurance act of 2002 451 unit test 455 answers and rationales to unit test 458. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. New courses are added throughout the year, and existing courses are.
Business vehicle or fleet insurance covers vehicles owned and used by your business. What is an acord certificate of liability insurance. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Business terminology shouldnt be reserved for insurance agents. Complete insureons online application and contact one of our licensed insurance professionals to obtain advice for your specific business insurance. Insurance terminology north american training group. Standard bops usually cover general liability insurance and business personal property andor buildings. A glossary section contains over 500 entries, including over 100 life insurance definitions.
Property damage liability coverage part of a standard auto insurance. Your insurance needs are as unique as your business. Business income insurance also known as business interruption insurance, this replaces lost revenues and covers extra expenses in the event that your business has to shut down or relocate due to fire, wind damage or other covered losses. Business insurance definitions commercial insurance. Agents are appointed by insurance companies and are paid a commission by the insurance company with which business is placed. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Glossary of common auto insurance terms helpinsure. Most of the definitions below are provided courtesy of the insurance institute of canada. A certificate of liability insurance also known as a certificate of insurance coi or an acord certificate of liability insurance is a onepage document that proves you have liability insurance. This also takes into account the fact that your applicants might want to apply for different kinds of insurance such as life or health insurance.
Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance. The definitions are based on various insurance references. Below are some standard terms and definitions used when describing business and personal insurance coverages. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Zurich is an insurance company authorised under the insurance act 1973 to carry on general insurance business in australia. These definitions represent a common or general insurance andor legal use of the term. Making a list of all your insurance policies makes sense to help you keep track and for your loved ones if the day comes that your life insurance. Commercial insurance quotes with general liability insurance. Glossary of customs and trade terms b bl abbreviation for bill of lading. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions. Insurance handbook insurance information institute.
Business income insurance also known as business interruption insurance commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Here youll find explanations for the most commonly used terms related to business insurance. Business insurance uses many terms, acronyms, and jargon. This page provides an index of insurance terms and definitions that are commonly used in the insurance business. The term property insurance includes many lines of available insurance. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business. The insurance handbook reflects this diversity of subjects and issues.
Insweb insurance glossary of insurance terms need to know what those insurance words mean. Health insurance, car insurance, and life insurance are a part of everyday life. The information provided on this website does not constitute insurance advice. Primary insurance acts as the first layer of coverage on common types of losses. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. 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. Every industry has its own jargon, and the property and casualty insurance business is no exception. If you have any questions about the use or meaning of. Insurance definitions, dictionary, glossary and terms. Employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. In that case, you can find and use application form samples to make your insurance application form templates. Educate yourself on common terms used in commercial real estate transactions, leasing, sales and finance. The cfpbs glossary of english spanish financial terms.
Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Below are some commonly used insurance terms and their meanings. Insurance that must be maintained as a condition of the most personal umbrella policies. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
The most comprehensive investing glossary on the web. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and other insurance. Whether youre buying business insurance for the first time or taking out a new policy, its really important that you have a good understanding of your insurance. 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. Consumer glossary national association of insurance. General insurance such as principles of utmost good faiths material fact principle of insurable insures and principle of indemnity. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. The language of insurance can be quite complex and confusing. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. As such, we are subject to prudential requirements and standards, regulated by.
Commercial vehicle insurance might be necessary if your business uses any type of auto. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020. A business owners policy is a good starting point when looking for commercial insurance for your business. As the name suggests, commercial insurance protects businesses, including business owners and their employees. General insurance comprises of insurance of property against fire, burglary etc, personal insurance such as accident and health insurance, and liability insurance. Whether youre in manufacturing, hospitality, retail, or any other industry, we have the right solutions to help protect your business. Thank you for choosing to learn more about residential title insurance. There are various types of health insurance and different markets. Visit progressive commercial insurance for more detailed information on all our commercial products, or call 18882409837 to get a free quote. 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. For instance, an ice cream shop has very different insurance. Glossary of insurance terms business insurance products. Think of it as homeowners insurance for your business. Acquisition costs all expenses directly related to acquiring insurance.
Because every business is different, there is no onesizefitsall insurance policy for small business owners. When youre ready to take the next step, compare quotes for free. Not sure where to start when it comes to learning about and shopping for life insurance. 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. Business income loss from the coronavirus article added to commercial property insurance april 2020. Choosing health insurance is one of the most important choices you can make to help protect the health and wellbeing of you and your family. Definitions provided by insurance bureau of canada are indicated with an asterisk. This glossary of common financial terms was created and is used by the bureau for translating. Small business insurance resources for tech companies.