1. AAI
Accreditied Adviser in Insurance, a designation awarded by the Insurance
Institute of America to people who have completed a three-semester
educational program designed for insurance producers.
2. accelerated benefits
Benefits available in some life insurance policies before death, usually
triggered by long-term, catastrophic or terminal illness. Also known as living
benefits.
3. accident
An event that is unforeseen, unexpected, and unintended.
4. accidental bodily injury
Physical injury sustained as the result of an accident.
5. accident report form
An accident report form is used to record key information about the accident.
6. accidental death benefits
A provision added to a life insurance policy for payment of an additional
benefit in case of death that results from an accident. This provision is often
called "double indemnity."
7. account analyst
See Administrative Assistant.
8. account current
An account current is the billing statement an insurance company sends to its
producer.
9. account selling
Account selling is trying to handle all of a client's insurance needs, rather than
providing for only a portion of those needs.
10. accounts receivable insurance
Pays for the cost of reconstructing accounts receivable records that have been
damaged or destroyed by a covered peril. Even more important, it covers any
payments that cannot be collected because records cannot be reconstructed.
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11. accredited adviser in insurance
See AAI.
12. actual cash value (ACV)
The value of property as figured by determining what it would cost to replace
the property (see Replacement Cost) and then adjusting this replacement
cost by subtracting an amount that reflects depreciation.
13. ACV
See Actual Cash Value.
14. accumulation period
The time during which a person pays money into an annuity contract and
builds up a fund to provide a deferred annuity.
15. actuary
Someone professionally trained in the technical aspects of insurance and
related fields, particularly in the mathematics of insurance (the calculation of
premiums, reserves and other values). An actuary uses complex
mathematical methods, often with the aid of computers, to analyze past lossdata and other statistics and develop systems for determining future
premiums.
16. adjuster
See Claims Adjuster.
17. adjustable life insurance
A type of insurance that allows the policyholder to change the plan of
insurance, raise or lower the face amount of the policy, increase or decrease
the premium and lengthen or shorten the protection period.
18. administrative assistant
The administrative assistant supports the sales efforts of the producer. Other
titles for this position include agency underwriter, insurance placer, customer
service representative, marketing specialist, account analyst, and office
manager.
19. administrative services only (ASO) agreement
Contract between an insurer (or its subsidiary) and a group employer, eligible
group, trustee, or other party, in which the insurer provides certain
administrative services. These services may include actuarial support, plan
design, claims processing, data recovery and analysis, benefits
communications, financial advice, medical care conversions, data preparation
for governmental reports, and stop-loss coverage.
20. adverse selection
When people with a very high probability of loss purchase insurance to a
greater extent that people with average or below average probabilities of loss.
Underwriters' major goal is to avoid adverse selection.
21. age limits
Ages below and above which an insurance company will not accept
applications or renew policies.
22. agency billing
See Producer Billing.
23. agency underwriter
See Administrative Assistant.
24. agent
An authorized representative of an insurance company who sells and services
insurance contracts. See Producer, Exclusive Agent, Independent Agent.
25. aggregate indemnity
The maximum amount that may be collected for any disability, or period of
disability, under an insurance policy.
26. allocated benefits
Maximum amount for specific services as itemized in an insurance contract.
27. "all-risks"
"All Risks" property policies, often called "special" policies, cover any loss
unless it is caused by an excluded peril listed in the policy.
28. alternate delivery system
Health services that are more cost-effective than inpatient, acute-care
hospitals, such as skilled and intermediary nursing facilities, hospice
programs, and in-home services.
29. ambulatroy care
Medical services provided on an outpatient (non-hospitalized) basis. Services
may include diagnosis, treatment, surgery, and rehabilitation.
30. amendment
Document changing the provisions of an insurance contract signed jointly by
the insurer and the policyholder.
31. annuitant
The person entitled to receive annuity payments or who now receives them.
32. annuities
Annuities are contracts sold by life insurance companies (the seller must be a
licensed insurance entity in your state). In their simplest form, you pay a sum
of money (either a lump sum or a series of payments) and the insurance
company makes periodic payments to you, beginning on the date in your
contract and continuing for the rest of your life. The earnings on your annuity
payments are not taxable during the accumulation phase of your agreement;
the annuity payments are taxable as income when you receive them. Variable
annuities permit you to place your payments in professionally managed funds,
similar to mutual funds, and to control how these payments are invested
during the life of your contract. Unlike mutual funds, variable annuities have
insurance provisions and guarantees to preserve the value of the principal
you pay into the annuity. They also generally carry higher fees than mutual
funds. Annuities may entail extensive taxation and estate issues, and annuity
buyers should make sure they’re aware of such issues.
33. annuity certain
A contract that provides an income for a specified number of years,
regardless of life or death.
34. annuity consideration
The payment, or one of the regular periodic payments, an annuitant makes
for an annuity.
35. application
A statement of information made by someone applying for life insurance. The
information gathered helps the life insurance company assess whether the
risk presented by the applicant is acceptable to underwriters.
36. approval
Signifies the legal acceptance of forms by a state when policy information is
filed;
Signifies the insurer's acceptance of risks as set forth in an application for
insurance (as originally made or modified by the insurer); or
Signifies the acceptance of a request from an applicant or policyholder for
new insurance, reinstatement of a terminated policy, a policy loan, or other
request.
37. assigned risk plans
See Automobile Insurance Plans.
38. assignment
The legal transfer of one person's interest in an insurance policy to another
person.
39. association group
A group formed from members of a trade or professional association for
insurance under one master health insurance contract.
40. audit
During an audit, members of the home office staff underwriting department
examine files to see whether the underwriting guidelines are being followed.
Also see Premium Auditor.
41. audited premium
See Premium Auditor.
42. auto liability
Pays for damages that you cause to other people and their property. If you
cause an accident and you bang up your car or yourself, your auto liability
insurance will not pay for your medical bills or the repairs to your car. (Auto
medical payments coverage would.) But it will pay for the other guy’s, up to
the limits of your policy. Without the coverage, your assets would be subject
to seizure to pay the medical bills, car repairs and other damages that you
caused in an accident. Once the insurance company pays out the limits of
your policy, you’re liable for the rest, which is why it’s advisable to purchase
higher limits than what your state requires. Auto liability coverage has three
parts: bodily injury per person, bodily injury per accident, and property
damage. Limits for liability are usually written like "20/40/10." That means a
policy will pay bodily injury losses up to $20,000 per person, and up to
$40,000 per accident (if more than one person was hurt). It will also pay
property damage losses up to $10,000 per accident.
43. automatic premium loan
A provision in a life insurance policy that any premium not paid by the end of
the grace period (usually 31 days) is automatically paid by a policy loan if
there is sufficient cash value.
44. automobile insurance plans
Formerly known as assigned risk plans--are residual market programs
providing auto insurance. See Residual Market.
45. auto medical payments
If you cause an accident, the coverage works like this: Auto liability coverage
pays the bodily injury and property damage losses of the other person.
Collision coverage pays for repairs to your own vehicle. Auto medical
payments coverage pays medical and funeral expenses for you and your
passengers. If you already have health and disability insurance, the coverage
may be redundant.
46. auto physical damage coverage
Insures against loss resulting from damage to an auto owned by the insured;
also provides coverage if the car is stolen.
Accreditied Adviser in Insurance, a designation awarded by the Insurance
Institute of America to people who have completed a three-semester
educational program designed for insurance producers.
2. accelerated benefits
Benefits available in some life insurance policies before death, usually
triggered by long-term, catastrophic or terminal illness. Also known as living
benefits.
3. accident
An event that is unforeseen, unexpected, and unintended.
4. accidental bodily injury
Physical injury sustained as the result of an accident.
5. accident report form
An accident report form is used to record key information about the accident.
6. accidental death benefits
A provision added to a life insurance policy for payment of an additional
benefit in case of death that results from an accident. This provision is often
called "double indemnity."
7. account analyst
See Administrative Assistant.
8. account current
An account current is the billing statement an insurance company sends to its
producer.
9. account selling
Account selling is trying to handle all of a client's insurance needs, rather than
providing for only a portion of those needs.
10. accounts receivable insurance
Pays for the cost of reconstructing accounts receivable records that have been
damaged or destroyed by a covered peril. Even more important, it covers any
payments that cannot be collected because records cannot be reconstructed.
-
11. accredited adviser in insurance
See AAI.
12. actual cash value (ACV)
The value of property as figured by determining what it would cost to replace
the property (see Replacement Cost) and then adjusting this replacement
cost by subtracting an amount that reflects depreciation.
13. ACV
See Actual Cash Value.
14. accumulation period
The time during which a person pays money into an annuity contract and
builds up a fund to provide a deferred annuity.
15. actuary
Someone professionally trained in the technical aspects of insurance and
related fields, particularly in the mathematics of insurance (the calculation of
premiums, reserves and other values). An actuary uses complex
mathematical methods, often with the aid of computers, to analyze past lossdata and other statistics and develop systems for determining future
premiums.
16. adjuster
See Claims Adjuster.
17. adjustable life insurance
A type of insurance that allows the policyholder to change the plan of
insurance, raise or lower the face amount of the policy, increase or decrease
the premium and lengthen or shorten the protection period.
18. administrative assistant
The administrative assistant supports the sales efforts of the producer. Other
titles for this position include agency underwriter, insurance placer, customer
service representative, marketing specialist, account analyst, and office
manager.
19. administrative services only (ASO) agreement
Contract between an insurer (or its subsidiary) and a group employer, eligible
group, trustee, or other party, in which the insurer provides certain
administrative services. These services may include actuarial support, plan
design, claims processing, data recovery and analysis, benefits
communications, financial advice, medical care conversions, data preparation
for governmental reports, and stop-loss coverage.
20. adverse selection
When people with a very high probability of loss purchase insurance to a
greater extent that people with average or below average probabilities of loss.
Underwriters' major goal is to avoid adverse selection.
21. age limits
Ages below and above which an insurance company will not accept
applications or renew policies.
22. agency billing
See Producer Billing.
23. agency underwriter
See Administrative Assistant.
24. agent
An authorized representative of an insurance company who sells and services
insurance contracts. See Producer, Exclusive Agent, Independent Agent.
25. aggregate indemnity
The maximum amount that may be collected for any disability, or period of
disability, under an insurance policy.
26. allocated benefits
Maximum amount for specific services as itemized in an insurance contract.
27. "all-risks"
"All Risks" property policies, often called "special" policies, cover any loss
unless it is caused by an excluded peril listed in the policy.
28. alternate delivery system
Health services that are more cost-effective than inpatient, acute-care
hospitals, such as skilled and intermediary nursing facilities, hospice
programs, and in-home services.
29. ambulatroy care
Medical services provided on an outpatient (non-hospitalized) basis. Services
may include diagnosis, treatment, surgery, and rehabilitation.
30. amendment
Document changing the provisions of an insurance contract signed jointly by
the insurer and the policyholder.
31. annuitant
The person entitled to receive annuity payments or who now receives them.
32. annuities
Annuities are contracts sold by life insurance companies (the seller must be a
licensed insurance entity in your state). In their simplest form, you pay a sum
of money (either a lump sum or a series of payments) and the insurance
company makes periodic payments to you, beginning on the date in your
contract and continuing for the rest of your life. The earnings on your annuity
payments are not taxable during the accumulation phase of your agreement;
the annuity payments are taxable as income when you receive them. Variable
annuities permit you to place your payments in professionally managed funds,
similar to mutual funds, and to control how these payments are invested
during the life of your contract. Unlike mutual funds, variable annuities have
insurance provisions and guarantees to preserve the value of the principal
you pay into the annuity. They also generally carry higher fees than mutual
funds. Annuities may entail extensive taxation and estate issues, and annuity
buyers should make sure they’re aware of such issues.
33. annuity certain
A contract that provides an income for a specified number of years,
regardless of life or death.
34. annuity consideration
The payment, or one of the regular periodic payments, an annuitant makes
for an annuity.
35. application
A statement of information made by someone applying for life insurance. The
information gathered helps the life insurance company assess whether the
risk presented by the applicant is acceptable to underwriters.
36. approval
Signifies the legal acceptance of forms by a state when policy information is
filed;
Signifies the insurer's acceptance of risks as set forth in an application for
insurance (as originally made or modified by the insurer); or
Signifies the acceptance of a request from an applicant or policyholder for
new insurance, reinstatement of a terminated policy, a policy loan, or other
request.
37. assigned risk plans
See Automobile Insurance Plans.
38. assignment
The legal transfer of one person's interest in an insurance policy to another
person.
39. association group
A group formed from members of a trade or professional association for
insurance under one master health insurance contract.
40. audit
During an audit, members of the home office staff underwriting department
examine files to see whether the underwriting guidelines are being followed.
Also see Premium Auditor.
41. audited premium
See Premium Auditor.
42. auto liability
Pays for damages that you cause to other people and their property. If you
cause an accident and you bang up your car or yourself, your auto liability
insurance will not pay for your medical bills or the repairs to your car. (Auto
medical payments coverage would.) But it will pay for the other guy’s, up to
the limits of your policy. Without the coverage, your assets would be subject
to seizure to pay the medical bills, car repairs and other damages that you
caused in an accident. Once the insurance company pays out the limits of
your policy, you’re liable for the rest, which is why it’s advisable to purchase
higher limits than what your state requires. Auto liability coverage has three
parts: bodily injury per person, bodily injury per accident, and property
damage. Limits for liability are usually written like "20/40/10." That means a
policy will pay bodily injury losses up to $20,000 per person, and up to
$40,000 per accident (if more than one person was hurt). It will also pay
property damage losses up to $10,000 per accident.
43. automatic premium loan
A provision in a life insurance policy that any premium not paid by the end of
the grace period (usually 31 days) is automatically paid by a policy loan if
there is sufficient cash value.
44. automobile insurance plans
Formerly known as assigned risk plans--are residual market programs
providing auto insurance. See Residual Market.
45. auto medical payments
If you cause an accident, the coverage works like this: Auto liability coverage
pays the bodily injury and property damage losses of the other person.
Collision coverage pays for repairs to your own vehicle. Auto medical
payments coverage pays medical and funeral expenses for you and your
passengers. If you already have health and disability insurance, the coverage
may be redundant.
46. auto physical damage coverage
Insures against loss resulting from damage to an auto owned by the insured;
also provides coverage if the car is stolen.
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