» Common Terms and Definitions
|384 Terms found - Page: 1 » 2 ... 13 |
|AAIS  |
American Association of Insurance Services
|Abandonment Clause  |
A clause often contained in property insurance policies stating that the insured cannot abandon damaged property to the insurer and later demand to be reimbursed for its full value.
|accelerated death benefits  |
In some life insurance policies, benefits available before death, in such events as long-term, catastrophic or terminal illness - also called living benefits
|ACIC  |
Association of California Insurance Companies
|Active Malfunction  |
Coverage provided under products liability insurance when the product damages the user's property.
|Actuary  |
An individual trained in mathematics, statistics and accounting specialties. In an insurance company, an Actuary is responsible for rate determinations and reserve & dividend calculations.
|Additional Insured  |
A person other than the named insured who is protected under the terms of the insurance policy.
|Admitted Assets  |
Assets used by state insurance laws in determining the solvency of insurers or reinsurers
|Admitted Company  |
An insurance company authorized and licensed to do business in a given state.
|Aggregate Excess Insurance  |
Places a limit on the amount an employer pays for all claims incurred during a given time period. If a company has a year in which it experiences more than the anticipated level of claims activity, it is protected.
|aggregate limit of liability  |
The annual total limit of coverage for insurance claims as stated in the liability insurance policy.
|Agreed Value Coverage  |
An optional coverage written with property insurance policies. It waives the Coinsurance clause and requires the insured to carry insurance equal to at least 80% of a signed statement of values filed with the company
|AIAF  |
Associate in Insurance Accounting and Finance
|AIPAGIA  |
American Institute of Professional Association Group Insurance Administrators
|AIPSO  |
Autombile Insurance Plans Service Office
|AIS  |
Associate in Insurance Services
|Aleatory  |
A characteristic of insurance contracts, meaning a contract in which equal value is not given by both parties to the contract.
|Alien insurance company  |
An insurance company incorporated under the laws of a foreign country
|All Risk Insurance  |
Insurance protecting the insured from losses arising from perils other than those perils specifically excluded by name. This contrasts with Named Peril insurance, which names the peril or perils insured against
|Allied Lines  |
Property coverages which are closely associated with and frequently sold with fire insurance such as Dwelling insurance or Earthquake insurance
|alternate beneficiary  |
A person, organization or institution that receives property through a will , trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims ) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.
|AMIM  |
Associate in Marine Insurance Management
|API  |
Associate in Personal Insurance
|APIW  |
Association of Professional Insurance Women
|Apportionment  |
A method for determining how much will be contributed by each company toward a loss covered under more than one policy. A typical apportionment clause provides that the company will pay no more than the same proportion of the loss that its policy limit bears to the total amount of insurance.
|appraisal  |
A determination of the value of something, such as a house, jewelry or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims.
|ARe  |
Associate in Reinsurance
|ARIA  |
American Risk and Insurance Association
|Asbestos-in-place Insurance  |
Provides liability protection to property owners who decide to leave asbestos in place under a building maintenance program.
|ASLI  |
Associate in Surplus Lines Insurance