Insurance Terminology Policy Definition
No insurance website could be complete without offering and index of insurance terms and definitions.
Insurance terminology policy definition. Commercial package policy cpp the insurance services office iso commercial lines policy that contains two or more lines of insurance or two or more coverage parts. The final insurance policy premium for any policy is determined by the underwriting insurance company. Fr 44 sr 22 a legal document filed if you are convicted of certain traffic violations or driving under the influence of. F back to top.
Life insurance terminology doesn t have to be confusing. Exclusion a provision in an insurance policy that excludes and or limits certain coverages. Either a specified dollar amount a percentage of the claim amount or a specified. Health maintenance organization hmo a health care financing and delivery system that provides comprehensive health care services for enrollees in a particular geographic area.
Referred to as the ìdec page î. We ve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. A policyholder is the person who purchased the insurance policy. Group health insurance a coverage plan offered by an employer or other organization that covers the individuals in that group and their dependents under a single policy.
Pet insurance plans veterinary care plan insurance policy providing care for a pet animal e g dog or cat of the insured owner in the event of its illness or accident. A life insurance policy providing insurance on all or several family members in one contract generally whole life insurance on the principal breadwinner and small amounts of term insurance on the other spouse and children including those born after the policy is issued. Any insurance policy premium quotes or ranges displayed are non binding. A statement added to an insurance policy that alters deletes or adds coverage terms or provisions of the policy.
Insurance terms and definitions. Policy dividend a refund of part of the premium on a participating life insurance policy. Here are definitions of the most common concepts and phrases you ll find when it comes to your life insurance. Least expensive alternative treatment leat.
Policy a written contract ratifying the legality of an insurance agreement. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. To help you better understand some of the industry specific terminology farm bureau insurance has provided you a glossary of common terms that are used throughout the industry as well as on this website.
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