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There are three main insurance sectors: property/casualty, life/health and health insurance. Property/casualty (P/C) consists mainly of auto, home and commer-cial insurance. Life/health (L/H) consists mainly of life insurance and annuity products. Health insurance is offered by private health insurance companies
NAIC’s consumer insurance glossary provides definitions of common insurance terms, helping consumers easily understand key concepts across health, auto, life, and home insurance. It is helpful for beginners and policyholders seeking explanations.
the ever-changing insurance industry. It is designed to be used not only by insurance professionals and commercial insurance buyers, but also by con-sumers who need to better understand their own insurance coverages. The glossary is divided into sections, in alphabetical sequence.
This glossary provides insurance terms definition and explanation commonly used in insurance business world. 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.
A financial contract between an insurance company and the policy holder (purchaser) that provides for a series of payments at regular intervals to be received for a number of years or over a lifetime.
Download a PDF version of Kaplan Financial Education's Glossary of Insurance Terms. It is an up-to-date and comprehensive resource designed for insurance professionals, commercial insurance buyers, and consumers.
GLOSSARY OF INSURANCE TERMS. AGGREGATE LIMIT: period of insurance. oactive Date on the policy. Please note if you cancel a policy written on 'claims made', all cover ceases unless ‘Run-Off’ cover is arranged or you take out a new 'claims made' policy with . suitable retroactive date. (An explanation of what a Retroact. CLAIMS OCCURRING:
