It students with a glance at american lifestyle, as well as a compendium of useful vocabulary, the dictionary is organized thematically, beginning with topics that. Rajiv sarath, is a businessman, has a house, a car, and two kids. Because this category often houses the salaries of the top executives, as well as many other expenses, it is often the target of costcutting when a company has cashflow problems. We offer free auto insurance quotes for drivers that have had a history of driving. Agent a person or a group of people selling insurance on behalf of an insurance company. General insurance typically comprises any insurance that is not determined to be life insurance. Which agency regulate insurance sector in indiainsurance service pdf. Type of packing, mode of carriage, name of carrier, nature of goods, the route. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it. Introduction to general insurance management paradise.
The low penetration of general insurance presents tremendous opportunity. Insurance information institute 110 william street new york, ny 10038 tel. Each of these conventions is devoted largely to the discussion of. General insurance definition and meaning collins english. These definitions represent a common or general insurance andor legal use of the term. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance handbook insurance information institute.
The different forms of general insurance are fire, marine, motor, accident and other miscellaneous nonlife insurance. The instrument containing the terms of the contract is known as a policy. The overall aim of the code is to raise service standards across the general insurance industry. Associateship of the chartered insurance institute.
Under the standard commercial general liability cgl policy, such coverage is limited to liability assumed in any of a number of specifically defined insured contracts or to liability that the. Insurance definition, the act, system, or business of insuring property, life, ones person, etc. Insurance definition of insurance by the free dictionary. Information and translations of general insurance in the most comprehensive dictionary definitions resource on the web. Coverages and benefits listed below may not be available in your state. General insurance policies are issued for a short period, say, for a year, but. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim time.
Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The term property insurance includes many lines of available insurance. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Health insurance can reimburse the insured for expenses incurred from illness. Insurance contracts that do not come under the ambit of life insurance are called general insurance. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is responsible for making it work. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Insurance, which is based on a contract, may be broadly classified into the following types.
These definitions represent a common or general use of the term. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Liability insurance pays the other drivers medical, car repair and. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Glossary ibc public assets insurance bureau of canada. Insurance that covers liability of the insured assumed in a contract. Principle of uberrimae fidei a latin phrase, or in simple english words, the principle of utmost good faith, is a very basic and first primary principle of insurance. India has second largest population in asia and the world and an increasing middle class population. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.
Depending on what the asset which is at risk or the risk itself is protected, general insurance policies are classified as follows. Insurance definition and meaning collins english dictionary. Aaimco american association of insurance management consultants aais american association of insurance services aaltci american association for longterm care insurance aalu association for advanced life underwriting aam associate in automation management aam designation aamga american association of managing general agents. Defining general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Iec, developed the general insurance code of practice the code. This page provides a glossary of insurance terms and definitions that are commonly used in. 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. It is the application form for applying for an insurance cover insurance agent. Commercial general liability cgl is a form of comprehensive insurance that offers coverage in case of damage or injury caused by a businesss operations or products, or on its premises. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. General insurance is typically defined as any insurance that is not determined to be life insurance.
Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Usually associated with motor vehicle insurance provides specified cover for damage to insured car as well as damage the insured car may cause to the property. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss proposal. The book is a unique language learning tool for students of english. General insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. It is called property and casualty insurance in the united states and. Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate. Actuaries have a joint committee on general insurance, chaired by terry clarke.
Insurance terminology north american training group, inc. General provisions for all insurance coverage sample clauses. Without limiting contractors indemnification of county, and in the performance of this contract and until all of its obligations pursuant to this contract have been met, contractor shall provide and maintain at its own expense insurance coverage satisfying the requirements specified in sections 8. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Insurer is the company which accepts risks after receiving premiums and pays claims. Insurable interest legal definition of insurable interest. Consumer glossary national association of insurance. Insurance policy definition of insurance policy by. Associate in personal insurance api accredited adviser in insurance aai associate in insurance services ais in todays corporate environment, it is more important than ever to set yourself apart from everyone else. Print and pdf formats, and quantity discounts are available for most.
Broad categories include life, health, motor, travel, home, rural, commercial and business 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. General insurance companies are to prepare accounts revenue for each individual unit. But some unexpected events can really set you back. General definition, of or relating to all persons or things belonging to a group or category. Insureris the company which accepts risks after receiving premiums and pays claims. An event or occurrence which is unforeseen and unintended.
Accidental death coverage accidental death coverage is sometimes a part of your auto insurance policys personal injury protection pip or may be offered as a separate accidental death and dismemberment program. An independent agent represents more than one company. Definition of general insurance in the definitions. They also may be used in a different context where the definition shown may not be applicable to insurance. Either a specified dollar amount, a percentage of the claim amount, or a specified. Oct 23, 2019 health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
The tangible assets are susceptible to damages and a need to protect the economic value of. The definitions are based on various insurance references. Insurance definitions, dictionary, glossary and terms. What is property and casualty insurance insuropedia by.
Lesson 18 insurance national institute of open schooling. According to this principle, the insurance contract must be signed by both parties i. After you receive your free car insurance quote from us, you can be sure that the general will have your back. What are the different types of general insurance policies. General insurance definitions clark county, washington. It is called property and casualty insurance in the united states and canada and nonlife insurance in continental europe. Insurance pdf types of insurance, scope of insurance. Chapter iii overview of general insurance business in india. In a wider context casualty insurance may cover all nonlife insurances. Until recently life insurance corporation of india lic and general insurance corporation.
General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. Although each state defines an individuals ability to solicit insurance products, producers are generally categorized as agents, brokers or solicitors. We have covered you for all the az insurance words and their meanings. In comparison to direct marketing practices, producers are given the authority to solicit insurance to the general public and are paid a commission on insurance sales. Chapter iii overview of general insurance business in. Insurance is an arrangement in which you pay money to a company, and they pay money to. General insurance policies will insure anything other than the life of an individual. All members of the insurance council of australia must adhere to the code. General insurance institute and faculty of actuaries. The general insurance business was nationalised after the promulgation of general insurance business nationalization act, 1972. Insurance rules shall mean the general insurance terms and conditions andor special terms and conditions, or individual terms of an insurance contract.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. This coverage pays for damage to the policyholders car resulting from a col. They are not part of the cost of goods sold but can constitute a significant portion of a companys expenses. Definition of general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event.
General agent definition of general agent by the free. Outside the united states, propertycasualty insurance is referred to as nonlife or general insurance. Agent the insurance company representative who sells policies on behalf of the insurer. Liability for damages even though fault or negligence cannot be proven. Common general insurance terms you should be aware of securenow. General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps and even from. A subcommittee, chaired by peter johnson, is responsible for organizing the twoday annual conventions of the general insurance study group. The general is a name that millions have come to know, depend upon, and trust. Here are some of the terms commonly used in case of general insurance insurance. Insurance company a company, which may be forprofit, nonprofit or governmentowned, that sells the promise to pay for certain expenses in exchange for a regular fee, called a premium.
Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. Mar 25, 2020 insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Propertycasualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. A right, benefit, or advantage arising out of property that is of such nature that it may properly be indemnified. Insurance contract, general legal definition of insurance. If available, some optional coverages and benefits might be offered at an additional charge. The usual term lasts for the duration of a particular economic activity or for a given period of time. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. A general liability coverage for the work of the insured that has been completed away from the business premises. Insurance company financial definition of insurance company. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. The part of auto insurance that provides medical care and income replacement benefits to insured persons injured in a car collision, regardless of who caused. Insurable event shall mean an event stated in the specific special terms and conditions andor the insurance policy, upon. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and supplemental information. Deductible the amount of loss paid by the policyholder. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. General insurance was controlled and conducted by general insurance corporation of india before the incorporation of insurance regulatory and development authority irda in 2002. The postnationalisation general insurance business was undertaken by the general insurance corporation of india gic and its 4 subsidiaries. The new oxford picture dictionary contextually illustrates over 2,400 words. Insurance policy definition is a document that contains the agreement that an insurance company and a person have made. Principles of general insurance principles of insurance 58 b in motor insurance.
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