What are the terms used in insurance?

• Premium. This is the actual cost of your insurance plan. ...
• Deductible. ...
• Co-Pay. ...
• Coinsurance. ...
• Provider Network. ...
• Usual, Reasonable and Customary. ...
• Pre-existing Conditions. ...
• Beneficiary.

• Policyholder: The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium (see #7 Premium). ...
• Life assured: ...
• Sum assured (coverage): ...
• Nominee: ...
• Policy tenure: ...
• Maturity age: ...
• Premium: ...
• Premium payment term/mode/ frequency:

• Health Insurance. ...
• Life Insurance. ...
• Disability Insurance. ...
• Long-Term Care Insurance. ...
• Homeowners And Renters Insurance. ...
• Liability Insurance. ...
• Automobile Insurance. ...
• Protect Yourself.

• Life insurance. As the name suggests, life insurance is insurance on your life. ...
• Health insurance. Health insurance is bought to cover medical costs for expensive treatments. ...
• Car insurance. ...
• Education Insurance. ...
• Home insurance.

What are the 2 types of insurance?

What does pp mean in insurance?

Preferred Plus (insurance) PP.

What does CC mean insurance?

Medical Payments (CC) Pays medical, dental, hospital, and funeral expenses for you and resident relatives injured in a motor vehicle accident. Also protects you and resident relatives in other vehicles or if struck as pedestrians. Coordinated Medical (CX)

What is insurance in layman's terms?

In the simplest terms, insurance consists of you the customer paying a company a monthly fee to protect you from the risk of financial loss. You can purchase insurance policies for a variety of risks, but the most common are auto, home, life, health, and business. ... Insurer: The company that provides you the policy.

What is terms life insurance?

A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).

What are the six general types of insurance?

Six common car insurance coverage options are: auto liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, medical payments coverage and personal injury protection. Depending on where you live, some of these coverages are mandatory and some are optional.

What are the principles of insurance?

In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.

How do insurances work?

The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.

What different types of life insurance are there?

What does RCC stand for in insurance?

Replacement Cost Coverage — a property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss.

What does ph mean on insurance card?

Protected health information (PHI), also referred to as personal health information, is the demographic information, medical histories, test and laboratory results, mental health conditions, insurance information and other data that a healthcare professional collects to identify an individual and determine appropriate ...

What does DHI stand for in insurance?

Horton Insurance Agency. A consumer is not required to utilize the services of DHI Mortgage Company, Ltd., D.R.

What does PG stand for?

—used to certify that a motion picture is of such a nature that all ages may be allowed admission but parental guidance is suggested — compare g, nc-17, pg-13, r.

What does ppm stand for?

This is an abbreviation for "parts per million" and it also can be expressed as milligrams per liter (mg/L). This measurement is the mass of a chemical or contaminate per unit volume of water.

What are the 4 main types of insurance?

There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability.

What are the five major types of insurance?

The Bottom Line

Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.

What are 4 types of whole life policies?

What is doctrine of subrogation?

The doctrine of subrogation confers upon the insurer the right to receive the benefit of such rights and remedies as the assured has against third parties in regard to the loss to the extent that the insurer has indemnified the loss and made it good.