Insurance terms glossary understanding common insurance terms. Definition of risk management joe brett, real estate agent remax realty plus procedure to minimize the adverse effect of a possible financial loss by 1 identifying potential sources of loss. An independent agent represents more than one company. The affect upon the institution when a risk becomes a reality. Accident medical reimbursement insurance covers medical expenses for. Glossary of risk management terms this is a comprehensive. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. Reinsurance terms basic collection of terms used in the reinsurance industry.
Irmi glossary of insurance and risk management terms. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Insurance risk management a term for the traditional risk management concept, which focuses primarily on pure risks rather than operational, market, credit, and other types of risk. Little booklet of risk management terminologies 6 risk management processes managing risks in project is imperative for its success. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. A person employed by a propertycasualty insurer to evaluate losses and settle claims.
Environmental insurance and risk management toolsglossary. Cede to transfer risk from an insurer to a reinsurer. Illinois life insurance section 1 cpmi study guide learn with flashcards, games, and more for free. Not all concepts or coverages identified in this list are found at chapman university. A risk is defined as the effect of uncertainty in the goals, a deviation from the expected, both positive and negative, often denominated in terms of a combination of an event consequence. While many of the terms may have more than one definition e.
Normally, this refers to the proportional insurance of a risk. A computerized information management systems developed for claims management, loss control, and other risk management data. Glossary of risk management and insurance terms nonprofit risk. Dig deep into important issues and trends in captive insurance. Exclusion a risk or item specifically not covered by a policy. Two such glossaries are of particular use to visitors and customers of insurancecanada. Risk management definition and meaning collins english. A form attached to the policy, which alters provisions of the contract. Insurance and indemnification requirements risk management division effective march 2007 1 d. Learn all the insurance terms with our insurance terms and terminology resources. The index to the glossary is also available to put on other web sites in the risk and insurance community. This is the first amount of any insurance claim that the customer agrees to pay as part of the policy conditions the insurer pays the rest. Insurance risk management insurance glossary definition. A company owned solely or in large part by one or more non insurance entities.
Glossary of insurance and risk management terms pdf ebook php. Glossary airport insurance coverage and risk management. 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. The original glossary of insurance terms was compiled by john s. Hosted by, these awards bring together recognition of the leading vendor solutions for credit, operational and enterprisewide. Here are the five steps project manager can use for risk management.
Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. This popular glossary of insurance and risk management terms gives you quick answers to questions involving unfamiliar terminology used in insurance specifications and proposals, risk management reports, and other written documents you receive. Two such glossaries are of particular use to visitors and customers of insurance canada. Trbs airport cooperative research program acrp synthesis 30. The insurer which cedes all or part of insurance risk written to another. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network. Certificate a short form documentation of a reinsurance transaction usually incorporating complete terms and conditions by reference. This frequently includes all insurance company services actuarial services, underwriting, benefit description, etc. Most terms are additionally crossreferenced to irmis references for events whenever you want extra info on chosen topi cs. For information on privacy, see our privacy notice and the description of data file pdf for this service.
When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. This term is frequently used to distinguish between the traditional risk management concept and the newer practice of enterprise risk management erm. The definitions in this glossary are developed by the naic research and actuarial department staff based on. An insurance policy that a person must renew every year, such as health or car insurance annual management charge a charge or fee that a person must pay each year to the manager of an insurance policy, investment or pension fund, based on the value of a persons fund annual service a check made once a year on a piece of equipment to make sure. Glossary of risk related technical terms compliant with most international codes another ten years of research and practice have led to the version of the glossary of risk related technical terms we are pleased to deliver below. Organizations that enable members to buy insurance as a group to get better terms than they would as individual buyers. Glossary of insurance and risk management terms international risk management institute, inc. Act of god an accident or event that is the result of natural causes, without human. Administrative services organization aso an arrangement under which an insurance company, for a fee, processes claims and handles paperwork for a selffunded group. Glossary of insurance and risk management terms pdf. This will allow insurance and risk management organizations to easily add a glossary feature for their web site visitors to use, and also include more than 3,000 key terms on a web site to assist with search engine rankings.
A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Insurance terms glossary understanding common insurance. Certificate a short form documentation of a reinsurance transaction usually incorporating complete terms and. We need to have a process or processes in place for risk management to be effective. Apr 09, 2008 the index to the glossary is also available to put on other web sites in the risk and insurance community. Rims is a notforprofit organization whose purpose is to disseminate and improve the effectiveness of risk management practices. This page provides a glossary of insurance terms and definitions that are. Glossary of risk management and insurance terms golden. An insurance company incorporated under the laws of a foreign.
Governance, risk management, and compliance glossary. An insurance company authorized to do business in this state. The allocated investment return is based on riskfree interest. This glossary was originally published in coverage, claims and consequences. Insurance terminology north american training group, inc. Consumer glossary national association of insurance. You can ask an insurance company or health maintenance organization for a.
If youre looking for a free download links of glossary of insurance and risk management terms pdf, epub, docx and torrent then this site is not for you. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Below are definitions for some of the more commonly used terms and how. Glossary advertising injury arising out of libel or slander. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Logicmanager has been a proud supporter of rims since 2006 when ceo steven minsky authored and donated the rims risk maturity model to the organization. The portion of the sum insured of a risk ceded to a reinsurer. Project management glossary of terms page 3 fall 2007 acronyms aashto american association of state highway and transportation officials acec american council of engineering companies acwp actual cost of work performed afrs agency financial reporting system api applications programming interface bc benefitcost bac budget at completion. Accident medical reimbursement insurance covers medical expenses for injuries arising out of accidents, regardless of liability.
Exgratia payment any payment made by an insurance company that is outside the terms of the policy. Agent the insurance company representative who sells policies on behalf of the insurer. Draft of risk management terminology isotm wg on risk management terminology, doc. It is the company which deals with the client, and reinsures part or all of the risk. Glossary of risk management terms this is a comprehensive list of insurance terms. This dictionary is provided to facilitate understanding and enable individuals engaged in enterprise risk management to be able to speak a common language and communicate more effectively. Additionally accommodates a listing of risk and insurance organizations, listing of state insurance departments in all 50 states, and glossary of over 500 frequent. A professional trained in the mathematics of insurance and risk management.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Automobile insurance coverage on the risks associated with driving. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. Load income minus operating expenses life insurance terminology. The insurer will indemnify said person against loss, damage, or liability arising from a contingent or unknown event. Risk management is a system of preventing or reducing the likelihood that dangerous accidents or mistakes will occur, or reducing the amount of money lost by the insurance company. This term is frequently defined in older commercial general liability cgl policies. Environmental insurance and risk management tools glossary of terms the following terms are typically used by the environmental insurance industry, transactional specialists, and other parties involved in using en vironmental insurance or risk management tools.
Operational risk management involves structuring the organization so that when something bad does happen, the company can absorb that hit in the best way possible. Compiled from the academys five insurance and risk management book plus many other sources, this extensive glossary defines, describes and details 282 insurance and risk management terms and concepts from a posteriori data to zone of danger. Liability arising from extremely dangerous operations. Ere an endorsement that extends the period of time after policy expiration in which a claim can be made, or filed, and still be covered. General insurance reinsurance risk mgt glossary pdf. Glossary of insurance and risk management terms pdf ebook. It is therefore important to establish a basic conceptual understanding of risk and clear definitions of the various terms used to describe risk, risk assessment, and risk management, while maintaining relevance to wildland fire management. 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. Health insurance glossary texas department of insurance. An important risk assessment issue for underwriters, housekeeping. Airport insurance coverage and risk management practices identifies both the variables that affect insurance purchasing for airport operators and the range of risk management practices that exist among u. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute.
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