12/27/2022 0 Comments Insurance word vs word![]() Acts of War, Confiscation, Detainment, Revolution Free of Capture Exclusion in most marine cargo policies, which states that coverage is not provided when due to capture, seizure, arrest, detainment, confiscation, preemption, requisition, or nationalization, whether in time of peace or war. Actuarial Value The percentage of total costs for coverage benefits that a health plan will cover. Act of God An unforeseeable, natural occurrence, such as a flood or tornado. Activities of Daily Living A list of activities, normally including mobility, dressing, bathing, toileting, transferring, and eating which are used to assess degree of impairment and determine eligibility for some types of insurance benefits. Acquisition Costs The insurer‘s cost of putting new business in force, including the agent’s commission, the cost of clerical work, fees for medical examinations and inspection reports, sales promotion expense, etc. The number of units purchased depends upon the current valuation of a unit in dollars. ![]() ![]() Accumulation Units The mechanism used to account for the insured‘s deposits in a variable annuity contract during the premium paying period. Accumulation Period (1) The time between the first premium payment and the first benefit payout under a deferred annuity (2) A specified period of time, such as 90 days, during which the insured person must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy. healthcare providers) meet the acceptable standards for the services the entity wishes to provide. Accreditation Process by which regulatory organizations determine whether an entity (i.e. Accounting The process of recording, summarizing, and allocating all items of income and expense of the company and analyzing, verifying, and reporting the results. Accountable Care Organization (ACO) ACOs are groups of hospitals, doctors and other healthcare providers that organize to provide quality care to their collective Medicare patients. Sometimes referred to as double indemnity. Accidental Death Benefit A benefit in addition to the face amount of a life insurance policy, payable if the insured dies as the result of an accident. Accidental Bodily Injury Injury to the body as the result of an accident. Accident Insurance A form of health insurance against loss by accidental bodily injury. Accident and Health Insurance A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death. The more unlikely the accident or the occurrence, the less expensive it is to insure. Accidental is an important concept of risk for insurance. Accident An event or occurrence which is unforeseen and unintended. Certain situations create absolute liability for the manufacturer a product or the provider of a service. For example, to get help with the terms “ Automobile Liability Insurance” or “Premium”, select either the letter A or P from the menu bar below:Ībsolute Liability Liability for damages even though fault or negligence cannot be proven. ![]() Select the first letter of the word or term to locate a definition and brief description. It is important to identify these unique features in any policy comparison, otherwise a lower price may come at a much higher cost when you have to file a claim for loss or damages in the future. ![]() Lower policy premiums may be the result of decreased payout benefits, higher deductibles, or maximum damages allowed. If you plan to start a new policy or renew your current policy with a different carrier or agency, it is important to review and understand the policy differences behind individual quotes from multiple carriers. 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. 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. ![]()
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