promo

Glossary of Insurance Terms

There are 154 entries in this glossary.
Search for glossary terms (regular expression allowed)
Begins with Contains Exact term Sounds like
All A B C D E F G H I L M N O P Q R S T U V W
Page:  1 2 Next »
Term Definition
Captive Agent

Representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first refusal rights on a sale. In exchange, that insurer usually provides its captive agents with an allowance for office expenses as well as an extensive list of employee benefits such as pensions, life insurance, health insurance, and credit unions.

Casualty

Liability or loss resulting from an accident.

Casualty Insurance

That type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the insured for such injury or for damage to property of others. It also includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and forgery, boiler and machinery insurance and Aviation insurance. Many casualty companies also write surety business.

Claim

A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy.

Co-payment

A predetermined, flat fee an individual pays for health-care services, in addition to what insurance covers. For example, some HMOs require a $10 co-payment for each office visit, regardless of the type or level of services provided during the visit. Co-payments are not usually specified by percentages.

Coinsurance

In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss. For health insurance, it is a percentage of each claim above the deductible paid by the policyholder. For a 20% health insurance coinsurance clause, the policyholder pays for the deductible plus 20% of his covered losses. After paying 80% of losses up to a specified ceiling, the insurer starts paying 100% of losses.

Collision Insurance

Covers physical damage to the insured's automobile (other than that covered under comprehensive insurance) resulting from contact with another inanimate object.

Commercial Lines

Refers to insurance for businesses, professionals and commercial establishments.

Commission

Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer and the marketing methods.

Common Carrier

A business or agency that is available to the public for transportation of persons, goods or messages. Common carriers include trucking companies, bus lines and airlines.

Comprehensive Insurance

Auto insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured car. For example, fire damage or a cracked windshield would be covered under the comprehensive section.

Concurrent Periods

In hospital income protection, when a patient is confined to a hospital due to more than one injury and/or illness at the same time, benefits are paid as if the total disability resulted from only one cause.

Convertible

Term life insurance coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The individual cannot be denied coverage or charged an additional premium for any health problems.

Cost-of-Living Adjustment (COLA)

Automatic adjustment applied to Social Security retirement payments when the consumer price index increases at a rate of at least 3%, the first quarter of one year to the first quarter of the next year.

Coverage

The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification. In life insurance, living and death benefits are listed.

Page:  1 2 Next »

Your Local Weather

65°
18°
°F | °C
Clear
Humidity: 83%
Mon
Thunderstorms
61 | 78
16 | 25
Tue
Thunderstorms
53 | 67
11 | 19

Help Our Troops
Call Home!

cpfs

Donate your old Cell Phone at either of our locations.

More Info

Lock in Your Auto Premium - Click here to find out more.

video

What's your retirement plan?

produc1

Still waiting for your ship to come in?
Forget about it.  Make a real retirement plan.
Hoping for a mysterious inheritance or buying a ton of lottery tickets
isn’t exactly a plan; it’s wishful thinking.  What you need is a serious strategy.  Let’s get started.  We’ll sit down with you and figure out how to accomplish your goals, before the paychecks stop coming in.

Turned Off?

lightTURNED OFF BY YOUR CURRENT INSURANCE?

Switch your auto or home insurance to C.I.S. Group.  It's Easy.  We handle all the cancellation paperwork. Enjoy amazing local service and great rates!