Glossary of insurance and risk management terms pdf free

Insurance terms glossary understanding common insurance terms. Glossary of insurance and risk management terms pdf ebook php. 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. Insurance terms glossary understanding common insurance. 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. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Environmental insurance and risk management toolsglossary. The original glossary of insurance terms was compiled by john s.

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. 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. Glossary advertising injury arising out of libel or slander. This term is frequently used to distinguish between the traditional risk management concept and the newer practice of enterprise risk management erm. 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. Agent the insurance company representative who sells policies on behalf of the insurer. Hosted by, these awards bring together recognition of the leading vendor solutions for credit, operational and enterprisewide.

Irmi glossary of insurance and risk management terms. 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. The definitions in this glossary are developed by the naic research and actuarial department staff based on. Exgratia payment any payment made by an insurance company that is outside the terms of the policy. Cede to transfer risk from an insurer to a reinsurer. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance.

Accident medical reimbursement insurance covers medical expenses for. 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. This glossary was originally published in coverage, claims and consequences. An independent agent represents more than one company. 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. 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. The insurer which cedes all or part of insurance risk written to another. A person employed by a propertycasualty insurer to evaluate losses and settle claims. Most terms are additionally crossreferenced to irmis references for events whenever you want extra info on chosen topi cs. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network.

On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. A professional trained in the mathematics of insurance and risk management. Certificate a short form documentation of a reinsurance transaction usually incorporating complete terms and. Certificate a short form documentation of a reinsurance transaction usually incorporating complete terms and conditions by reference. The allocated investment return is based on riskfree interest. Governance, risk management, and compliance glossary. Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. A form attached to the policy, which alters provisions of the contract. The index to the glossary is also available to put on other web sites in the risk and insurance community. Act of god an accident or event that is the result of natural causes, without human. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. 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.

Exclusion a risk or item specifically not covered by a policy. 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. Glossary airport insurance coverage and risk management. Insurance risk management insurance glossary definition. Below are definitions for some of the more commonly used terms and how. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. The insurer will indemnify said person against loss, damage, or liability arising from a contingent or unknown event. While many of the terms may have more than one definition e. This term is frequently defined in older commercial general liability cgl policies. 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. An insurance company authorized to do business in this state. 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. Glossary of insurance and risk management terms pdf. Glossary of risk management terms this is a comprehensive list of insurance terms.

General insurance reinsurance risk mgt glossary pdf. Consumer glossary national association of insurance. A computerized information management systems developed for claims management, loss control, and other risk management data. 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. Load income minus operating expenses life insurance terminology. 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. Normally, this refers to the proportional insurance of a risk. Organizations that enable members to buy insurance as a group to get better terms than they would as individual buyers. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance.

Glossary of insurance and risk management terms pdf ebook. Rims is a notforprofit organization whose purpose is to disseminate and improve the effectiveness of risk management practices. It is the company which deals with the client, and reinsures part or all of the risk. Automobile insurance coverage on the risks associated with driving. Insurance and indemnification requirements risk management division effective march 2007 1 d. Illinois life insurance section 1 cpmi study guide learn with flashcards, games, and more for free. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references.

This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Liability arising from extremely dangerous operations. A company owned solely or in large part by one or more non insurance entities. Download this free special report featuring practical knowledge and insights from 11 respected captive insurance thought leaders. For information on privacy, see our privacy notice and the description of data file pdf for this service. 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. Reinsurance terms basic collection of terms used in the reinsurance industry. Two such glossaries are of particular use to visitors and customers of insurancecanada. An insurance company incorporated under the laws of a foreign. Glossary of risk management terms this is a comprehensive.

Two such glossaries are of particular use to visitors and customers of insurance canada. Draft of risk management terminology isotm wg on risk management terminology, doc. 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. Health insurance glossary texas department of insurance. Learn all the insurance terms with our insurance terms and terminology resources. This frequently includes all insurance company services actuarial services, underwriting, benefit description, etc. Little booklet of risk management terminologies 6 risk management processes managing risks in project is imperative for its success. Trbs airport cooperative research program acrp synthesis 30.

Glossary of risk management and insurance terms nonprofit risk. We need to have a process or processes in place for risk management to be effective. Accident medical reimbursement insurance covers medical expenses for injuries arising out of accidents, regardless of liability. Administrative services organization aso an arrangement under which an insurance company, for a fee, processes claims and handles paperwork for a selffunded group.

Here are the five steps project manager can use for risk management. This page provides a glossary of insurance terms and definitions that are. Glossary of insurance and risk management terms international risk management institute, inc. 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. An important risk assessment issue for underwriters, housekeeping. The affect upon the institution when a risk becomes a reality. Insurance terminology north american training group, inc. Glossary of risk management and insurance terms golden. Additionally accommodates a listing of risk and insurance organizations, listing of state insurance departments in all 50 states, and glossary of over 500 frequent.

Dig deep into important issues and trends in captive insurance. The portion of the sum insured of a risk ceded to a reinsurer. 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. The terms are written in plain english with a focus on practical application. You can ask an insurance company or health maintenance organization for a. Apr 09, 2008 the index to the glossary is also available to put on other web sites in the risk and insurance community. The disclosures are part of your policy or evidence of coverage. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. An entity or person, other than the one in whose name coverage is written, protected against loss by an insurance policy or. Both men served on operating commit tees of the commission on insurance terminology cit, which worked to develop more precise insurance definitions during 19581971, and both sought to continue the efforts of the commission. Not all concepts or coverages identified in this list are found at chapman university. 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. 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.