Glossary Index | Categories | Tagged Terms

Terms with Category Insurance

Benefit Period -
Business Net Retention

Abandonment Clause — Definition,
- A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
Accelerated Benefit Option — Definition,
- An option that allows the insured to receive insurance benefits before they would ordinarily be available.
Accidental Death and Dismemberment Insurance — Definition,
- Insurance coverage for death or dismemberment (the loss of a body part).
Accidental Death Benefit (ADB) — Acronym, Very Important,
- An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
➥ A life insurance policy rider.
Accommodation Line — Definition,
- As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.
Account Current (AC) — Acronym, Very Important,
- A ledger summarizing the performance of each agent employed by an insurance company.
➥ A monthly or yearly ledger style report provided by an insurer to an insurance agent detailing policies, premiums, commissions, cancellations, and endorsements.
Accounts Receivable Insurance — Definition,
- Insurance covering losses due to cash flow problems.
Act of God (AOG) — Acronym,
- When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
Activities of Daily Living (ADL) — Acronym, Important,
- Physical activities an average individual is capable of doing on a normal day.
Actual Age — Definition,
- The years since a structure was built. Differs from effective age.
Actual Cash Value (ACV) — Acronym,
- The replacement cost of an insured asset with depreciation accounted for.
- The amount of money that a broker or dealer has invested in the purchase and repair of a used vehicle.
Actuarial Table — Definition,
- A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
Actuary — Definition,
- An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
Adequacy of Coverage — Definition,
- An assessment of how well an entity's property and assets are insured against potential losses.
Adjusted Cost Basis — Definition,
- The amount paid for an item, plus the amount paid for improvements, minus losses and depreciation. When the owner sells the item, the difference between the sales price and the adjusted cost basis is the profit or loss.
Agency (agcy) — Abbreviation,
- A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
Agent (agt) — Abbreviation,
- A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
Aggregate Limit of Liability — Definition,
- A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.
Alien Abduction Insurance (AAI) — Acronym, Cosmos,
- Insurance that covers costs resulting from alien abductions.
➥ An extra-terrestrial abduction policy.
Annual Administrative Fee — Definition,
- An annual (yearly) fee charged for the administration of a service.
Approved for Reinsurance — Definition,
- A company that is certified to provide reinsurance in a certain area.
Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
Assignee — Definition,
- In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
- A person appointed to acquire (take) an item, such as a property.
Assignor — Definition,
Attained Age — Definition,
- The current age of an insured individual.
Automobile Liability Insurance — Definition,
- Insurance coverage for damages caused in traffic collisions.
Back Title Letter — Definition,
- A document that a title insurance company gives to an attorney specifying condition of the title.
Balance Sheet (B/S, BS) — Acronym,
- A listing of a business' assets, liabilities and ownership equity as of a specific date.
Basis — Definition,
- Relating to cost basis, this is the amount assigned to an asset from which a taxpayer determines capital gain or loss. For assets purchased, the basis is the price paid. Special rules apply to assets acquired through gift or inheritance, as well as to the value of stock funds held for a period during which earnings are reinvested.
- That on which a thing rests or is founded.
Beneficiary — Definition,
- An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.