The low penetration of general insurance presents tremendous opportunity. General provisions for all insurance coverage sample clauses. Outside the united states, propertycasualty insurance is referred to as nonlife or general insurance. Type of packing, mode of carriage, name of carrier, nature of goods, the route. Insurance, which is based on a contract, may be broadly classified into the following types. These definitions represent a common or general insurance andor legal use of the term. According to this principle, the insurance contract must be signed by both parties i. Rajiv sarath, is a businessman, has a house, a car, and two kids. General insurance companies are to prepare accounts revenue for each individual unit. Health insurance can reimburse the insured for expenses incurred from illness. Until recently life insurance corporation of india lic and general insurance corporation.
The different forms of general insurance are fire, marine, motor, accident and other miscellaneous nonlife insurance. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Which agency regulate insurance sector in indiainsurance service pdf. Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate.
General definition, of or relating to all persons or things belonging to a group or category. Liability for damages even though fault or negligence cannot be proven. Insurance handbook insurance information institute. Principle of uberrimae fidei a latin phrase, or in simple english words, the principle of utmost good faith, is a very basic and first primary principle of insurance. Insurance policy definition of insurance policy by. Defining general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record.
Insurer is the company which accepts risks after receiving premiums and pays claims. An independent agent represents more than one company. Most general insurance products are annual contracts. Insurance pdf types of insurance, scope of insurance. All members of the insurance council of australia must adhere to the code. Information and translations of general insurance in the most comprehensive dictionary definitions resource on the web. This coverage pays for damage to the policyholders car resulting from a col. Insurance information institute 110 william street new york, ny 10038 tel. Definition of general insurance in the definitions. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The general insurance business was nationalised after the promulgation of general insurance business nationalization act, 1972. Accidental death coverage accidental death coverage is sometimes a part of your auto insurance policys personal injury protection pip or may be offered as a separate accidental death and dismemberment program. Liability insurance pays the other drivers medical, car repair and.
General insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Insurance insurance is a contract in which an insurance company promises to compensate an insured.
Iec, developed the general insurance code of practice the code. Definition of general insurance general insurance or nonlife insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Commercial general liability cgl is a form of comprehensive insurance that offers coverage in case of damage or injury caused by a businesss operations or products, or on its premises. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim time. Deductible the amount of loss paid by the policyholder. Insurance definition, the act, system, or business of insuring property, life, ones person, etc. A general liability coverage for the work of the insured that has been completed away from the business premises. The instrument containing the terms of the contract is known as a policy. We have covered you for all the az insurance words and their meanings. The term property insurance includes many lines of available insurance. General insurance was controlled and conducted by general insurance corporation of india before the incorporation of insurance regulatory and development authority irda in 2002.
Insurance contracts that do not come under the ambit of life insurance are called general insurance. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. In a wider context casualty insurance may cover all nonlife insurances. Consumer glossary national association of insurance. Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. But some unexpected events can really set you back. Insurance to protect an owner or operator of a business from a wide range of liability exposures. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Agent the insurance company representative who sells policies on behalf of the insurer.
Coverages and benefits listed below may not be available in your state. Insurance rules shall mean the general insurance terms and conditions andor special terms and conditions, or individual terms of an insurance contract. Each of these conventions is devoted largely to the discussion of. An event or occurrence which is unforeseen and unintended. General agent definition of general agent by the free. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Associate in personal insurance api accredited adviser in insurance aai associate in insurance services ais in todays corporate environment, it is more important than ever to set yourself apart from everyone else. Insurance company a company, which may be forprofit, nonprofit or governmentowned, that sells the promise to pay for certain expenses in exchange for a regular fee, called a premium.
Either a specified dollar amount, a percentage of the claim amount, or a specified. Principles of insurance 7 basic general insurance principles. The overall aim of the code is to raise service standards across the general insurance industry. General insurance policies will insure anything other than the life of an individual. Lesson 18 insurance national institute of open schooling.
Glossary ibc public assets insurance bureau of canada. The postnationalisation general insurance business was undertaken by the general insurance corporation of india gic and its 4 subsidiaries. Glossary of commercial insurance terms commercial insurance is divided into two main categories. 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 tangible assets are susceptible to damages and a need to protect the economic value of. Insurance definition and meaning collins english dictionary.
Aaimco american association of insurance management consultants aais american association of insurance services aaltci american association for longterm care insurance aalu association for advanced life underwriting aam associate in automation management aam designation aamga american association of managing general agents. General insurance typically comprises any insurance that is not determined to be life insurance. Insurance policy definition is a document that contains the agreement that an insurance company and a person have made. A subcommittee, chaired by peter johnson, is responsible for organizing the twoday annual conventions of the general insurance study group. Broad categories include life, health, motor, travel, home, rural, commercial and business insurance. They also may be used in a different context where the definition shown may not be applicable to insurance. General insurance institute and faculty of actuaries. Print and pdf formats, and quantity discounts are available for most. They are not part of the cost of goods sold but can constitute a significant portion of a companys expenses. Introduction to general insurance management paradise.
We offer free auto insurance quotes for drivers that have had a history of driving. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. It is called property and casualty insurance in the united states and canada and nonlife insurance in continental europe. If available, some optional coverages and benefits might be offered at an additional charge. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Usually associated with motor vehicle insurance provides specified cover for damage to insured car as well as damage the insured car may cause to the property. Insurable event shall mean an event stated in the specific special terms and conditions andor the insurance policy, upon. Principles of general insurance principles of insurance 58 b in motor insurance. Insurance definitions, dictionary, glossary and terms. In comparison to direct marketing practices, producers are given the authority to solicit insurance to the general public and are paid a commission on insurance sales. A right, benefit, or advantage arising out of property that is of such nature that it may properly be indemnified. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. After you receive your free car insurance quote from us, you can be sure that the general will have your back. Oct 23, 2019 health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
General insurance definition and meaning collins english. It applies across the insurance industry to insurance companies, their employees, agents, investigators, assessors, loss adjusters and collection agents. This page provides a glossary of insurance terms and definitions that are commonly used in. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. These definitions represent a common or general use of the term. The definitions are based on various insurance references. Insureris the company which accepts risks after receiving premiums and pays claims. The part of auto insurance that provides medical care and income replacement benefits to insured persons injured in a car collision, regardless of who caused.
Insurance definition of insurance by the free dictionary. Insurance contract, general legal definition of insurance. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it. Agent a person or a group of people selling insurance on behalf of an insurance company. Under the standard commercial general liability cgl policy, such coverage is limited to liability assumed in any of a number of specifically defined insured contracts or to liability that the. Although each state defines an individuals ability to solicit insurance products, producers are generally categorized as agents, brokers or solicitors. Insurance that covers liability of the insured assumed in a contract. Common general insurance terms you should be aware of securenow. Insurance company financial definition of insurance company. Propertycasualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. Chapter iii overview of general insurance business in. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Mar 25, 2020 insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The usual term lasts for the duration of a particular economic activity or for a given period of time.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. General insurance policies are issued for a short period, say, for a year, but. Insurance is an arrangement in which you pay money to a company, and they pay money to. What are the different types of general insurance policies. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. It is called property and casualty insurance in the united states and. General insurance definitions clark county, washington. Some words and phrases may be defined differently by other individuals or organizations. Here are some of the terms commonly used in case of general insurance insurance.
Without limiting contractors indemnification of county, and in the performance of this contract and until all of its obligations pursuant to this contract have been met, contractor shall provide and maintain at its own expense insurance coverage satisfying the requirements specified in sections 8. General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps and even from. Chapter iii overview of general insurance business in india. What is property and casualty insurance insuropedia by. Insurance terminology north american training group, inc. Because this category often houses the salaries of the top executives, as well as many other expenses, it is often the target of costcutting when a company has cashflow problems. For example, if one purchases health insurance, the insurance company will pay for some of the clients medical bills, if any.
Associateship of the chartered insurance institute. It is the application form for applying for an insurance cover insurance agent. India has second largest population in asia and the world and an increasing middle class population. The book is a unique language learning tool for students of english. General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. Insurable interest legal definition of insurable interest. Actuaries have a joint committee on general insurance, chaired by terry clarke. It students with a glance at american lifestyle, as well as a compendium of useful vocabulary, the dictionary is organized thematically, beginning with topics that. The new oxford picture dictionary contextually illustrates over 2,400 words.
It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss proposal. The general is a name that millions have come to know, depend upon, and trust. Insurance glossary insurance terms and definitions from general insurance. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is responsible for making it work.
686 62 950 1522 1442 1534 800 1020 398 1323 76 746 840 923 337 1375 361 519 849 532 751 1479 799 264 424 1038 1380 1485 63 498 821 1165 1534 469 130 632 1120 515 970 118 1477 776 1111