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- 704 S State Rd 135 Suite D #421, Greenwood, 46143, IN
- (317) 534-6800
- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general ...
These often take the form of glossaries, or lists of specialized terms relating to a special subject – in this case, insurance – with accompanying definitions. Two such glossaries are of particular use to visitors and customers of Insurance-Canada.ca. The University of Calgary's Haskayne School of Business hosts a useful glossary of risk ...
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- 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.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
The amount of money that you pay before your insurance policy pays for a claim. For example, if the cost to repair your car after a collision is $2000, and you have a $500 collision deductible, then you will pay the first $500 and your insurance company will pay $1,500.
- 27 Allstate Pkwy, Markham, L3R 5P8, Ontario
- (800) 255-7828
This term generally appears in the context of accidents and illnesses that affect covered employees and dependants – especially in relation to health-related coverage and products. It can also be referred to as A&H (Accident and Health) or Casualty and Disability coverage. The more familiar industry term is Health Insurance.
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Glossary of terms and definitions. The definitions of insurance terms in this glossary are general. If you require a legal definition for a term, consult your lawyer or the Insurance Bureau of Canada or your provincial insurance regulator. A-I. Accident benefits. A compulsory coverage that provides compensation if you, your passengers or ...
