Insurance Glossary

Insurance terminology and risk management.

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.

CONTENTS:

Insurance
– Principles of insurance
– Insurance Contract Principles
– – Personal Contract
– – Conditional Contract
– – Unilateral Contract
– – Contract of Adhesion
– – Contract of Indemnity
– – Insurable Interest
– Indemnification
– How an insurance company makes money
– Determination of rate structures
– Gambling analogy
– History of insurance
– Types of insurance
– Types of insurance companies
– Life insurance and saving
– Size of global insurance industry
– Financial viability of insurance companies
– Controversies
– – Insurance insulates too much
– – Complexity of insurance policy contracts
– – Redlining
– – Health insurance
– – Dental insurance
– – Insurance Patents
– – The insurance industry and rent seeking
– Glossary
– Quote
A
Accidental death and dismemberment insurance
Alcohol exclusion laws
– References
Annuity (US financial products)
– General
– Immediate Annuity
– – Annuity with Period Certain
– – Life annuities
– – – Life annuity variants
– Deferred Annuity
– – Features (aka…Benefits, Riders, Guarantees)
– – Criticisms of deferred annuities
– Taxation
– Insurance company default risk
– Compensation for advisors or salespeople
B
Bancassurance
Beneficiary
Boiler insurance
Bonus-Malus
– Bonus malus in Automobile Insurance
– Bonus Hunger
Buy term and invest the difference
– Obviate the need for permanent insurance
– Immediate accumulation of investment money
– Investment options
– Return of Cash Accumulation
C
Captive Insurance
– Types of Captive
– Commercial Advantages
Cash value
Coinsurance
Casualty insurance
– Segments
– See also
Contents insurance
– See also
– External links
Corporate-owned life insurance
– External links
Credit insurance
– History
Critical illness insurance
Crop insurance
D
Death spiral
Deductible
Directors and officers liability insurance
E
Earthquake insurance
– California
– Japan
Endowment mortgage
– Why have an endowment mortgage
– Problems with endowment mortgages
– – Shortfalls
– Endowment Mortgage Related Resources
Endowment policy
– Full endowments
– Low cost endowment (LCE)
– Unit-linked endowment
– Modified Endowments (U.S.)
Euro-Center
Experience modifier
Extended coverage
F
False insurance claims
Fidelity bond
Financial reinsurance
– History
– The regulator’s perspective
– A banker’s perspective
– The reinsurer’s perspective
– Different accounting regimes
Fire insurance marks
G
General insurance
Gross premiums written
Group Insurance
H
Health insurance
– History and evolution
– Private health insurance
– – Future challenges
– – Common complaints of private insurance
– Publicly funded health insurance
– – Medicare
– – Medicaid
– – Common complaints of publicly funded medicine
– Health insurance in the United States
– – The shift to managed care in the U.S.
– – Fewer U.S. employers offering retiree health benefits
– – Disparity in the rates of uninsured between U.S. states
– Health insurance in Massachusetts
Health insurance fraud
Home insurance
– Types of Homeowners Insurance
– – United States
– References
Hospital case management
Hospital peer review
I
Indemnity
– Freeing of slaves and servants
– Costs of war
– Indemnity in Unification Church belief
Independent medical examinations
Independent medical review
Independent review organization
Insurable interest
Insurable risk
Insurance contract
– General Features
– Parts of an insurance contract
– – Life insurance specific features
– Definitions
Insurance bond
– Why invest in an insurance bond?
– Range of investment funds
Insurance broker
– Insurance brokerage in the UK
Insurance score
K
Keyman Insurance
– Insurable losses
– Who can be a Keyman?
– Taxation
Knock-for-Knock Agreement
– Rationale
– Other contexts
L
Lenders mortgage insurance
Liability insurance
– Overview of Liability Insurance
– – Public liability
– – Product
– – Employers
– Evidentiary rules regarding liability insurance
– Liability insurance in pop culture
Life assurance
– What is life assurance/insurance?
– – Underwriting
– – When does insurance become assurance?
– Protection policies
– – Term assurance
– Investment policies
– – With-profits policies
– – Pensions
– Annuities
– Tax considerations
– – Taxation of life assurance in the United Kingdom
Life insurance
– How life insurance works
– – Insurance vs. assurance
– Types of life insurance
– Temporary
– – Term
– Permanent
– – Whole
– – Universal
– – Limited-pay
– – Endowments
– – Accidental death
– Taxation of life insurance in the United States
– Taxation of life assurance in the United Kingdom
– Related life insurance products
– History
– Criticism
Life table
– Insurance applications
– The mathematics of life tables
– Life tables in biology
– Life tables as an alternative to the Pearl Index
Line sheet
Lloyd’s of London
– Quick facts
– – Capital backing
– History
– ‘Recruit to dilute’
– Structure
– – Businesses at Lloyd’s
– – – Members
– – – Managing agents
– – – Members’ agents
– – – Lloyd’s brokers
– – – Integrated Lloyd’s vehicles (ILVs)
– – Current market structure
– Underwriting ventures
– – Asbestosis
– Types of policies
– Miscellaneous
– – Data
– – Criticism
Loan protection insurance
Locked Funds Insurance
Long term care insurance
– Benefits of Long-Term Care Insurance
– Types of Long Term Care Policies
– Complications encountered with eligibility and deductibles
M
Managing general agent
Marine insurance
– Origins
– Practice
– Protection and Indemnity
– Actual Total Loss and Constructive Total Loss
– Average
– Excess, Deductible, Co-Insurance, and Franchise
– Tonners and Chinamen
– Warranties and Conditions
– Salvage and Prizes
– Marine Insurance Act, 1906
– Bibliography
Medical billing (United States)
– Billing Process
– Payment
– History
– HIPAA
Medical case management
Medical coder
Medical management company
Mortality drag
Mortgage Life Insurance
Mutual insurance
– List of mutual insurance companies
– – Japan
– – United States
– List of demutualized insurance companies
– – Japan
– – South Africa
– – United States
– List of defunct mutual insurance companies
– – Japan
Mortgage payment protection insurance
N
Net premium valuation
– Background
– New Methods
No-fault insurance
P
P & I insurance
– Growth of third party liabilities
– Coverage today
– – Other insurance
– – Mutuality
– – Moral hazard
– – Wilful misconduct
– – Public policy
Parametric insurance
– Transaction cost
– Application
– Users
– Parametric zone
– Transurance
Participating provider option
PAYD
Performance bond
Permanent life insurance
– Payout likelihood
Perpetual Insurance
Pet insurance
Political risk insurance
Preferred provider organization
Premium Financing
– Benefits
Private Mortgage Insurance
Property insurance
R
RAND Health Insurance Experiment
Reinsurance
– Functions of Reinsurance
– – Risk transfer
– – Income smoothing
– – Surplus relief
– – Arbitrage
– Types of Reinsurance
– – Proportional
– – Non-proportional (excess of loss)
– Contracts
– Markets
– Retrocession
Return of premium life insurance
S
Segregated fund
Self insurance
Social insurance
– Government pension expenses
Specialty medical peer review
Subrogation
– Insurance
– – Subrogation against third party
– – Subrogation against insured
– – Subrogation between insurers
– Guarantees
Surety bond
T
Term life insurance
– Concepts
– – Usage
– Annual renewable term
– Level term
– Payout likelihood
– Conversion privileges
Terrorism insurance
– Industry Needs
– Modeling the Risks
– Crisis Management
– Netherlands
– US
– Iraq
Theory of Decreasing Responsibility
– External links
Third party adminstrator
Title insurance
– Why Title Insurance Exists in the United States
– Comparison with other insurance
– Types of policies
– – Owner’s policy
– – Lender’s policy
– – Construction loan policy
– Land title associations
– Industry profitability
Total permanent disability insurance
Trade Credit Insurance
– History
Travel insurance
Travelers Insurance
– Introduction
– To Risk or not to risk
– What is Travel Insurance
– The Limitations of Travel Insurance
– Another Option: The creation of Travel Assistance Companies
– Pricing pressure and commodity products
U
Uberrima fides
Underwriting profit
Unincorporated reciprocal inter-insurance exchange
– References
Uninsured motorist clause
– Definition
– Who is as an uninsured motorist for the purpose of an uninsured motorist clause?
– Litigating an uninsured motorist claim
Universal life insurance
– Uses
– Types
– – Single Premium
– – Fixed Premium
– – Flexible Premium
Utilization management
– References
Utilization review
– References
Unitised insurance fund
– Nature of funds
V
Value of In-Force
Variable universal life insurance
– Uses
– Contract Features
– Premium Flexibility
– – Maximum Premiums
– Investment Choices
– Tax Advantages
– Criticisms of Variable Universal Life
– External links
Vehicle insurance
– Coverage levels
– Public policy
– Basis of premium charges
– – Gender
– – Distance
– – – Reasonable estimation
– – – Odometer-based systems
– – – GPS-based system
– – – OBDII-based system
– Auto Insurance in the United States
– – Coverage Available
– – – Liability
– – – – Combined Single Limit
– – – – Split Limits
– – – Collision
– – – Comprehensive
– – – Uninsured/Underinsured Coverage
– – – Loss of Use
– – – Loan/Lease Payoff
– – – Car Towing Insurance
– United Kingdom Laws regarding motor insurance
– Automobile/Motor Insurance in other countries
Viatical settlement
Vision insurance
W
Whole life insurance
– Types
– Requirements
– Guarantees
– Liquidity
– Performance
– Summary
With-profits policy
– Types of policy
– – Conventional and unitised
– Smoothing
– Types of bonus
– Market Value Reduction (MVR)
– Perceived risk and actual risk
– Regulation
– Reputation
Actuarial science
– Development
– – Pre-formalization
– – Initial development
– – Early actuaries
– – Effects of technology
– – Actuarial science and modern financial economics
– References
– – Works Cited
– – Bibliography
Demography
– Data and methods
– Important concepts
– Basic demographic equation
– History
– The demographic transition
– – References
Age-adjusted life expectancy
Biodemography of human longevity
– Further reading
Birth rate
– Other methods of measuring birth rate
– Factors affecting birth rate
Buffer Theory
– Second Wave of migration
– Third Wave of migration
– Other migration models
Compensation law of mortality
Life expectancy
– Overview
– Life expectancy over human history
– Timeline for humans
– Variations in life expectancy in the world today
– Life expectancy of animals and plants
– Evolution and aging rate
– Calculating life expectancy
– Further reading
List of causes of death by rate
– Notes
List of countries by birth rate
Maximum life span
– Overview
– Increasing maximum life span
– Research data concerning maximum life span
– Publications discussing the concept of maximum life span
– References
Actuarial reserves
Actuary
– History
– – Need for insurance
– – Early attempts
– – Development of theory
– – Early actuaries
– – Development of the modern profession
– Responsibilities
– – Traditional employment
– – Non-traditional employment
– – Remuneration
– Credentialing and exams
– – United States
– – Canada
– – UK and Republic of Ireland
– – Other countries
– – Exam support
– Notable actuaries
– Fictional actuaries
Asset allocation
– Asset allocation in a nutshell
– Examples of asset classes
– Academic studies
– – Performance indicators
– Return versus risk trade-off
Catastrophe modeling
– Perils analyzed
– Lines of business modeled
– Input
– Output
– Uses
– Demand surge
Discount
– Example
– Discount rate
– Discount factor
License
GNU Free Documentation License
– GNU Free Documentation License
About the author
– Nicolae Sfetcu
– – Contact
Publishing House
– MultiMedia Publishing