Insurance Exam Vocabulary Terms

Accident

Accident Insurance

Accident Only

Accident Only or AD&D

Accidental Bodily Injury

Accidental Death & Dismemberment

Accumulation Period

Actual Cash Value

Actuarial Report

Actuary

Adjuster

Admission

Admitted Assets

Admitted Company

Advance Premiums

Adverse Selection

Advisory Organization

Affiliate

Agent

Aggregate

Aggregate Cost Payments

Aircraft

ALAE

Alien Company

Allied Lines

All-Risk

Alternative Workers' Compensation

Ambulatory Services

Annual Statement

Annuitant

Annuities – Immediate Non-variable

Annuity

Appraisal

Arbitration

Assessed Value

Asset

Asset Risk

Assigned Risk

Assisted Living Care

Assumed Reinsurance

Authorized Company

Authorized Control Level Risk Based Capital

Authorized Reinsurance

Auto Liability

Auto Physical Damage

Automobile Liability Insurance

Balance Sheet

BCEGSBuilding Code Effectiveness Grading Schedule

Beneficiary

Benefits (Medical & Hospital Expenses)

Blanket coverage

Boatowners/Personal Watercraft

Bodily Injury

Boiler & Machinery or Equipment Breakdown & Machinery

Bonds

Book Value

Broker

Builders' Risk Policies

Burglary and Theft

Business Auto

Business Interruption

Business owners Policy

Calendar Year Deductible

Capital and Surplus

Capital and Surplus Requirement

Capital Gains (Loss)

Capitation Arrangement

Captive Agent

Captive Insurer

Carrying Value (Amount)

Cash

Cash Equivalent

Casualty Insurance

Catastrophe Bonds

Catastrophe Loss

Ceded Premium

Ceding Company

Centers for Medicare & Medicaid Services (CMS)

Change in Valuation Basis

Chartered Life Underwriter (CLU)

Chartered Property Casualty Underwriter (CPCU)

Claim

Claims Adjustment Expenses

Claims-made Form

Class Rating

Coinsurance

Collar

Collateral Loans

Collateralized Bond Obligations (CBOs)

Collateralized Mortgage Obligations (CMOs)

Combinations

Combined Ratio

Commencement Date

Commercial Auto

Commercial Earthquake

Commercial Farm and Ranch

Commercial Flood

Commercial General Liability

Commercial Mortgage-Backed Securities

Commercial Multiple Peril

Commercial Package Policy

Commercial Property

Commission

Community Rating

Company Code

Completed Operations Liability

Comprehensive (Hospital and Medical)

Comprehensive General Liability (CGL)

Comprehensive Personal Liability

Comprehensive/Major Medical

Concurrent Causation

Conditions

Condos

Construction and Alteration Liability

Contingency Reserves

Contingent Liability

Continuation of Care Requirement

Continuing Care Retirement Communities

Contract Reserves

Contractual Liability

Convertible Term Insurance Policy

Coordination of Benefits (COB)

Copay

Corrective Order

Covered Lives

Credit

Credit – Assumption Agreement

CreditCredit Default

Credit – Involuntary Unemployment

Credit Accident and Health (group and individual)

Credit Disability

Credit Health Insurance

Credit Involuntary Unemployment

Credit Life Insurance

Credit Personal Property Insurance

Credit Placed Insurance

Credit Risk

Creditor-Placed Auto

Creditor-Placed Home

Crop

Crop-Hail Insurance

Date of Issue

Declarations

Deductible

Deferred Annuity

Demutualization

Dental Insurance

Dental Only

Derivative

Difference In Conditions (DIC) Insurance

Direct Incurred Loss

Direct Loss

Direct Writer

Direct Written Premium

Directors & Officers Liability

Disability Income

Disability IncomeLong-Term

Disability IncomeShort-Term

Dividend

Domestic Insurer

Dual Interest

Dwelling Property/Personal Liability

Early warning system

Earned Premium

Earthquake

EBNREarned but not reported

EDP Policies

Effective Date

Elevators and Escalators Liability

Employee Benefit Liability

Employee Retirement Income Security Act of 1974 (ERISA)

Employers Liability

Employment Practices Liability Coverage

Encumbrance

Endorsement

Enrollment

Environmental Impairment Liability (EIL)

Environmental Pollution Liability

Equity Indexed Annuity

Errors and Omissions Liability | Professional Liability other than Medical

Event Cancellation

Excess and Umbrella Liability

Excess of Loss Reinsurance

Excess Workers' Compensation

Expense Ratio

Experience Rating

Exposure

Extra Expense Insurance

Face Amount

Facultative Reinsurance

FAIR PlanFair Access to Insurance Requirements

Fair Value

Farmowners Insurance

Federal Flood Insurance

Federally Reinsured Crop

Fees Payable

FEMAFederal Emergency Management Agency

Fidelity

Financial Guaranty

Financial Reporting

Financial Responsibility Law

Financial Statement

Fire

Fire Legal Liability

Flood

Foreign Insurer

Foreign Investment

Foreign jurisdiction

Fraternal Insurance

Fronting

Generally Accepted Accounting Principles (GAAP)

Gramm-Leach Bliley Act (GLBA)

Goodwill

Gross Paid-in and Contributed Surplus

Gross Premium

Group Accident and Health

Group Annuities – Deferred Non- Variable and Variable

Group Annuities – Deferred Variable

Group Annuities – Immediate Non-Variable and Variable

Group Annuities – Immediate Variable

Group Annuities – Unallocated

Group Annuity

Group Health

Group Code

Group Credit – Life

Group Health Organizations – Health Maintenance (HMO)

Guaranty Fund

Hard Market

Hazard

Health – Excess/Stop Loss

Health Insurance

Health Maintenance Organization (HMO)

Health Plan

Hold-Harmless Agreement

Homeowners Insurance

Hospital Indemnity Coverage

Hull Insurance

Incontestability Provision

Incurred But Not Reported (IBNR)

Incurred Claims

Incurred Losses

Indemnity, Principle of

Independent Adjuster

Independent Agent

Independent Contractor

Index Annuity

Individual Annuities – Deferred Variable

Individual Annuities – Immediate Variable

Individual Annuities – Special

Individual Annuities- Deferred Non-Variable and Variable

Individual Annuities- Deferred Non-Variable

Individual Annuities- Immediate Non-Variable

Individual Annuities- Immediate Non-Variable and Variable

Individual Health

Individual Credit – Credit Disability

Individual Credit – Life

Industrial Life

Inland Marine

Insurable Interest

Insurance

Insurance Holding Company System

Insurance Regulatory Information System (IRIS)

Insurance to Value

Insured

Insurer

Intermediary

International

Internet Liability Insurance/Cyber Insurance

Investment grade

Investment Income Accrued

Investment Income Due

Investment Income Gross

Irrevocable Beneficiary

Joint and Last Survivor Annuity

Joint Underwriting Association (JUA)

Joint-Life Annuity

Key-Persons Insurance

Kidnap/Ransom Insurance

Lapse

Level Premium Insurance

Liability

Life – Endowment

Life – Flexible Premium Adjustable Life

Life Settlements

Lifetime Disability Benefit

Limited Benefit

Limited Payment Life Insurance

Limited Policies

Limits

Line of Business

Liquor Liability

Living benefits rider

Lloyd's of London

Loan-backed Securities

Long Duration Contracts

Long-Term Care

Long-Term Disability Income Insurance

Loss

Loss Adjustment Expense (LAE)

Loss Frequency

Loss of Use Insurance

Loss Payable Clause

Loss Ratio

Loss Reserve

Loss Reserves

Losses Incurred

Losses Incurred But Not Reported (IBNR)

Major Medical

Malpractice

Managed Care

Mandated benefits

Manufacturers Output Policies

Margin Premium

Market Value

Mechanical Breakdown Insurance

Medicaid

Medical & Hospital Expenses (Benefits or Claims)

Medical Malpractice

Medical Only

Medical Professional Liability

Medicare

Medicare + Choice

Medicare Advantage Plan

Medicare Cost

Medicare Part DStand-Alone

Medicare Supplement

Medigap

Minimum Premium Plan

Mobile HomesHomeowners

Mobile Homes under Transport

Modified Guaranteed

Member

Moral Hazard

Morale Hazard

Morbidity

Morbidity Risk

Morbidity Table

Mortality Table

Mortgage

Mortgage Guaranty

Mortgage Insurance

Mortgage-Backed Securities

Multi-Peril Insurance

Municipal Bond Guarantee Insurance

Municipal Liability

Municipal obligation bond

Mutual Insurance Company

Mutual Insurance Holding Company

Named Insured

Named Peril Coverage

National Association of Insurance Commissioners (NAIC)

Negligence

Net Admitted Assets

Net Income

Net Premiums Earned

NFIPNational Flood Insurance Program

Nonadmitted Assets

Nonadmitted Insurer

Non-controlled stock insurers

Non-proportional Reinsurance

Notional Value

Nationally Recognized Statistical Rating Organization (NRSRO)

Nuclear Energy Liability

Occurrence

Ocean Marine

Officer

Option

Other Accident and Health

Other Considerations

Other Liability

Other Underwriting Expenses

Owner Occupied

Package Policy

Par Value

Peril

Permanent Life Insurance

Personal Auto Policy

Personal Earthquake

Personal Flood

Personal GAP Insurance

Personal Injury Liability

Personal Injury Protection Coverage/PIP

Personal Property

Pet Insurance Plans

Policy

Policy Dividend

Policy Period

Policy Reserve

Policyholders Surplus

Pollution

Pool

Preferred Provider Organization (PPO)

Preferred Risk

Premises and Operations

Premium

Premiums Earned

Premiums Net

Premiums Written

Primary Insurance

Prior Approval Law

Private Passenger Auto (PPA)

Producer

Product Liability

Professional Errors and Omissions Liability

Property

Pro-rata (proportional) Reinsurance

Protected Cell

Protection and Indemnity (P&I) Insurance

Provider Sponsored Network (PSN)

Provisions

Proximate Cause

Public Adjuster

Pure Premium

Pure Risk

Qualified Actuary

Rate

Risk Based Capital (RBC) Ratio

Rebate

Reinsurance

Reinsurer

Renewable Term Insurance

Renters Insurance

Replacement Cost

Reported Losses

Reserve

Reserve Credit

Residence

Residual Market Plan

Retention

Retention Limit

Retrocession

Retrospective Rating

Rider

Risk

Risk Retention Act

Risk Retention Group

Salvage

Statutory Accounting Principles (SAP)

Securitization of Insurance Risk

Security

Self-Insurance

Separate Account

Short-term Disability

Short-Term Medical

Situs of Contract

Social Insurance

Soft Market

Special revenue bond

Specified Disease Coverage

Specified/Named Disease

Standard Risk

State Children's Health Insurance Program

State of Domicile

State Page

Statement Type

Statement Value

Statutory Accounting

Stock Insurance Company

Stop Loss/Excess Loss

Structured Securities

Structured Settlements

Subrogation

Subrogation Clause

Subsequent Event

Substandard Risk

Superfund

Surety Bond

Surplus

Surplus Line

Swap

Tenants

Term

Term Insurance

Third Party

Title Insurance

Total Liabilities

Total Revenue

Travel Coverage

Treaty

Unallocated Loss Adjustment Expense (ULAE)

Umbrella and Excess (Commercial)

Umbrella and Excess (Personal)

Unauthorized Reinsurance

Underinsured Motorist Coverage

Underlying Interest

Underwriter

Underwriting

Underwriting Risk

Unearned Premium

Unearned Premium Reserve

Universal Life Insurance

Unpaid Losses

Valued Policy

Valued Policy Law

Variable Annuity

Variable Life Insurance

Variable Universal Life

Viatical Settlements

Vision

Warrant

Warranty

Whole Life

Whole Life Insurance

Workers' Compensation

Written Premium