Insurance Exam Vocabulary Terms
Insurance Definitions Glossary Flashcards
See below to find an extensive list of insurance vocabulary glossary terms and an insurance definitions dictionary. Learning insurance exam terms will help you pass the insurance test. Our online insurance exam prep has helped thousands of test-takers pass their insurance licensing examination and is guaranteed to help you pass!
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A
- 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
B
- 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
C
- 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
D
- 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
E
- 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
F
- 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
G
- 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
H
I
- 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
L
- 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)
M
- 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
N
- 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
O
P
- 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
R
- 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
S
- 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
T
U
- 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
V
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