Glossary of insurance and risk management terms pdf download

Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Insurance terms used in the area of residential title insurance. Glossary of health insurance terms blue cross and blue. Insurance terms glossary understanding common insurance terms. Glossary of insurance and risk management terms by international risk management institute. Operational risk management involves structuring the organization so that when something bad does happen, the company can absorb that hit in the best way possible. Irmi glossary of insurance and risk management terms. The portion of the sum insured of a risk ceded to a reinsurer. Most terms are additionally crossreferenced to irmis references for events whenever you want extra info on chosen topi cs. Agent the insurance company representative who sells policies on behalf of the insurer.

This definition covers a broad range of events and may include runway incursions, pilot deviations. It is therefore important to establish a basic conceptual understanding of risk and clear definitions of the various terms used to describe risk, risk assessment, and risk management, while maintaining relevance to wildland fire management. This dictionary is provided to facilitate understanding and enable individuals engaged in enterprise risk management to be able to speak a common language and communicate more effectively. The affect upon the institution when a risk becomes a reality. Project management glossary of terms page 6 fall 2007 a acceptance criteria those criteria, including performance requirements and essential conditions, which must be met before project deliverables are accepted. Package policy an insurance contract in which several coverages are included in one policy. Traditional risk management, sometimes called insurance risk management, has focused on pure risks i. This glossary was originally published in coverage, claims and consequences. While most undergraduate and graduate business schools educate students about specific risk issues affecting businesses today, few offer courses specifically focused on training the next generation of executives on issues affecting enterprisewide risk management nc states poole college of management is committed to providing graduate business education about erm for its students at the.

Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a stated percentage of medical expenses after the deductible amount, if any, was paid. Trbs airport cooperative research program acrp synthesis 30. Download glossary of insurance and risk management terms. Environmental insurance and risk management tools glossary of terms the following terms are typically used by the environmental insurance industry, transactional specialists, and other parties involved in using en vironmental insurance or risk management tools. Dictionary of insurance terms a absolute liability. Download glossary as pdf file the glossary provides definitions of the main terms used by iais working parties in their work. This is the first amount of any insurance claim that the customer agrees to pay as part of the policy conditions the insurer pays the rest. Arpm associate in risk pool management insurance education association. The index to the glossary is also available to put on other web sites in the risk and insurance community. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place.

Any contracting party needs this irmi bestseller within arms reach. Glossary of risk related technical terms compliant with most international codes another ten years of research and practice have led to the version of the glossary of risk related technical terms we are pleased to deliver below. An important risk assessment issue for underwriters, housekeeping concerns an. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit a 22 sep 2020 houston, usa. An insurer may refuse to provide insurance as the customer event may not meet certain standards. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. Parcel post insurance insurance against loss of property shipped by parcel post while in charge of the post office department. An event or occurrence which is unforeseen and unintended. An insurance policy that a person must renew every year, such as health or car insurance annual management charge a charge or fee that a person must pay each year to the manager of an insurance policy, investment or pension fund, based on the value of a persons fund annual service a check made once a year on a piece of equipment to make sure. Glossary of risk management terms this is a comprehensive list of insurance terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Worldwide these companies write policies that deal with specific risks, and in many cases, even underwrite exotic risks. 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. An independent agent represents more than one company.

Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Partial loss 1 a loss of less than the entire value of property. As a direct corollary, therefore, insurance companies should be good at managing. While many of the terms may have more than one definition e. Accident medical reimbursement insurance covers medical expenses for. This will allow insurance and risk management organizations to easily add a glossary feature for their web site visitors to use, and also include more than 3,000 key terms on a web site to assist with search engine rankings. Glossary advertising injury arising out of libel or slander. The energy risk awards recognise the leading firms in energy risk management. Liability for damages even though fault or negligence cannot be proven. A risk is defined as the effect of uncertainty in the goals, a deviation from the expected, both positive and negative, often denominated in terms of a combination of an event consequence.

Not all concepts or coverages identified in this list are found at chapman university. General insurance reinsurance risk mgt glossary pdf. Download glossary of insurance and risk management terms pdf. Insurance glossary understanding common insurance terms.

Liability arising from extremely dangerous operations. Study insurance costs 7 have a risk management plan 7 get professional advice 7 summary 8 appendixes a. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Activity 1 a component of work performed during the course of a project. Act of god an accident or event that is the result of natural causes, without human. Definition of risk management joe brett, real estate agent remax realty plus procedure to minimize the adverse effect of a possible financial loss by 1 identifying potential sources of loss. The insurer which cedes all or part of insurance risk written to another. Glossary of risk management and insurance terms nonprofit risk. Insurance terminology north american training group, inc. Thank you for choosing to learn more about residential title insurance. All risk coverage insurance that protects against all risk of loss except those specifically. An entity or person, other than the one in whose name coverage is written, protected against loss by an insurance policy or. Glossary of insurance and risk management terms pdf,, download ebookee alternative successful tips for a improve ebook reading experience.

Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network. Jun 01, 2015 in addition to defining more than 3,200 terms, the irmi glossary crossreferences to specific sections in other irmi resources, provides a directory of important organizations and regulatory offices, and contains a unique interpreter of nearly 1,100 frequentlyused abbreviations and acronyms. You can ask an insurance company or health maintenance organization for a. It can also be used as a training and educational tool for regulators. Glossary of risk management terms this is a comprehensive. Glossary airport insurance coverage and risk management. Exclusion a risk or item specifically not covered by a policy. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. A computerized information management systems developed for claims management, loss control, and other risk management data. The disclosures are part of your policy or evidence of coverage. We need to have a process or processes in place for risk management to be effective.

Airport insurance coverage and risk management practices identifies both the variables that affect insurance purchasing for airport operators and the range of risk management practices that exist among u. Project management glossary of terms page 3 fall 2007 acronyms aashto american association of state highway and transportation officials acec american council of engineering companies acwp actual cost of work performed afrs agency financial reporting system api applications programming interface bc benefitcost bac budget at completion. Health insurance glossary texas department of insurance. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Normally, this refers to the proportional insurance of a risk. It explains the ins and outs of indemnity and hold harmless agreements, waivers of subrogation, and ideal insurance specifications, see the table of contents and the top seven reasons youll want it by your side. The most comprehensive investing glossary on the web.

Illinois life insurance section 1 cpmi study guide. It is the company which deals with the client, and reinsures part or all of the risk. Cede to transfer risk from an insurer to a reinsurer. An insurance handbook for nonprofits accident unexpected or chance event.

Consumer glossary national association of insurance. This popular glossary of insurance and risk management terms gives you quick answers to questions involving unfamiliar terminology used in insurance specifications and proposals, risk management reports, and other written documents you receive. Accident medical reimbursement insurance covers medical expenses for injuries arising out of accidents, regardless of liability. Glossary of risk management and insurance terms golden. Insurance and indemnification requirements risk management division effective march 2007 1 d. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The terms are written in plain english with a focus on practical application. Schroders glossary is designed to help clarify terms used in investment literature. Organizations that enable members to buy insurance as a group to get better terms than they would as individual buyers. Draft of risk management terminology isotm wg on risk management terminology, doc. This term is frequently defined in older commercial general liability cgl policies. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Certificate a short form documentation of a reinsurance transaction usually incorporating complete terms and. Issues paper on cyber risk to the insurance sector ntni riskbased global insurance capital standard 2015.

Risk management is a system of preventing or reducing the likelihood that dangerous accidents or mistakes will occur, or reducing the amount of money lost by the insurance company. Glossary of insurance and risk management terms pdf,, download ebookee alternative effective tips for a. Here are the five steps project manager can use for risk management. This page provides a glossary of insurance terms and definitions that are. Certificate a short form documentation of a reinsurance transaction usually incorporating complete terms and conditions by reference. Paidup insurance a policy on which no further premium payments need to be made. Ere an endorsement that extends the period of time after policy expiration in which a claim can be made, or filed, and still be covered.

Additionally accommodates a listing of risk and insurance organizations, listing of state insurance departments in all 50 states, and glossary of over 500 frequent. Insurance industry by shriram gokte background insurance companies are in the business of taking risks. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Incident aviation defined by the faa as an occurrence involving one or more aircraft in which a hazard or a potential hazard to safety is involved but not classified as an accident due to the degree of injury andor extent of damage. Glossary of insurance and risk management terms pdf,, download ebookee alternative effective tips for a much healthier ebook reading. Apr 09, 2008 the index to the glossary is also available to put on other web sites in the risk and insurance community. A form attached to the policy, which alters provisions of the contract. Risk management definition and meaning collins english. Risk management the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose. Little booklet of risk management terminologies 6 risk management processes managing risks in project is imperative for its success. Association captive insurance company a captive insurance company. Exgratia payment any payment made by an insurance company that is outside the terms of the policy.