You are working in the insurance industry and regularly exchange and negotiate with foreign customers and partners. You often have to read insurance documents in English but there are many terms you do not understand...
To address the above concerns, EnglishTop share with you the documents Summary of English insurance terminology from A to Z, hopefully will help you be more confident and successful at work. This document includes 3 parts, below is the content of part 1.
Key Term |
Terms |
Absolute assignment |
Completely transferable |
Accelerated death benefit rider |
Special provisions on prepayment of insurance benefits |
Accidental death and dismemberment rider |
Special provision for death and permanent total disability due to accident |
Accidental death benefit |
Additional insurance benefits when the insured dies due to an accident |
Accumulated value |
Cumulative value |
Accumulation at interest dividend option |
Choose to accumulate dividends |
Accumulation period |
Accumulation period |
Accumulation units |
Cumulative unit |
Activity at work provosion |
Working terms |
Activities of daily living |
Daily activities |
Actuaries |
Actuary |
AD & D Rider (acidental death and dismemeberment rider) |
Accidental death and total loss provisions |
Additional insured rider |
Additional Insured Rider |
Additional term insurance dividend option |
Choose to use dividends to buy term insurance |
Adjustable life insurance |
Adjustable life insurance |
Administrrative services only (ASO) contract |
Management service contract |
Adverse seletion antiselection |
Adverse selection (adverse selection) |
Aggregate stop loss coverage |
Insurance over the total compensation. |
Aleatory contract |
Lucky contract |
Allowable expensive |
Ask for reasonable fees |
Annual return |
Annual revenue |
Annual statement |
Report of the year |
Annual renewable term (ART) insurance yearly renewable term insurance |
Insurance from annual renewal period |
Annunity |
Annuity insurance (Life insurance that pays periodically) |
Announcing |
Annuitant |
Annunity beneficiary |
The beneficiary of an annuity contract |
Annunity certain |
Guaranteed annuity payment term |
Annunity date |
Annuity Start Date |
Annunity mortality rates |
Mortality rate in annuity insurance |
Annunity units |
Annuity unit. |
Antiselection |
Adverse selection (adverse selection) |
APL provision automatic premium loan provision |
Auto fee loan terms |
Applicant |
Insurance claimant |
Assessment method |
Valuation method |
Assets |
Asset |
Assignee |
Transferee |
Assignment |
Transfer |
Assignment provision |
Terms of assignment |
Assignor |
Transferor |
Attained age |
Current age |
Attained age conversion |
Convert contract according to current age |
Automatic dividend option |
Option to automatically use profit sharing |
Automatic nonforfeiture benefit |
Benefits cannot be automatically canceled |
Automatic premium loan (APL) provision |
Auto Loan Terms |
Bargaining contract |
Bargain contract (negotiation) |
Basic medical expense coverage |
Basic medical expense insurance |
Beneficiary |
Beneficiary |
Benefit period |
Benefit period |
Benefit schdule |
Table describing insurance benefits |
Bilateral contract unilateral contract |
Bilateral contracts, unilateral contracts |
Blended rating |
Determine costs according to the aggregate method |
Block of policy |
Homogeneous contract group |
Business continuation insurance plan |
Business interruption insurance |
Business overhead expense ceverage |
Business expense insurance |
Buysell agreement |
Sales agreement |
Key Term |
Terms |
Calendaryear deductible |
Exemption rates are usually per year |
Canadian Council of Insurance Regulator |
Insurance Regulatory Council of Canada. |
Canadian life and Health Insurance Association (CCIR) |
Canadian Life and Health Insurance Association |
Canadian life and health insurance compensation corporation (CLHIA) |
Organization that protects the rights of Canadian life and health insurance customers |
Cancellable policy |
The contract can be canceled |
Capital |
Capital |
Capitation |
Fees are paid per person |
Case management |
Case management. |
Cash dividend option |
Choose to receive dividends in cash |
Cash refund annunity |
Premium annuity |
Cash surrender value |
Redemption value (refund) |
Cash surrender value nonforfeiture option |
Choose to cancel the contract to receive the settlement value (refund) |
Cash value |
Cumulative value of the contract |
Cede |
Reinsurance ceded |
Ceding company |
Reinsurance company (original insurance company) |
Certificate holder |
Group insured (in group insurance) |
Certificate of insurance |
Insurance certificate |
Change of occupation provision |
Terms of career change |
Children’s insurance rider |
Special insurance policy for children |
Critical illness coverage (CI) |
Critical illness insurance |
Claim |
Request settlement of insurance benefits |
Claim analist |
Insurance benefits settlement person |
Claim cost |
Expenses for settlement of insurance benefits (in insurance valuation) |
Claim examiner |
Insurance benefits settlement person |
Claim specialist |
Similar to Claim examiner |
Class designation |
Designate beneficiary groups |
Class of policies |
Type of insurance policy |
Closed contract |
Closed contract (Type of contract that only includes the terms and conditions in the contract is valid) |
Closely held business |
Enterprises limit the number of members, |
Coinsurance povision |
Coinsurance clause |
Collateral assigmenent |
Mortgage |
Common disaster clause |
Co-death clause |
Community property state |
State (country) under co-ownership of property |
Commutative contract |
Equal price contract |
Compound interest |
Compound interest (compound) |
Comprehensive major mediacal policy |
Comprehensive (bundled) medical expense insurance policy |
Concurrent review |
Concurrent evaluation |
Conditional promise |
Conditional promise |
Conditional renewable policy |
Conditional renewal contract. |
Conservative mortality table |
Conservative mortality table |
Consideration |
For normal |
Contingency reserves |
Large fluctuation reserve |
Contingent beneficiary |
Beneficiaries are in the second row. |
Contingent payee |
Next beneficiary |
Continuous premium whole life policy |
Whole life insurance policy with continuous premium payments. |
Contract |
Contract |
Contract of adhesion |
Predetermined contract |
Contract of indemnity |
Compensation contract. |
Contractholder |
Contract owner |
Contractual capacity |
Legal capacity when signing a contract. |
Contributory plan |
Group insurance program with shared premiums. |
Conversion privilege |
Right to convert contracts |
Conversion privilege |
Contract conversion clause |
Conversion provision |
Contract conversion privilege |
Cenvertible term insurance policy |
Convertible term insurance |
Coordination of benefit (COB) provision |
Combination of interests clause. |
Copayment |
Pay together |
Corporation |
Company |
Cost of living adjustment (COLA) benefit |
Insurance benefits adjusted according to living expenses. |
Credit life insurance |
Term credit insurance. |
Critical illness (CI) coverage |
Critical illness insurance |
Crosspurchase method |
Cross-buying method |
Declined risk |
Risk of rejection |
Decreasing term life insurance |
Term insurance has a decreasing insurance amount |
Deductible |
Exemption level |
Deferred annunity |
Deferred annuity |
Deferred compensation plan |
Postpaid benefit program. |
Defferred profit sharing plan (DPSP) |
Profit sharing insurance program |
Defined benefit pensionplan defined contribution pension plan |
Defined benefit pension plan. |
Dental expense coverage |
Dental expense insurance. |
Deposit administration contract |
Intellectual fund management contract |
Disability buyout coverage |
Insurance to buy back shares in case of disability. |
Disability income benefit |
Income allowance when disabled. |
Disability income coverage |
Income subsidy insurance. |
Dividend options |
Options for using dividends |
Divisible surplus |
Profit sharing |
Domestic insurer |
State insurance company (US term) |
Double indemnity benefit |
Benefits are only paid twice |
Dread disease (DD) benefit |
Insurance benefits for certain critical illnesses (death). |