English terminology specialized in insurance from A-Z

English terminology specialized in insurance from A-Z

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.

1. English terminology specialized in insurance (From A to B)

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


2. English terminology specialized in insurance (From C to D)

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).