Accelerated Death benefit
A provision in a life insurance policy that allows the insured to receive a portion of the death benefit while they are still alive if they are diagnosed with a terminal illness.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Act of God
An “Act of God” is a term used in insurance to describe a natural event that is beyond human control and could not have been prevented by reasonable care or foresight.
Actual Cash Value (ACV)
Actual Cash Value (ACV) is a method of valuing property in insurance that takes into account depreciation due to age, wear and tear, and other factors that reduce the property’s value over time.
Actuary
A business professional who analyzes the financial consequences of risk.
Acupuncture & Alternative Therapy Coverage in Pet Insurance
Acupuncture & Alternative Therapy Coverage in pet insurance refers to the benefits provided for non-traditional, holistic, or complementary treatments that support a pet’s recovery, pain management, or overall wellness. These therapies are typically performed by licensed veterinarians or certified practitioners and are often used alongside conventional veterinary care.
Additional Insured
An additional insured is a person or entity, other than the named insured, who is added to an insurance policy and receives certain coverage benefits.
Adjustable Premium
An adjustable premium is an insurance premium that can change over time, depending on various factors such as the insurance company’s claims experience, investment performance, or changes in the policyholder’s risk profile.
Admitted Company (USA)
An admitted company, also known as an authorized or licensed insurer, is an insurance company that has received a license to operate within a particular state or jurisdiction.
Advanced Loss of Profit Insurance (ALOP)
Advanced Loss of Profit (ALOP) insurance, also known as delayed start business interruption insurance, is a specialized type of insurance that covers loss of profits for businesses that experience delays in starting up a new project or operation due to an insured event.
Affordable Care Act (USA)
The Affordable Care Act (ACA), also known as Obamacare, is a landmark health care reform law enacted in the United States in 2010.
Agency Management System
An Agency Management System (AMS) is a software application designed to help insurance agencies and brokerages manage their daily operations.
Agent
In the insurance industry, an agent is a licensed professional who acts as an intermediary between insurance companies and consumers.
