Managing General Agent
A Managing General Agent (MGA) is a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer.
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.
Mutual Aid Insurance Platforms (China)
In China, Mutual Aid Insurance Platforms (also called Mutual Assistance Plans or 互助保险/互助计划) refer to peer-to-peer risk-sharing schemes where large groups of members voluntarily contribute small amounts of money to collectively pay for another member’s claim—usually for serious illness.
Mutual Insurance Companies
Mutual insurance companies are insurance companies that are owned by their policyholders.
NAIC (USA)
The NAIC (National Association of Insurance Commissioners) is a U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
Named Insured
The named insured is the person or entity specifically identified and listed by name on the declarations page of an insurance policy.
New Business
In the insurance industry, new business refers to the first-time purchase of an insurance policy by a customer.
Payment grace period
The period of time after the premium due date during which an insurance policy remains in force, even if the premium has not been paid.
Policy Administration System (PAS)
A Policy Administration System (PAS) is a software application used by insurance companies to manage and automate the administration of insurance policies throughout their lifecycle.
Policy Period
The policy period, also known as the policy term, is the duration for which an insurance policy provides coverage.
Policyholder
A policyholder, also known as the insured or the policy owner, is the person or entity that owns an insurance policy and is responsible for paying the premiums to maintain coverage.
Policyholder Bill
A policyholder bill, also known as an insurance bill or premium notice, is a document sent by an insurance company to a policyholder that outlines the amount of premium due for their insurance policy.
Premium
A premium is the amount of money an individual or business pays to an insurance company to purchase and maintain insurance coverage.