Aplanetbit – Dictionary of Insurance Terms with texts from the NAIC

Whether you want to learn Insurance, this app Dictionary of Insurance is your best choice. This Dictionary of Insurance works offline.

The User Interface is very easy to use. Scroll through the list of definitions and click on the one you need.
Insurance is a means of protection from risks. It is a form of risk management, primarily used as a coverage against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

If you are an Insurance professional or a consumer, you will benefice the clarity of the definitions according to the U.S. National Associations of Insurance Commisioners (NAIC) – Texts user under permission © NAIC 2021

A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.

This “Insurance Dictionary” app contains multiple definitions done bye the NAIC. The app has an attractive user interface (UI) and flat navigation set of buttons so you can use all definitions effortlessly.

The NAIC provides from consumer guides to statistical reports and technology solutions, the NAIC provides reliable data, information and technology applications for regulators, consumers and industry. Most of these publications are available free of charge. Some manuals, handbooks and compendiums require purchase and can be found on their website https://naic.org

The (NAIC) is the 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. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.

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This Dictionary of Insurance Terms incorporates the definitions issued by the NAIC.

Source: © 2021 National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or distribution strictly prohibited without written permission of NAIC

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