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What are some good explanations of insurance terminology?

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Quick Answer

The National Association of Insurance Commissioners provides explanations of insurance terminology. The Texas Department of Insurance also has a glossary of common insurance terms on its website. Many insurance companies include an explanation of insurance terms and definitions for customers on their websites.

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Full Answer

The NAIC website provides an exhaustive alphabetical list of terms and definitions commonly used in the insurance business. Developed by department staff, these definitions represent the most common and general use of the terms, notes the NAIC.

The Texas Department of Insurance warns that its glossary is for informational purposes only and that users should consult their insurance agents or insurance companies to fully understand the language of their insurance policies. It organizes the list of insurance terms alphabetically, allowing users to easily look up any particular definition.

Other resources for explanations of insurance terminology are insurance company websites. A.M. Best Company and Nationwide both have glossaries of insurance terms and definitions on their websites to help customers navigate the world of insurance. The interpretations and applications of the definitions can vary from by state, and these terms and definitions should not replace or otherwise alter the definitions and information that appear in individual insurance policies, explains Nationwide.

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