Business Definitions

​​General Context

​General Insurance Term: Terms that are generally used in the insurance industry.
Account:  Data Model Subject Area
Agreement:  Data Model Subject Area  
Assessment: Data Model Subject Area Claim: Data Model Subject Area Communication: Terms and Entities describing communication methods that are not in a separate Subject Area
Coverage: Data Model Subject Area
Event : Data Model Subject Area
Insurable Object: Data Model Subject Area
Location: Terms and Entities describing geographic areas that are not in a separate Subject Area
Money: Data Model Subject Area
Party: Data Model Subject Area
Party Role: Data Model Subject Area
Policy: Data Model Subject Area
Product Coverage: Data Model Subject Area
Data Model: Terms used to describe and define the Data Model  

Sources

​ ACORD:   Initial ACORD definitions donated to the Work Group
Barron’s Business Terms:   Book - Barron’s Business Guides
Barron’s Insurance Terms:   Book - Barron’s Business Guides
dictionary.com:   Online general dictionary reference
Dictionary of Insurance:   Book - Complete Dictionary of Insurance Terms (Samaroo)
IBM IAA:   Initial IBM Insurance Application Architecture (IAA) definitions donated to the Work Group
IRMI.com:   Online Dictionary of International Risk Management Institute (IRMI)
LOMA Glossary:   Online Glossary by Life Office Management Association (LOMA)
Webster’s:   Book - general dictionary reference
Wikipedia:   Online Dictionary - Wikipedia
Insurance Work Group:   P&C Data Model Work Group
Charlie Schaefer:   P&C Data Model Work Group Industry Expert

Business Terms 

​Accident: Accident is an event involving an object of insurance that results in a potential insurance loss or claim. In the data model, an Accident is a kind of Occurrence. [context:Claim] {source:Insurance Work Group}

Account: Account is a business arrangement that defines a relationship between two or more parties as to how they intend to engage in regular dealings or provide services. Examples: Multiple policies and Contracts. [context:Account] {source:Charlie Schaefer}

Account Agreement: Account Agreement is a relationship between account and agreement. It can be used to relate multiple agreements to a single account such as for billing. [context:Agreement] {source:IBM IAA}

Account Holder: Account Holder is a person or business in possession of one or more agreements that form an account relationship with another person or organization. This is represented in the data model in the account party role entity. [context:Party Role] {source:Insurance Work Group}

Account Provider: Account Provider is a role played by a financial services provider who, in the context of an account agreement, provides an account and the related account facilities to the account holder. [context:Party Role] {source:Barron’s Insurance Terms}

Accountability: Accountability is a Role played by a Party who is responsible for an Account or Project or Assessment or any other object or activity. [context:Party Role] {source:Insurance Work Group}

Actuary: Actuary is a Role of a person who conducts statistical studies and determine the rates, reserves, and dividends for insurance policies. Actuaries are specialized mathematicians certified by the insurance industry. [context:General Insurance Term] {source:Barron’s Insurance Terms}

Additional Interest: Additional Interest is a Role played by a Party who has financial or risk interest in an Agreement. Also another person, firm, or entity enjoying the same protection as the named insured. Examples include but are not limited to: Mortgagee, Certificate Holder, Lien Holder. [context:Party Role] {source:Insurance Work Group}

Address: Address is text that defines a single line of a physical and/or mailing location or an electronic link or address. Based on an associated type code, the format and content can be validated. [context:Communication] {source:Insurance Work Group}

Adjuster: Adjuster is a Role played by a Party who handles a claim brought against an insurance company or syndicate. The adjuster evaluates the merits of each claim and makes recommendations. An adjuster’s actions include: collating details, validating cover, resolving disputes and agreeing where appropriate to settle claims at a fair price. The adjustor is subject to authority limits defined by company policy, contract, experience or line of business. [context:Party Role] {source:Barron’s Insurance Terms}

Administrative Organization Unit: Administrative Organization Unit is responsible for the terms and conditions of the contract. [context:Party] {source:Insurance Work Group}

Agency: Agency is a type of organization whose goal is to sell and service insurance. The Agency is appointed by the insurance company and is licensed by a government jurisdiction to sell insurance. [context:Party] {source:Insurance Work Group}

Agency Contract: Agency Contract is a type of agreement that stipulates the business arrangement between an insurer and an insurance agency it appoints to represent it. Examples: Business arrangement details such as ownership of renewals, commission percentages, and duties and responsibilities of each party are usually spelled out in this agreement. [context:Agreement] {source:Insurance Work Group}

Agent: Agent is a role played by a Party who solicits, negotiates, sells effects and services contracts of insurance in behalf of an insurance company who appoints it. The party assumes either of two classifications: 1. Independent agent represents at least two insurance companies. 2. Captive Agent represents only one company and sells only its policies. [context:Party Role] {source:Insurance Work Group} 

Aggregate Limit Amount: Aggregate Limit Amount is a limit of coverage that specifies the maximum amount (or other limit expression such as number of days) to be paid regardless of any other factor. [context:Product Coverage] {source:Insurance Work Group}

Agreement: Agreement is a mutual assent between two or more legally competent parties, whereby each party promises to do, or not to do, something; a transaction involving two or more legally competent parties, whereby each has reciprocal rights to deand performance of what is promised. Examples: Agreements include but are not limited to: a policy, an agency contract, an Auto repair shop contract, a brokerage contract and an employment agreement. [context:Agreement] {source:Insurance Work Group}

Agreement Original Inception Date: Agreement Original Inception Date is the date that an agreement first became effective and is never changed. [context:Agreement] {source:Insurance Work Group}

Animal: Animal is an Insurable Object that can be farm livestock, a zoo animal, a pet, or any other animal that could be insured. [context:Insurable Object] {source:IBM IAA}

Application Form: Application Form is a document containing pre- formatted questions about a prospective customer of insurance services used to determine the eligibility and acceptability of a risk for the insurance coverage requested. [context:Policy] {source:Insurance Work Group}

Appraisal: Appraisal is the act of estimating the cost to repair, replace, or otherwise make available for its intended use an insured item that has suffered damage or loss. [context:Assessment] {source:Insurance Work Group}

Approval: Approval is an authorization given by a role player for the execution of a business activity. This was formerly called Authorization. [context:Assessment] {source:Insurance Work Group}

Arbitration: Arbitration is the process of settling a dispute by an appointed third party outside court. In disputes arising out of a contract containing an arbitration clause, the parties involved may either go to court or appoint someone (an arbitrator) to settle the dispute. The agreement to go to arbitration does not preclude either of the parties taking legal proceedings if it desires. [context:Claim] {source:Insurance Work Group}

Assesment: Assessment is a formal evaluation of a particular person, organization, or thing that enables business decisions to be made. Examples: Credit Score, Underwriting Evaluation, Medical Condition. [context:Assessment] {source:Insurance Work Group}

Assessment Result: Assessment Result is the outcome of the assessment. There may be multiple results for one assessment. [context:Assessment] {source:Insurance Work Group} Assignee: Assignee is a Role played by a Party to whom rights to an insurance benefit are assigned. [context:Party Role] {source:Insurance Work Group}

Assumed: Assumed is a state for a risk in which a party other than the original party to the risk assessment and acceptance becomes accountable for the risk. [context:Money] {source:Barron’s Insurance Terms}

Attorney: Attorney is a Role played by a Person who is appointed to transact legal business on another’s behalf. [context:Party Role] {source:Insurance Work Group}

Attorney-At-Law: Examples: An Attorney-At-Law is a person admitted to practice law in a jurisdiction, authorized to perform both civil and criminal legal functions for clients. These functions include drafting of legal documents, giving legal advice, and representing clients before courts, administrative agencies, boards, etc. OR An Attorney- in-Fact is one who is authorized to act for another under a power of attorney, which may be general or limited in scope. A person need not be an Attorney-At-Law to be an Attorney-in-Fact.

Audit: Audit (herein Premium Audit) is a transaction that occurs generally after the policy term has expired, to see if the exposures were accurate or if any post term changes need to be made and more premium billed or a credit given. Example: A premium audit may be conducted of a company insured under a workers compensation policy to assure appropriate premium has been charged based on risk location and insured workers job. [context:Event] {source:Insurance Work Group}

Auditor: Auditor is a Role played by a Party who performs either operational or financial reviews (audits). [context:Party Role] {source:Insurance Work Group}

Authorization: Authorization is an approval given by a role player for payments to be executed or services (activity occurrences) to be received. In the Data Model, this term was changed to Approval because Authorization is a reserved word in the technical environment. [context:Assessment] {source:Insurance Work Group}

Auto Repair Shop Contract: Auto Repair Shop A kind of Agreement where a Repair Facility may be selected by the insurer to perform appraisals only or perform appraisals and repairs. If selected to be “in contract” the agreement implies the insurer will “make known” or identify in marketing material this shop to insurer’s policyholders in exchange for the repair shop’s freedom to appraise without inspection or validation (inside guidelines) the correction necessary to repair vehicle to pre-accident conditions. Claim costs are reduced due to the reduction/elimination of re-inspection costs usually incurred; being removed from the appraisal process. [context:Agreement] {source:Insurance Work Group} Automobile: Insurable Object that is a self-propelled passenger vehicle designed for operation on ordinary roads and typically having four wheels. [context:Insurable Object] {source:Barron’s Insurance Terms} Beneficiary: Beneficiary is an individual or organization that receives or has the legal right to receive the benefit payments of an insurance policy. [context:Party Role] {source:Insurance Work Group} Benefit: Benefit is the contractually granted financial outcome provided by an insurance policy. [context:Policy] {source:Insurance Work Group} Binder: Binder is a kind of Agreement that provides temporary insurance under a contract which provides coverage between risk acceptance and until a permanent policy is issued. In Property and Casualty insurance, some agents have authority to bind the insurance company to coverage until a policy can be issued. For example, the purchaser of an automobile can call the agent, who can then bind the insurance company to temporary coverage. [context:Agreement] {source:Barron’s Insurance Terms} Binding: Binding is the act of providing insurance coverage between the time an Insurance company accepts the risk and is ready to issue the permanent policy. [context:Event] {source:Insurance Work Group} Boat: Boat is an Insurable Object that is a vessel that carries passengers or freight over water. [context:Insurable Object] {source:Insurance Work Group} Body Object: Body Object is an Insurable Object such as a human body part, a life form such as a lab organism, or an animal. [context:Insurable Object] {source:Insurance Work Group} Branch Office: Branch Office is an Organization Unit that is a local business location of an insurance company that markets and/or services its products and lines of insurance within and to a specified geographic location. [context:Party] {source:ACORD} Broker: Broker is a Role played by a Party who searches the insurance marketplace for potential providers of appropriate and adequate insurance coverage in the interest of the potential insured, not in the interest of the insurance companies. [context:Party Role] {source:Insurance Work Group} Brokerage Contract: Brokerage Contract is a kind of agreement between two firms, detailing and describing the basis and terms of their business relationship wherein one (the broker) acts on behalf of the other (the contract holder) in identifying, evaluating and recommending insurance alternatives from a variety of insurers. [context:Agreement] {source:Insurance Work Group} Bus: Bus is an Insurable Object that is a public or private conveyance vehicle used to transport people, e.g., School Bus. [context:Insurable Object] {source:Barron’s Insurance Terms} Business Activity: Business Activity identifies the type of actions, behaviors, processes, performances, or outcomes a business organization or the professionals in it are involved in. [context:Event] {source:IBM IAA} Business Event: Business Event is a significant incident in the existence of an organization that is of interest to an insurer organization (such as relocation, merger, acquisition, expansion, occupation of a new premises) and may be a trigger for insurance marketing activities because of the potential resulting change(s) to the underlying organization’s risk. [context:Event] {source:Insurance Work Group} Buyer: Buyer is a person or organization that is responsible for acquiring goods or services that are provided for in a provider agreement. [context:Party Role] {source:IBM IAA} Cancel: Cancel is the act of annulling a Policy by the insured or by the Insurance Company. The policy is no longer in- force as of the date of cancellation or an agreed upon date. [context:Event] {source:Insurance Work Group} Captive Agent: Captive Agent is a licensed and appointed member of an insurance agency who is an employee of an insurance organization or who can generate new policies only for a single insurance organization. [context:Party Role] {source:Barron’s Insurance Terms} Catastrophe: Catastrophe is a destructive event of significant importance. Due to both the scope and the scale of losses under the event, it is classified separately from other loss events. These events may also be formally classified by a political entity within whose jurisdiction the event took place. [context:Claim] {source:Insurance Work Group} Catastrophic Event Indicator: Catastrophic Event Indicator indicates that an occurrence is the result of a severe loss characterized by extreme force and/or sizable financial loss. [context:Claim] {source:Insurance Work Group} Caused Event: Caused Event is an Event that is a loss event which did not occur spontaneously and can be attributed to a particular action, inaction, circumstance, or set of circumstances from which the event occurred. [context:Event] {source:Insurance Work Group} Ceded: Ceded is the state of having transferred a risk or part of a risk to another insurer. Example: ceded premium is revenue paid to another insurance company in exchange for transferring the risk of the (direct-written) policy to that other insurance company. [context:Money] {source:Insurance Work Group} Channel Role: Channel Role is a role played by a Party that represents the marketing, selling or servicing of financial services agreements. The role player can be a person (an agent or a broker), an organization (an agency) or a virtual party (a web site or a kiosk). Every Channel Role can play multiple selling channel and servicing channel roles, one for each financial services agreement. [context:Party Role] {source:Insurance Work Group} Channel Score: Channel Score is a kind of Assessment Result that indicates the relative success of the channel in marketing and servicing products, and services on behalf of the insurer. [context:Assessment] {source:Insurance Work Group} Claim: Claim is a request by an insured for indemnification from an insurance company for loss incurred from an insured peril or hazard. Example: A homeowner files a claim if he or she suffered damage because of a fire, theft, or other loss. [context:Claim] {source:Insurance Work Group} Claim Administrator: Claim Administrator is a Role played by a Party who is designated by the insurance company, to manage the handling of a claim from the first notice to the resolution of the claim. [context:Party Role] {source:IBM IAA} Claim Amount: Claim Amount is the financial amount reserved or paid in connection with a claim. [context:Money] {source:Insurance Work Group} Claim Close Date: Claim Close Date is the date that a claim is considered resolved. [context:Claim] {source:Insurance Work Group} Claim Event: Claim Event is a subtype of Event that identifies and describes the accident or occurrence that triggered the claim. [context:Event] {source:Insurance Work Group} Claim Examiner: Claim Examiner is a Role played by a Party who is assigned to the claim to determine its legitimacy and provide feedback to the insurance company. [context:Party Role] {source:IBM IAA} Claim Expense: Claim Expense is a cost incurred in adjusting a claim. Claim expenses include such items as attorneys’ fees and investigation expenses (e.g., witness interviews). [context:Money] {source:Insurance Work Group} Claim Expert: Claim Expert is a Role played by a Party who provides advice on matters associated with the claim. [context:Party Role] {source:Insurance Work Group} Claim Feature: Claim Feature is a subgrouping of the claim that represents the individual claimants (each being a feature) on one claim and/ow individual losses that are covered under the policy (i.e., a property loss as one feature of the claim and a liability loss as another feature on the same claim. This is also called a “Sub-Claim,” which is used in the model. [context:Claim] {source:Charlie Schaefer} Claim Folder: Claim Folder is the physical file all claim documents are maintained in. [context:Claim] {source:Insurance Work Group} Claim Folder Supporting Document: Claim Folder Supporting Document is written information such as agreements, financial statements, offers, proposals, etc. to provide backup and depth to agreed-upon or discussed claim matters. [context:Claim] {source:Insurance Work Group} Claim Fraud Assessment: Claim Fraud Assessment is a kind of Assessment Result based upon the evaluation of an action by which a person intentionally uses false information in an unfair or unlawful attempt to collect benefits or payments under an insurance policy. [context:Assessment] {source:Barron’s Insurance Terms} Claim Fraud Examiner: Claim Fraud Examiner is a Role played by a Party whose goal is to determine whether claim fraud has occurred or is occurring, and to determine who is responsible for the claim fraud. [context:Party Role] {source:Insurance Work Group} Claim Legal Expert: Claim Legal Expert is a Role played by a Party who provides legal advice on matters relating to the claim. [context:Party Role] {source:Barron’s Insurance Terms} Claim Offer: Claim Offer is a proposal made by an insurer to a claimant or third party in order to settle a claim. Sometimes, alternative offers are made so that the claimant has different options to settle the claim. Each of these options is represented by a different claim offer. A claim offer could also be the set of benefits requested by the claimant in the context of this claim. [context:Claim] {source:Insurance Work Group} Claim Office: Claim Office is the local business office of an insurance company that processes claims. Normally the jurisdiction of a claims office is defined by a territory. [context:Party] {source:Insurance Work Group} Claim Open Date: Claim Open Date is the date that a claim or subclaim file is set up and a potential claim is acknowledged. [context:Claim] {source:Insurance Work Group} Claim Payment: Claim Payment is the amount paid for loss or expense to settle a claim in whole or in part for which the details are broken down by claim feature or subtype (such as by claimant and type of claim (property, liability, etc.). [context:Claim] {source:Charlie Schaefer} Claim Reopen Date: Claim Reopen Date is the date a previously closed claim is reopened for further examination and additional handling. [context:Claim] {source:Insurance Work Group} Claim Reported Date: Claim Reported Date is the date a claim is filed and recorded by the Insurance carrier responsible for handling the claim. [context:Claim] {source:Insurance Work Group} Claim Representative: Claim Representative is a Role of a person who acts on behalf of the insurance company to mediate relations and initially settle disputes with its members or other Third Parties. [context:Party Role] {source:Barron’s Insurance Terms} Claim Reserve: Claim Reserve is the amount of expected loss or expected expense over the life of the Claim and is broken down by claim feature or subtype (such as by claimant and type of claim (property, liability, etc.). [context:Money] {source:Charlie Schaefer} Claim Witness: Claim Witness is a Role of an individual or group or organization having first hand knowledge of the circumstances, events or surrounding the occurrence of an event that resulted in a request for indemnification from an insurance company. [context:Party Role] {source:Insurance Work Group} Claimant: Claimant is a Role of a Person or Organization who asserts a loss and the right to demand payment of compensation or benefits or indemnification of loss. [context:Party Role] {source:IBM IAA} Claims Made Date: Claims Made Date is the date on which claims were made during the extended reporting period of claims- made contracts. [context:Claim] {source:Insurance Work Group} Client: Client in insurance is usually a third party who contractually agrees to pay for insurance coverage on others not related to them (such as an employer providing coverage for employees) or agrees to allow others contractually related to them to purchase coverage. A Customer is normally an individual; a Client is normally an organization. [context:Party] {source:Insurance Work Group} Code: Code is a value used to represent a condition of a data element. [context:General Insurance Term] {source:Insurance Work Group} Combination Structure: Combination Structure is an Insurable Object that is used both for human habitation and for use by retail, wholesale, office, hotel or service users, or for manufacturing or other industrial purposes. An example of a Combination Structure is apartments over a store. [context:Insurable Object] {source:Barron’s Insurance Terms} Combine: Combine is a piece of farm machinery used to harvest crops, e.g., wheat. [context:Insurable Object] {source:Insurance Work Group} Commercial Agreement: Commercial Agreement is a Contract, such as an insurance policy, between one organization and another organization dealing with the commercial business activity of one of the organizations. [context:Agreement] {source:Insurance Work Group} Commercial Structure: Commercial Structure is an Insurable Object that is a property intended for use by retail, wholesale, office, hotel or service users, or for manufacturing or other industrial purposes. Examples include but are not limited to: shopping centers, office buildings, hotels and motels, and resorts or restaurants. [context:Insurable Object] {source:Insurance Work Group} Communication: Communication is an interaction between two or more people that is enabled by physical presence, telephone, electronic mail, written letters, social media, etc. [context:Communication] {source:Insurance Work Group} Communication Profile: Communication Profile is contact information that shows the characteristics, needs, and preferences of an individual. This may include visual preferences, hearing preferences, cognitive preferences and mobility preferences. This is represented in the data model as Party Communication and Party Preference. [context:Communication] {source:Barron’s Business Terms} Commutation Agreement: Commutation Agreement is a kind of Agreement between a ceding insurer and the reinsurer that provides for the valuation, payment, and complete discharge of all obligations between the parties under a particular reinsurance contract. it is used if an insurer is withdrawing from underwriting a class of business. [context:Agreement] {source:IRMI.com} Company: Company is a formal, legally registered entity, created for the purpose of conducting business. [context:Party] {source:Insurance Work Group} Company Jurisdiction: Company Jurisdiction is a legal entity or recognized political subdivision that defines where an insurance company can operate and which products can be sold and serviced by the company. [context:Product Coverage] {source:Barron’s Business Terms} Construction Vehicle: Construction Vehicle is a motorized vehicle used in the course of building and moving anything. [context:Insurable Object] {source:Insurance Work Group} Contract: Contract is a formal written agreement outlining the terms and conditions agreed upon between two parties. [context:Agreement] {source:Insurance Work Group} Contractor: Contractor is a Role played by a Person who legally agrees or engages in a legal agreement to do work for another. An Independent Contractor makes an agreement to do a specific piece of work, retaining control of the means and method of doing the job. [context:Party Role] {source:Insurance Work Group} : Examples of independent contractors are physicians, lawyers, construction contractors, and others engaged in a profession in which they offer their services to the public. [context:] {source:} Court Jurisdiction: Court Jurisdiction is an associative entity that resolves the many-to-many relationship between the Court and the Jurisdiction entities: A Court may administer justice within many Jurisdictions and a Jurisdiction may be granted to many Courts. The legal or physical area over which a court is permitted to administer justice. [context:General Insurance Term] {source:Insurance Work Group} Coverage: Coverage is the definition of the risks being provided indemnification, and the level of indemnification being provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification. In life insurance, coverage provides living and death benefits. [context:Product Coverage] {source:Wikipedia} Coverage Available: Coverage Available is the coverage that can be selected from a pick list for the Product in order to determine the final coverage listed in the policy and the final premiums to be charged. [context:Product Coverage] {source:Insurance Work Group} Coverage Description: Coverage Description is a term or set of terms that define the coverage provided or in consideration of being provided under an insurance policy or policies. [context:Product Coverage] {source:Insurance Work Group} Coverage Group: Coverage Group is the aggregation of coverage under a broader business classification to group them for reporting purposes, e.g., a group of liability coverage, a group of property coverage. [context:Product Coverage] {source:Insurance Work Group} Coverage Level: Coverage level is one of the possible limits of indemnification provided under a coverage. [context:Product Coverage] {source:Insurance Work Group} Coverage Limit: Coverage Limit is the maximum amount of insurance provided for each coverage or indemnitication type found in an insurance policy. [context:Product Coverage] {source:Insurance Work Group} Coverage Limit Type: Coverage Limit Type is the category of indemnification limit that is applied under a coverage. [context:Product Coverage] {source:Insurance Work Group} Coverage Option: Coverage Option is a choice from among multiple additions that can be made to an existing policy or a new policy being written. [context:Product Coverage] {source:Insurance Work Group} Coverage Part: Coverage Part is a section of an insurance Policy that organizes coverages at a high level, usually property versus liability. [context:Product Coverage] {source:Insurance Work Group} Coverage Type: Coverage Type defines the categories for different types of coverages, e.g., is the coverage for liability, for physical damage, for no fault. [context:Product Coverage] {source:Insurance Work Group} Credit Adjustment: Credit Adjustment is a type of monetary adjustment that is applied to the base or manual premium calculated that will reduce the premium based on some evaluation rule or practice of the insurer. [context:Money] {source:Insurance Work Group} Credit Rating: Credit Rating is the acceptability of the party for credit transactions (including good, fair and cash only). The rating is normally applied by credit rating agencies or credit granting financial institutions. This is one characteristic that can be used to assess the underwriting, financial and operational risk represented by an entity requesting indemnification. [context:Assessment] {source:Charlie Schaefer} Customer: Customer is a role played by a party to whom an insurer is currently supplying (or has supplied in the past) services, goods, or benefits in exchange for consideration in the form of premium payments. [context:Party Role] {source:Barron’s Insurance Terms} : Someone who pays for coverage on themselves, or an object or person of importance to them. [context:] {source:} Customer Score: Customer Score is a kind of Assessment Result that assigns points to each customer based on specific criteria in order to be able to rank order customers against the dependent variable measured by that criteria. Examples of dependent variables are expected loss ratio, expected loss severity, propensity for a catastrophic event, etc. [context:Assessment] {source:Insurance Work Group} Deductible: Deductible is the amount of money (or could be expressed as number of days, a percentage, etc.) representing the part of a loss amount that the insured is required to pay before any indemnification payment is provided by the insurance company. Once the deductible is met, the insurance amount to be paid is the excess over the amount of the deductible. [context:Product Coverage] {source:IBM IAA} Deductible Rate: Deductible Rate is a rating factor used to calculate the premium charge for the deductible based on the Coverage Level and Deductible selected. [context:Product Coverage] {source:Insurance Work Group} Deductible Recovery: Deductible Recovery is a kind of Recovery that retrieves from the individual responsible for the deductible payment the amount of deductible associated with a loss payment under a claim. [context:Money] {source:Insurance Work Group} Demographic: Demographic is a set of characteristics defining a population or a segment of the population. The characteristics may define the risk of the population, or may define the propensity of the population to make a particular decision (apply for insurance, cancel insurance, file a claim, renew a policy, etc.). [context:General Insurance Term] {source:Insurance Work Group} Demographic Score: Demographic Score is an Assessment Result that is used to rank orders risks or individuals based on a table of points assigned to pre-identified demographic characteristics of the risk or individual. [context:Assessment] {source:Insurance Work Group} Department: Department is an Organization Unit that groups individuals with common or related jobs to accomplish certain common or related functions. An example is the Payroll Department. [context:Party] {source:Insurance Work Group} Derivative Contract: Derivative Contract is a kind of Agreement where the value of the contract is based on derived variables or characteristics, such as an index of commodity prices. [context:Agreement] {source:Insurance Work Group} Direct Written Premium: Direct Written Premium is money applied to a policy based on the assumption that indemnification is being provided for the entire term of the policy. See also “Earned Premium.” [context:Money] {source:Insurance Work Group} Doing Business As Name: Doing Business As Name is the name of a person’s business that may be included in an insurance contract or policy. [context:Party] {source:Insurance Work Group} Driver: Driver is a Role played by a Person who operates a vehicle. [context:Party Role] {source:Barron’s Business Terms} Dun And Bradstreet: Dun And Bradstreet is a publically traded company that licenses information on businesses and corporations for use in credit decisions, business-to-business marketing and supply chain management. [context:Party] {source:Wikipedia} Dun And Bradstreet Number: Dun And Bradstreet Number is a numeric code that is a unique identifier for an organization with a data file in Dun and Bradstreet’s commercial credit data base. The Dun and Bradstreet code is also known as a DUNS Number. [context:Party] {source:Insurance Work Group} Dwelling: Dwelling is an Insured Object that is a structure or part of a structure used as a place of residence by human beings. [context:Insurable Object] {source:Barron’s Business Terms} Earned Premium: Earned Premium is an accounting calculation for recognizing premium revenue over time from the effective date to the termination date of an insurance policy. This is most useful for allocating expenses and losses to the policy to determine the profitability of a policy and/or a line of business at a given point in time. [context:Money] {source:Insurance Work Group} Effective Date: Effective Date is the calendar date on which an insurance company begins providing coverage to an insured under an insurance policy or contract that has been written and is in effect. The coverage normally begins at 12:01 am on this date. [context:Policy] {source:Insurance Work Group} Email Address: Email Address is a contact point that is used to communicate electronically with another individual or organization. The address is normally an alpha-numeric string, usually of the form username@host.comain. [context:Communication] {source:Insurance Work Group} Employee: Employee is a Role played by a Person working for or providing stipulated services contractually and exclusively for another Party in return for compensation, whether direct or indirect. [context:Party Role] {source:Insurance Work Group} Employee Classification: Employee Classification is a pre-defined system for grouping employees of like job responsibility and like working roles and responsibilities. Employee classification is especially important for determination of Workers Compensation pricing required to cover the indemnification risk implied by the employees of an insured employer. [context:Party] {source:Insurance Work Group} Employer: Employer is a Role played by a Party who hires and pays wages, thereby providing a livelihood to individuals who perform work. The employment relationship confers authority on the employer, who has the right to control and direct the work to be performed. An employer also has the right to engage or discharge an employee and furnish the working location and supplies. An employer is responsible for the collection and remission of federal income and Social Security taxes from employees’ compensation. [context:Party Role] {source:IBM IAA} Employment Agreement: Employment Agreement is a written Agreement between employer and employee, stating the terms of employment in an organization. [context:Agreement] {source:IBM IAA} Employment Position: Employment Position is a job classification for an employed person. [context:Party] {source:Insurance Work Group} Endorsement: Endorsement is a change in some provision of a policy and frequently involves changes in coverage for which premium may be increased or reduced. [context:Event] {source:IBM IAA} Entry Into Claims Made Program Date: Entry Claims Made Program Date is the date that the insured registered with the claims made program. [context:Claim] {source:Insurance Work Group} Event: Event is anything that happens, or is contemplated as happening. From an insurance perspective, an event is a situation that may impact the risk or indemnification covered by a policy. [context:Event] {source:Insurance Work Group} Event Date: Event Date is the date on which a transaction or insurance-related happening takes place. [context:Event] {source:Insurance Work Group} Event Template: Event Template is a form, document, or descriptor, which captures defined and selected event parameters as variables. An event template captures and defines single events by replacing the variables with values. Examples: Send of any message. [context:Event] {source:Insurance Work Group} Exposure: Exposure is the extent of the maximum impact of potential loss on the indemnification provided under a policy, as measured by an exposure base, such as payroll, receipts, area, or units produced. [context:Policy] {source:Insurance Work Group} Exposure Base: Exposure Base is the number, extent, or size of the underlying items from which an insurance company determines the maximum amount of risk being accepted if a policy is written. [context:Policy] {source:Insurance Work Group} Facultative: Facultative is a type of reinsurance agreement whereby the reinsurance is purchased separately on a policy by policy basis. The reinsurance is not effective until the policy has been issued. [context:General Insurance Term] {source:Insurance Work Group} Farm Equipment: Farm Equipment is an Insurable Object that is commonly used on a Farm, for example a tractor, cultivator, plow, combine, grain elevator, milking machine, etc. Motorized Vehicles that are Farm Equipment are unlicensed for public road use. [context:Insurable Object] {source:Insurance Work Group} Fee: Fee is a charge by the insurance company on an insurance policy either as a service fee and/or from a government entity as a tax on the premium charged. [context:Money] {source:Charlie Schaefer} Financial Account: Financial Account is a fund used to track and report on monetary transactions between its owner or holder and individuals or organizations making monetary demands on the owner or holder. [context:Account] {source:Insurance Work Group} Financial Adviser: Financial Adviser is a Role played by a Person as a professional adviser offering financial counsel. Some financial advisers charge a fee and earn commissions on the products they recommend to implement their advice. Other advisers only charge fees and do not sell any products or accept commissions. Some financial advisers are generalists, while others specialize in specific areas, such as investing, insurance, estate planning, or taxes. [context:Party Role] {source:Insurance Work Group} Financial Analyst: Financial Analyst is a Role played by a Party who works for a financial institution and is responsible for research and analysis of specific financial instruments, portfolios, and strategies. [context:Party Role] {source:Insurance Work Group} Financial Assessment: Financial Assessment is the evaluation of a financial condition of a person or a company based on certain factors e.g., the credit score of a person, the financial ratios of a company, and the impact of that assessment on the risks being indemnified or covered under an insurance policy. [context:Assessment] {source:Insurance Work Group} Financial Institution: Financial Institution is a firm that provides financial products and services to consumers and organizations. Insurance is one form of financial institution along with banking, credit unions, investment management firms, etc. They are usually a kind of Organization whose mail goal is to make a profit and provide financial benefit for owners, shareholders, and other fiscal entities. [context:Party Role] {source:Insurance Work Group} Financial Interest: Financial Interest is the potential monetary outcome that could accrue to an individual or organization based on an event or occurrence. [context:General Insurance Term] {source:Insurance Work Group} Financial Interest Role: Financial Interest Role identifies the monetary or monetarily valued interest a party has in a financial instrument such as an insurance Agreement. Examples are insured, beneficiary, etc. [context:Party Role] {source:Insurance Work Group} Financial Services Assessment: Financial Services Assessment is a kind of Assessment Result that focuses on the finances of an individual or organization based on pre-defined characteristics that identify the financial or monetary risks represented by the firm. [context:Assessment] {source:Insurance Work Group} Financial Services Company: Financial Services Company is an insurance company legally granted the ability to solicit, evaluate, and write insurance business in a jurisdiction. [context:Party Role] {source:Insurance Work Group} Financial Services Provider: Financial Services Provider is an entity providing products and services that impact the monetary holdings of idividuals and organizations. [context:Party Role] {source:Insurance Work Group} Financial Services Role: Financial Services Role is a Party Agreement Role such as Insurer, Policyholder, Assignee, etc. [context:Party Role] {source:Insurance Work Group} Financial Valuation: Financial Valuation is an assessment result expressed in financial units. [context:Assessment] {source:Insurance Work Group} Flat: Flat is a type of Cancellation whereby the policy is deemed to have never existed, no risk indemnification has been provided, and a full return of premium is granted. [context:Event] {source:Insurance Work Group} Form: Form is a document that provides a template for the recording of variable information or which describes the standard details of a contract, such as insurance forms attached to a policy. [context:Policy] {source:Insurance Work Group} Fraud Examiner: Fraud Examiner is a Role played by a Party whose goal is to determine whether fraud has occurred or is occurring, the extent and impact of the fraud, and to determine who is responsible for the fraud. [context:Party Role] {source:Insurance Work Group} Freight Group: Freight Group is a kind of Insurable Object Group that addresses responsibility for in transit goods. [context:Insurable Object] {source:Insurance Work Group} Full Term: Full Term is a type of endorsement where the changes made are effective on the policy effective date and apply for the full term of the policy. [context:Event] {source:Insurance Work Group} Geographic Location: Geographic Location is a bounded area defined by nature, by an external authority (such as a government) or for an internal business purpose. Used to identify a location in space that may or may not be a structured address. Examples: country, city, continent, postal area, risk area, postal address, property address. [context:Location] {source:Insurance Work Group} Goods: Goods are physical items to be received during a purchase activity. In insurance, goods may refer to Insurable Objects or to insurance contracts, agreements, endorsements, or policy amendments. [context:General Insurance Term] {source:Insurance Work Group} Government Organization: Government Organization is a kind of Organization with control of any asset, industry, or enterprise at any level, national, regional, or local (municipal). [context:Party Role] {source:Insurance Work Group} Group: Group is a type of Party that has an informal structure of Persons and/or Organizations and is not incorporated, such as a household, a project team, or special interest group. [context:Party] {source:Insurance Work Group} Group Agreement: Group Agreement is a kind of contractual insurance Agreement provided to the employer and detailing coverage provided to the group. [context:Agreement] {source:IRMI.com} Hazard: Hazard is a circumstance that increases the likelihood or probable severity of a loss. [context:Product Coverage] {source:Barron’s Insurance Terms} Head Count: Head Count is a numeric representation of the number of employees and other individuals who are employed by or formally work for an organization. [context:Party] {source:Insurance Work Group} Health Care Provider: Health Care Provider is a Role played by a Party, generally a doctor, physician assistant, nurse, nurse practioner, etc. who provides medical services for their patients. [context:Party Role] {source:Insurance Work Group} Household: Household is a set of individuals (a Party Group in the Data Model) usually resident at the same address, and members of the same nuclear or extended family, who share a common economic interest and who are to be treated for certain purposes (for example, marketing campaigns) as a unit. [context:Party] {source:Insurance Work Group} Household Content: Household Content is a categorization and description of all Insurable Objects (personal property) within a residence, which details all items covered and indemnified in the event an insurance claim must be filed. [context:Insurable Object] {source:Insurance Work Group} Inception Date: Inception Date is the original effective date of a contract that can be renewed and continue from one time period to another. [context:Agreement] {source:Insurance Work Group} Incident: Incident is an Event defined within a policy that may or may not result in Loss. [context:Event] {source:Insurance Work Group} Indemnify: Indemnify is the act of returning someone who has sustained a loss to the position they were in before the loss occurred. [context:General Insurance Term] {source:Dictionary of Insurance} Indemnity: Indemnity is compensation for loss. In Property and Casualty Insurance, the objective is to restore the insured to the same (not better or worse) financial condition after the loss as they were before the loss. [context:General Insurance Term] {source:Barron’s Insurance Terms} Independent Adjuster: Independent Adjuster is a Role played by a Party who handles a claim brought against an insurance company or syndicate, and who is not an employee of the insurance company. An insurance company will hire independent adjusters when risks are relatively remote from an insurer’s home office or branch office, when the number of like risks in the portfolio are small and when the risks require specialized expertise to be handled appropriately. The adjuster evaluates the merits of each claim and makes recommendations. An adjuster’s actions include: collating details, validating coverage, resolving disputes and agreeing where appropriate to settle claims at a fair price. The adjustor is subject to authority limits defined by company policy, contract, experience or line of business. [context:Party Role] {source:Insurance Work Group} Independent Agent: Independent Agent is a licensed and appointed member of an insurance agency who is not an employee of an insurance organization, but who is responsible for generating new policies and servicing existing policies on their behalf. [context:Party Role] {source:Insurance Work Group} Individual Agreement: Individual Agreement is a kind of legal or contractual Agreement that an individual voluntarily enters. [context:Agreement] {source:Insurance Work Group} Industry Code: Industry Code is an external classification of industries, such as an SIC (Standard Industry Classification Code). Example: 63nnnnnn is the classification series for Insurance Carriers. [context:Party] {source:Insurance Work Group} In-House Adjuster: In-House Adjuster is a Role played by a Party who handles a claim brought against an insurance company or syndicate, and who is an employee of the insurance company. [context:Party Role] {source:Insurance Work Group} Inpatient: Inpatient is a Role played by a Person who is formally admitted (or hospitalized) to an institution for treatment and/or care and stays for a minimum of one night in the hospital or other institution providing inpatient care. [context:Party Role] {source:Insurance Work Group} Insurable Object: Insurable Object is an item which may be included or excluded from an insurance coverage or policy, either as the object for which possible damages to the object or loss of the object is insured, or as the object for which damages caused by the object are insured. These objects can be real (land and attachments) and personal (movable effects not attached to land). [context:Insurable Object] {source:Insurance Work Group} : Examples: residence, vehicle, class of employees. [context:] {source:} Insurable Object Owner: Insurable Object Owner is a Role played by a Party that has financial ownership of an object covered against financial loss by an insurance policy or contract. [context:Party Role] {source:Insurance Work Group} Insurance Agency: Insurance Agency is an organization formed to market, sell, and service insurance contracts from insurers with whom the organization has been appointed and within a territory by which the organization has been licensed. [context:Party Role] {source:Insurance Work Group} Insurance Carrier: Insurance Carrier is a company that provides protection against a risk in the form of insurance coverage. This term is synonymous with insurer, insurance company, or carrier. [context:Party Role] {source:Insurance Work Group} Insurance Class: Insurance Class is the type or line of insurance business in which the organization is engaged, e.g., Property and Casualty or Life Insurance. [context:Product Coverage] {source:Insurance Work Group} Insurance Company: Insurance Company is an organization providing protection for life, health, property or casualty risks based on formal written agreements that are purchased by individuals or organizations. [context:Party Role] {source:Insurance Work Group} Insurance Contract: Insurance Contract is a document legally binding an insurance company and an insured individual to the terms and conditions outlined in the document pertaining to the purchase, maintenance, support, and fulfillment of the insurance coverage defined in the document. [context:Agreement] {source:Insurance Work Group} Insurance Policy: Insurance Policy is a legally binding contract between an insurance organization and an individual or business organization outlining the responsbilities of both parties, the kind and amount of coverage, limits of coverage and cost of coverage. [context:Policy] {source:Insurance Work Group} Insurance Product: Insurance Product is a kind of financial services product provided by an insurance carrier to indemnify a risk. [context:Product Coverage] {source:Insurance Work Group} Insurance Service: Insurance Service is a task performed to support or deliver on the promises of an insurance policy. [context:General Insurance Term] {source:Insurance Work Group} Insured: Insured is a Role played by a Party whose risk or other interest in the subject matter of the insurance is indemnified under the policy. The insured does not necessarily need to be the policyholder or the beneficiary. [context:Party Role] {source:Insurance Work Group} Insured Account: Insured Account is an account at a brokerage firm, bank, savings and loan association or credit union that is insured either by a federal or private insurance. This could also be an organization that has one or more contractual relationships with a commercial lines insurer. [context:Account] {source:Insurance Work Group} Insurer: Insurer is a Role played by a Party who provides insurance policies and indemnifies individuals and organizations against loss. [context:Party Role] {source:IBM IAA} Intermediary Agreement: Intermediary Agreement is a kind of Agreement that defining the ways in which an intermediary can act on behalf of the financial services company. This includes the specification of the authorized territory, the authorized line of business, the compensation conditions, and so on. [context:Agreement] {source:Insurance Work Group} Legal Adviser: Legal Adviser is a Role played by a Third Party to give legal guidance and advice on the way the latter party conducts business. [context:Party Role] {source:Insurance Work Group} Legal identifier: Legal Identifer is a term representing a unique alpha numeric code for identification of an individual or organization within a legal jurisdiction. [context:Party] {source:Insurance Work Group} Legally Competent Party: Legally Competent Party is a Party having the right under law to make decisions, engage in business relationships, commit to contractual terms, and engage in legally required activities on behalf of themselves, others, and/or organizations. [context:Party] {source:Insurance Work Group} Life Event: Life Event is an incident that occurs during the lifetime of a Party and that may have importance in a decision by the party to contemplate the purchase of insurance, e.g., the birth of a child, a birthday, a graduation event. [context:Event] {source:Insurance Work Group} Life Of A Claim: Life Of A Claim is the period of time between the first notice of loss or first report of injury, and the final settlement of a claim. This period may cover several years, especially for some personal injury claims or claims that may result in litigation. Claim reserves are set aside at the time of the claim to cover demand for benefits in the future. [context:Claim] {source:Insurance Work Group} Limit: Limit, or Policy Limit, defines the highest amount that could be paid (or can be another limit expression such as number of days of compensation), associated with the policy coverages. [context:Product Coverage] {source:Insurance Work Group} Line Of Business: Line Of Business is the kind of insurance business in which the organization is engaged, e.g., property, liability, life, health. [context:Product Coverage] {source:Charlie Schaefer} Line Of Business Group: Line Of Business Group is the aggregation of insurance policies, coverages, or contracts by an insurance carrier, either for internal reporting purposes or external reporting purposes. [context:Product Coverage] {source:Insurance Work Group} Lines Of Insurance: Lines Of Insurance is a grouping of lines of business for reporting purposes, e.g., Property insurance, Liability insurance, Life insurance. [context:Product Coverage] {source:Insurance Work Group} Litigation: Litigation is a judicial contest through which legal rights are sought to be determined and enforced. [context:Claim] {source:Insurance Work Group} Location Address: Location Address is a Contact Point that is an address used for the delivery of letters and packages by an external mailing or packaging service, at a place where the recipeint usually lives or works. Note that the exact structure of a postal address is likely to change depending on the country of the postal address. [context:Location] {source:Insurance Work Group} Loss: Loss is the total amount paid under an insurance company for a claim. This includes the actual amount paid to the beneficiary, the amount paid to any individuals or organizations involved in adjusting the claim, and any amount reserved for future payment. [context:Money] {source:Insurance Work Group} Loss Event: Loss Event is a specific incident that results or may result in a claim for an insurance benefit. Examples include death, theft, car accident, fire, and hospitalization. [context:Event] {source:Insurance Work Group} Loss Payee: Loss Payee is a Role played by a Party to whom payments for loss under a policy will be payable (e.g., a mortgagee). [context:Party Role] {source:Insurance Work Group} Mailing Preference: Mailing Preference is a choice made by an individual or an organization on the first physical postal address at which to receive deliveries from a postal carrier or service. Mailing Preference is implemented in the data model as Party Communication that resolves the many- to-many relationship between a Party and the Communication Identity that points to the Location and Address entities. [context:Communication] {source:Insurance Work Group} Manager: Manager is a role played by an individual within an organization who defines and communicates the work activities of others, makes decisions regarding the allocation of resources, and legally engages in relationships with individuals and organizations outside the organization. [context:Party Role] {source:Insurance Work Group} Managing General Agent: Managing General Agent is a role played by a wholesale insurance intermediary with the authority to accept placements from (and often to appoint) retail agents on behalf of an insurer. Managing general agents generally provide underwriting and administrative services, such as policy issuance, on behalf of the insurers they represent. These arrangements are most common in the surplus lines marketplace. Typically, MGAs market more unusual coverage, such as professional liability, for which specialized expertise is required to underwrite policies. MGAs benefit insurers because such expertise is not always available within the company and would be more costly to develop on an in-house basis. [context:Party Role] {source:Insurance Work Group} Manufactured Object: Manufactured Object is an Insurable Object that was made by machine or by industrial process. [context:Insurable Object] {source:Insurance Work Group} Maximum Per Claim Amount: Maximum Per Claim Amount is the Limit that can be paid for any single event for which a claim is reported. This amount is inclusive of all coverage provided by an insurance policy. [context:Product Coverage] {source:Insurance Work Group} Maximum Per Person Amount: Maximum Per Person Amount is the Limit that can be paid to any person for the specified coverage per claim. [context:Product Coverage] {source:Insurance Work Group} Medical Condition: Medical Condition is an assessment of the health state and physical condition of person, that may be covered or indemnified by an insurance policy. Medical Conditions include injuries, disease, disability, and can include objective measures such as height, weight, and blood pressure. [context:Assessment] {source:Insurance Work Group} Mid Term: Mid Term is a type of endorsement that is applied to a policy whereby the changes are made and effective at a point in time after the effective date and before the expiration date of a policy term, and not from the effective date of the policy. [context:Event] {source:Insurance Work Group} Milking Machine: Milking Machine is an Insurable Object that is a kind of Farm Equipment and is a machine for milking cows. [context:Insurable Object] {source:Insurance Work Group} Mobile Communication Preference: Mobile Communication Preference identifies and defines how an individual expects to receive information or engage in conversation when not at a physical structure that has a hard wired communication device. In the data model, this is contained in Party Communication and Communication Identity. [context:Communication] {source:Insurance Work Group} Mobile Home: Mobile Home is an Insurable Object that is a dwelling unit manufactured in a factory and designed to be transported to a site and semi permanently attached. [context:Insurable Object] {source:Insurance Work Group} Model Specification: Model Specification identifies the manufacturer’s designated model name and features of Insurable Objects including but not limited to trucks, aircraft, or automobiles. [context:Insurable Object] {source:Insurance Work Group} Money: Money is any financial amount that can apply to any of the major business products and services, such as policy, claim, transaction, etc. To date, these are in the data model as Policy Amount and Claim Amount. [context:Money] {source:Insurance Work Group} Money Provision: Money Provision is a summary of potential and contractual monetary flows, defined by their timing, effective dates, method of payment, and so on. The primary use of money provisions in an insurance company is to represent premium payment schedules and insurance benefit limits as defined in an insurance policy. It can also be used to represent an amount referenced in a loan, a commission amount, a salary, a bonus, an expense associated to an internal or external cost, an interest amount and so on. Examples are: Premiums and Limits. [context:Money] {source:Insurance Work Group} Motorcycle: Motorcycle is an Insurable Object that is a two or three wheeled automotive vehicle for one or two people. [context:Insurable Object] {source:Insurance Work Group} Mutual Fund Provider: Mutual Fund Provider is a kind of Service Provider who offers shares in an investment company that uses the capital to buy a diverse group of stocks from other companies based on a stated set of investment objectives. Supplier is a Role played by a Party who supplies materials, products, or services to others; firm in either the wholesale or the retail supply business. [context:Party Role] {source:Insurance Work Group} Name: Name is the wording used to provide a familiar label for any object or party. Names may not be unique and so additional attributes are needed to uniquely identify any specific object or party. Therefore names are never used as identifiers. [context:General Insurance Term] {source:Insurance Work Group} Natural Event: Natural Event is an occurrence of a type where indemnification or insurance coverage may apply such as an earthquake or forest fire or mudslide or hurricane. In the data model, a specific Natural Event is represented as an Occurrence and possibly also as a Catastrophe. [context:Claim] {source:Insurance Work Group} New Business: New Business is a policy transaction by which an insurance policy is purchased by or sold to an individual or organization where no current relationship exists for that policy type with the insurance company. This operation is recognized when the first premium is collected. [context:Event] {source:Insurance Work Group} Not For Profit Organization: Not For Profit Organization is a kind of Organization that has received a current and appropriate government designation as a Not for Profit entity. [context:Party] {source:Insurance Work Group} Number: Number is a numeric value that can be expressed as a decimal, exponent, positive or negative value, and against which one can perform arithmetic functions. [context:General Insurance Term] {source:Insurance Work Group} Object Assessment: Object Assessment is the review and evaluation of a specific insured item for validation of coverage. [context:Assessment] {source:Insurance Work Group} Occupation: Occupation is a kind of activity describing a person’s usual or principal work or business activity, role and responsibility, esp. as a means of earning a living; vocation. [context:Party] {source:Insurance Work Group} Occurrence: Occurrence is an event that results in bodily injury and/ or property damage to a third party. A clause that is common to most liability insurance policies stipulates that all bodily injuries and/or property damages resulting from the same general conditions are interpreted as resulting from one occurrence and thus subject to the policy limits per occurrence. [context:Claim] {source:Insurance Work Group} Offer: Offer is an amount or item of value to be provided by an insurance company in exchange for an individual or organization agreeing to terminate or settle a claim. [context:Claim] {source:Insurance Work Group} Opponent Third Party: Opponent Third Party is an individual or group involved in the settlement of a claim whose interests are opposed to the interests of the insurance company attempting to settle the claim. [context:Claim] {source:Insurance Work Group} Organization: Organization is a Party which is a business concern or a group of individuals that are systematically bound by a common purpose. Organizations may be legal entities in their own right. This includes commercial organizations such as corporations, limited liability companies, partnerships, publicly quoted multinationals, subsidiaries, etc. It also includes more informal groupings such as clubs, societies, charities, and interest groups consisting of two or more people. The example sub-types that have been included in the model are: Association, Trust, Company, Affinity group, Professional group. [context:Party] {source:Insurance Work Group} Organizational Event: Organizational Event is a business entity change such as a merger or acquisition. [context:Event] {source:Insurance Work Group} Other Assessment Result: Other Assessment Result is a kind of Assessment Result that is not covered by other commonly listed options available. [context:Assessment] {source:Insurance Work Group} Outpatient: Outpatient is a Role played by a Person who is not formally admitted to a facility (physician’s private office, hospital outpatient center, or ambulatory-care center) for treatment and/or care and who does not stay overnight. [context:Party Role] {source:Insurance Work Group} Pager: Pager is a contact point that is a pocket-size electronic device whose signal notifies a person of an important message, sometimes displaying the telephone number to be called. [context:Communication] {source:Insurance Work Group} Party: Party is a Person, Organization, or Grouping that can enter into a contract or other legal proceeding, or which plays a role in the insurance industry. [context:Party] {source:Insurance Work Group} Party Role: Party Role is a responsibility assumed by a Party in relation to something. Examples: [context:Party Role] {source:Insurance Work Group} : Agreement Party Role - Party enters into an Agreement via an Agreement Party Role OR [context:] {source:} : Insurable Item Party Role - Party owns or is financially accountable for an Insurable Item via an Insured Item Party Role OR [context:] {source:} : Claim Party Role - Party files or submits a Claim via a Claim Party Role. [context:] {source:} Patient: Patient is a Role played by a Person who is in contact with the health care system seeking attention for a health condition. [context:Party Role] {source:Insurance Work Group} Payment: Payment is a transfer of money between two parties or between two money repositories of the same party in exchange for indemnification contractually provided, services received or products acquired. A payment could be made either by the insurance company or by a third party. [context:Event] {source:Insurance Work Group} Payment Due: Payment Due is the monetary amount that is to be paid in exchange for insurance policies, products or coverages provided, or in payment for services provided. [context:Money] {source:Insurance Work Group} Permanent Policy: Permanent Policy is a document, contract, or agreement issued by an insurance company providing insurance coverage for a person, object, or location from the effective date until the agreement is cancelled or the person, object, or location no longer exists. [context:Policy] {source:Insurance Work Group} Person: Person is a Party who is an individual human being, either alive or dead. [context:Party] {source:Insurance Work Group} Person Assessment: Person Assessment is the evaluation of a person (a type of Party), such as the condition of their health, their blood pressure, their height and weight. All these factors would have a bearing on their fitness for insurance. Defines the evaluation of an individual that measures their likelihood of contribution to the probability of future events that may increase the risk under an insurance policy or contract issued. [context:Assessment] {source:Insurance Work Group} Personal Event: Personal Event is a life event such as a marriage or retirement. For P&C a personal event is an event that changes the underlying relationship with the insurance company. Examples would include the sale of an automobile and the purchase of another one, the sale of a house and the purchase of another one, a child receiving a license and needing to be included under a current policy, etc. [context:Event] {source:Insurance Work Group} Personal Inland Marine Insurance: Personal Inland Marine Insurance is a kind of Personal Line Insurance designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form. Examples: valuable items, parcel post, trailers. [context:Product Coverage] {source:Insurance Work Group} Personal Line Insurance: Personal Line Insurance is a kind of Property and Casualty insurance that is written on the personal, real and non-business related property of an individual (or individuals). [context:Product Coverage] {source:Insurance Work Group} Physical Location: Physical Location is an area bounded by parameters such as Latitude and Longitude, Altitude, Depth, etc. [context:Location] {source:Insurance Work Group} Physical Object Assessment: Physical Object Assessment is an assessment type that measures the risks represented by ownership, utilization, or proximity of the physical object. It collects information regarding the likelihood of the object to contribute to the probability of future loss under an insurance policy or contract issued. [context:Assessment] {source:Insurance Work Group} Place Assessment: Place Assessment is information regarding a location and/or physical structure that may impact its likelihood to contribute to the probability of future events that may increase the risk under an insurance policy or contract issued. [context:Assessment] {source:Insurance Work Group} Policy: Policy is a legal document that defines a written Agreement between an insurance company and an individual or organization that puts insurance coverage into effect. [context:Policy] {source:Insurance Work Group} Policy Coverage: Policy Coverage defines the limits, terms, and conditions of the type and extent of insurance or indemnification provided to an individual or organization under a contractual agreement of insurance. [context:Product Coverage] {source:Insurance Work Group} Policy Coverage Part: Policy Coverage Part is a major section of a Policy that organizes the coverages. Typically, there are Coverage Parts for property and liability. [context:Product Coverage] {source:Insurance Work Group} Policy Deductiblet: Policy Deductible defines the Deductibles (attachment point for coverage) associated with the policy coverages. Deductibles are the loss amounts paid by the insured before insurance payments apply. [context:Product Coverage] {source:Insurance Work Group} Policy Event: Policy Event is an event that deals with servicing an insurance policy. Examples would include Policy Renewal, Reinstatement, Cancellation, etc. [context:Event] {source:Insurance Work Group} Policy Form: Policy Form is a document that explains the insurance coverages for a policy. These are usually standard industry forms augmented by insurer-specific cover pages and specialized addendums. [context:Policy] {source:Insurance Work Group} Policy Form Number Value: Party Form Number Value (called Policy Form Number) is the (often non-numeric) set of characters used to identify an attachment to a property and casualty policy. This “value” is usually established by the state or by a rating bureau (i.e., the Insurance Services Office (ISO)), or by the insurance company. [context:Policy] {source:Insurance Work Group} Policy Limit: Policy Limit defines the Limits (highest amount of coverage or other limit expression such as number of days compensation) associated with the policy coverages. [context:Product Coverage] {source:Insurance Work Group} Policy Number: Policy Number is the external identification for a policy and may include alpha policy types as well as numbers. [context:Policy] {source:Insurance Work Group} Policy Relationship: Policy Relationship defines the relationship between two policies. [context:Policy] {source:Insurance Work Group} Policy Term: Policy Term is the agreed maximum period of time for which an individual or organization applies for or is granted coverage under an insurance policy, contract, or agreement. Typical Policy Terms are one year or six months, with provision for “renewal” after that duration of time. Normally, rates can change at the end of each Policy Term. The actual retrospective Policy Term is the period of time during which a policy is in force - the time between the Policy Effective Date and the Policy Termination Date (the Expiration Date or a Cancellation Date). [context:Policy] {source:Insurance Work Group} Policyholder: Policyholder is an individual or organization who owns an insurance policy. [context:Party Role] {source:Insurance Work Group} Postal Address: Postal Address is a Contact Point that is an address used for the delivery of letters and packages by an external mailing or package delivery service, at a place where the recipient usually lives or works. Note that the exact structure of a postal address is likely to change depending on the country of the postal address. [context:Location] {source:Insurance Work Group} Postal Code: Postal Code represents an alphanumeric code assigned to groups of addresses by various national postal systems throughout the world to facilitate mail delivery. [context:Location] {source:Insurance Work Group} Pre Qualification: Pre-Qualification is an Event resulting from the process of assuring that a risk will be acceptable and a policy will be issued before either the application is received or the policy is fully underwritten. [context:Event] {source:Insurance Work Group} Preferred Language: Preferred Language is the designation for the language of choice for the related Organization, Person, or Grouping. [context:Communication] {source:Insurance Work Group} Preferred Provider: Preferred Provider is a Role that designates as preferred an organization or individual which provides contracting services on behalf of an insurer to a claimant. [context:Party Role] {source:Insurance Work Group} Premium: Premium is the money amount that is charged for the amount of insurance and the coverage terms provided under the policy. [context:Money] {source:Insurance Work Group} Premium Auditor: Premium Auditor is the Role that determines the exposure basis for an insurance policy, i.e., payroll, sales, or vehicle count, after the end of a policy period to determine the actual (audited) exposure for the purpose of making a final calculation of the premium and premium taxes. [context:Party Role] {source:Insurance Work Group} Pro Rata: Pro Rata is a type of cancellation Event where the policy is deemed to have been effective for a period of time and only a pro rata amount of premium is returned based on the time the policy was effective. The calculation methodology for the pro rata amount can change from insurance company to insurance company. [context:Event] {source:Insurance Work Group} Producer: Producer is a Role played by a Person who sells and services insurance policies in the jurisdictions for which the person is licensed, and for the companies for which the producer is appointed. [context:Party Role] {source:Insurance Work Group} Product: Product is the definition of what is agreed between the insurance company and its customers as an item to be purchased as part of an insurance agreement. [context:Product Coverage] {source:Insurance Work Group} Property In Transit: Property In Transit, also called Goods in Transit, pertains to the insurance for goods being shipped, for which the seller is usually responsible. The Property, or Goods, are represented in the data model as Insurable Objects. [context:Insurable Object] {source:Insurance Work Group} Property Insurance: Property Insurance is indemnification written on physical structures, whether residential or commercial, or their contents. [context:Product Coverage] {source:Insurance Work Group} Prospect: Prospect is a Role played by a Party who is a potential purchaser of an insurance product. [context:Party Role] {source:Insurance Work Group} Prospective Customer: Prospective Customer is an individual or organization that may purchase an insurance policy in the near future. [context:Party Role] {source:Insurance Work Group} Provider: Provider is a Role played by a party to provide a service or to take responsibility for people who contract with them. Provider Roles are usually defined specifically, such as for a Healthcare Provider versus Financial Services Provider, etc. [context:Party Role] {source:Insurance Work Group} Provider Agreement: Provider Agreement is a kind of Agreement between an individual or organization which provides products and/ or services, and the individual or organization contracting for the products and/or services. [context:Agreement] {source:Insurance Work Group} Public Adjuster: Public Adjuster is a Role played by a Party who, as an Adjuster, represents the interests of the claimant rather than the insurance company. [context:Party Role] {source:Insurance Work Group} Quote: Quote is a type of Event that is a price estimate for an insurance policy. The estimate is considered not to be binding. The quote is usually based on a reduced set of the information required for an insurance policy, so the stated price can only be an approximation and may change when the required final information is provided and validated. [context:Event] {source:Insurance Work Group} Rating Territory: Rating Territory is a code developed to charge an adequate premium for the risk within that geographic area. [context:Location] {source:Insurance Work Group} Recovery: Recovery is a kind of Claim activity in which the insurance company attempts to recoup monies distributed in error or monies due it through the actions or inactions of others. Recovery monies can result from Salvage, Subrogation, or Reinsurance. [context:Claim] {source:Insurance Work Group} Recreational Vehicle: Recreational Vehicle is an insured Object that is a vehicle designed for recreation, as in camping. [context:Insurable Object] {source:Insurance Work Group} Regional Office: Regional Office is an Organization Unit of an insurance company’s operations that may market, underwrite, and service the company’s lines of business within a specified geographical area. [context:Party] {source:Insurance Work Group} Reinstatement: Reinstatement is a transaction that is applied to a policy to bring it back to actively insured status from a state where the policy was cancelled. [context:Event] {source:Insurance Work Group} Reinsurance Agreement: Reinsurance Agreement is a kind of Agreement between the Reinsurer and the Ceding Company that stipulates the manner in which the insurance liability written on various Risks insured by the Ceding Company is to be shared, and the cost of the risk sharig to the Ceding Company. [context:Agreement] {source:Insurance Work Group} Reinsurance Contract: See Reinsurance Agreement. [context:Agreement] {source:Insurance Work Group} Reinsurance Recovery: Reinsurance Recovery is the act of providing the appropriate information and validation of a loss(es) in order to receive payment from a reinsurance organization providing either facultative or treaty reinsurance. [context:Claim] {source:Insurance Work Group} Reinsurer: Reinsurer is an individual or organization who agrees contractually to share for a fee with the insurer of a risk the insurance liability written on the risk. [context:Party Role] {source:Insurance Work Group} Renewal: Renewal is the action of continuing the coverage provided by a policy from one term to the next when the original term expires. Renewal may result in changes to the original policy for terms such as premium amount, coverage terms, deductibles, limits of insurance, etc. [context:Event] {source:Insurance Work Group} Repair Facility: Repair Facility is an organization or location that repairs, replaces, or makes available for its intended use, a physical object that has suffered damage or loss. [context:Party] {source:Insurance Work Group} Residential Structure: Residential Structure is an Insurable Object that is used for human habitation. [context:Insurable Object] {source:Insurance Work Group} Rights: Rights are the ability contractually granted or implied for an individual or organization to make ownership decisions, apply changes, or receive benefits under an insurance policy. [context:General Insurance Term] {source:Insurance Work Group} Risk: Risk is when a person, physical object, location, or behavior is eligible for insurance coverage or imdemnification by an insurance company. [context:General Insurance Term] {source:Insurance Work Group} Risk Factor Score: [context:Assessment] {source:Insurance Work Group} Risk Manager: Risk Manager is a Role played by a Party who is responsible for managing an organization’s risks and minimizing the adverse impact of losses on the achievement of the organization’s objectives. The risk manager is charged with identifying risks, evaluating risks, selecting the best techniques for treating identified risks, implementing the chosen risk management techniques, and regularly evaluating and monitoring the program. [context:Party Role] {source:IRMI.com} Sales Organization Unit: Sales Organization Unit is a business unit that is part of an internal or external Organization (defined as a Party) that is responsible for the sales (and possibly also marketing) of the insurance-related Products for which it is licensed and appointed to sell. [context:Party] {source:Insurance Work Group} Sales Territory: Sales Territory is a geographic region in which a producer is both licensed and appointed to sell insurance porducts and services. This can be defined as an Organization Unit that is a subtype of Party. See also Rating Territory (not a Party) and Territory which can represent difference kinds of Organizational groupings. [context:Party] {source:Insurance Work Group} Salvage: Salvage is the attempt by an Insurance Company to recover value from an object that is residual from the claim event but still has economic value. [context:Claim] {source:Insurance Work Group} Schedueld Item: Scheduled Item is an Insurable Object that is specifically listed in a property insurance contract, and insured separately from the standard property insurance in order to receive the full value for a loss. Examples are: expensive jewelry, furs, paintings, electronics, etc. [context:Insurable Object] {source:Insurance Work Group} Service Provider: Service Provider is a party that provides services to or for the insurance organization. Examples include: doctors, hospitals, laboratories, paramedics, garages, experts, vendors, and other financial institutions. [context:Party Role] {source:Insurance Work Group} Services: Services are the provision of needed human knowledge, skill, or assistance that is delivered to a person or business, rather than physical items of value, that can be provided as insurable objects or provided through contractual obligation (such as claim settlement). [context:General Insurance Term] {source:Insurance Work Group} Short Rate: Short Rate is a subtype of Cancellation which is a subtype of Policy Event. Short Rate means that when a policy is cancelled, the returned amount of premium is less that the “pro rata” proportion of the time the policy was in effect. [context:Event] {source:Insurance Work Group} Staff: Staff is a Role played by a Person when working for compensation, whether direct or indirect, for another Party in return for stipulated services. [context:Party Role] {source:Insurance Work Group} Staff Classification: Staff Classification is a designation of staff persons as to benefit eligibility and level within an organization. [context:Party] {source:Insurance Work Group} Staff Role: Staff Role defines the position and status of a person in an organization for a period of time. [context:Party Role] {source:Insurance Work Group} Staff Work Assignment: Staff Work Assignment tracks the association between a staff person and a work area or work group within an organization. Example: a person works in an organization and is assigned to project team. [context:Party] {source:Insurance Work Group} Staffing Agreement: Staffing Agreement is an Employment Agreement which is a written Agreement between employer and employee, stating the terms of employment in an organization. [context:Agreement] {source:Insurance Work Group} Staffing Organization: Staffing Organization (Employer) is a Role played by a Party when that Party hires and pays wages, thereby providing a livelihood to individuals who perform work. The employment relationship confers authority on the employer, who has the right to control and direct the work to be performed. An employer also has the right to engage or discharge and furnish the working location and supplies. An employer is responsible for the collection and remission of federal income and Social Security taxes from employees’ compensation. [context:Party Role] {source:Insurance Work Group} State: State provides a reference list of U.S. States and Canadian Provinces. [context:Location] {source:Insurance Work Group} Status: Status reflects the state, or condition, of a related entity (such as a policy or claim) at a given point in time or for a designation duration. Examples: Cancelled, Closed, Pending, etc. [context:General Insurance Term] {source:Insurance Work Group} Structure: Structure is an Insurable Object that is a man-made building or construction. [context:Insurable Object] {source:Insurance Work Group} Subcontractor: Subcontractor is a Role played by a Party to whom a General Contractor or other subcontractor sublets part or all of a contract. [context:Party Role] {source:Insurance Work Group} Subrogation: Subrogation is the legal process by which an insurance company, after paying a loss, seeks to recover the amount of the loss or some portion of the loss from another party who is legally liable for it. For example, if a third party, through negligence, damages an insured’s car and the insured’s insurance company pays to restore the car, the insurance company has recourse against the third party for the costs involved. The insured cannot sue the third party for damage, since if successful; the insured could collect twice for the same damage. [context:Claim] {source:Insurance Work Group} Supplier: Supplier is a Role played by a Party who supplies materials, products, or services to others; firm in either the wholesale or the retail supply business. [context:Party Role] {source:Insurance Work Group} Surcharge: Surcharge is a charge imposed in excess of standard or normal charges for products and services provided during an insurance activity. The surcharge may be imposed by a governmental organization, an insurance company, or a third party providing goods and services during an insurance event. [context:Money] {source:Insurance Work Group} Syndicate: Syndicate is a group of firms or organizations that in combination provide all required property and casualty insurance coverage, normally to a commercial organization. [context:Party] {source:Insurance Work Group} Task: Task is a step or sub-process that is executed to contribute to the fulfillment of a business unit of work. Examples: Claim Setup, Payment Issuance, Check Status. [context:Event] {source:Insurance Work Group} Tax: Tax is a charge imposed by a governmental organization on individual and organizations in exchange for governmental goods and services. [context:Money] {source:Insurance Work Group} Tax Identifier: Tax Identifier is a unique number or alphanumeric configuration that provides identification of an organization or individual by a taxing authority. [context:Party] {source:Insurance Work Group} TDDTTY: TDDITTY is a telecommunications device for the deaf, a TDD is a Contact Point type that is an electronic device for text communication via a telephone line, used when one or more of the parties have hearing or speech difficulties. Another name to TDD is TTY (telephone typewriter or teletypewriter). [context:Communication] {source:Insurance Work Group} Team: Team is a subtype example of a Grouping that is a subtype of Party. [context:Party] {source:Insurance Work Group} Team Leader: Team Leader is a Role that may apply to any major object that requires team support. [context:Party Role] {source:Insurance Work Group} Team Member: Team Member is a Role that may apply to any major object that requires team support. [context:Party Role] {source:Insurance Work Group} Telephone: Telephone is a Contact Point type that is an instrument for reproducing sounds at a distance; specifically, one in which sound is converted into electrical impulses for transmission (as by wire or radio waves) and then re- converted into sound for use by the receiving contact point. [context:Communication] {source:Insurance Work Group} Telephone Preference: Telephone Preference is a reference to Party Communication (Type would be “Phone”) with Preference attributes. [context:Communication] {source:Insurance Work Group} Temporary Insurance Contract: Temporary Insurance Contract is a kind of contract which provides insurance coverage to an insurable person, object, or location from the signature of an application for insurance until a decision is rendered by the insurance company on the acceptance of the risk and an insurance policy is officially generated. See also Binder. [context:Agreement] {source:Insurance Work Group} Terms And Conditions: Terms and Conditions are the items listed in a formal agreement between two parties that outline the agreement, the deliverables, the legal constraints and the recourse for non-performance. [context:Agreement] {source:Insurance Work Group} Third Party: Third Party is a party, other than the insured or insurer, who has been involved in an action or series of actions relevant to an insurance agreement between the insured and insurer. An example would be an individual or organization which incurred a loss due to actions or omissions of the insured. [context:Party Role] {source:Insurance Work Group} Third Party Administrator: Third Party Administrator is an organization that is not an insurance carrier but is contracted to provide administrative services on behalf of the insurance carrier. [context:Party Role] {source:Insurance Work Group} Third Party Staffing Agreement: Third Party Staffing Agreement is an example of Agreement with a third party to provide human resources for company. [context:Agreement] {source:Insurance Work Group} Time: Time specifies the Hour, Minute, and Second of a 24- hour day. [context:General Insurance Term] {source:Insurance Work Group} Tractor: Tractor is an Insurable Object that is a kind of motor- driven vehicle used to handle various attachments and equipment. [context:Insurable Object] {source:Charlie Schaefer} Trailer: Trailer is an Insured Object that is pulled by another Vehicle and is used for transporting something. [context:Insurable Object] {source:Insurance Work Group} Training: Training is a development event attended by an intermediary or an employee to achieve full competence in some knowledge based or activity based aspect of the insurance industry. It may be organized internally by the insurer or offered by third parties. It may lead to a status recognized internally by the insurer, or to externally-recognized industry qualifications. [context:Event] {source:Insurance Work Group} Transaction: Transaction is an activity that, when conducted, represents the conduct of business between two or more parties in creating an agreement, fulfilling the terms of an agreement, exchanging monies, or changing an agreement. [context:Event] {source:Insurance Work Group} Transportation Class: Transportation Class is a subtype of Insurable Object that describes the kinds of Tranportation being insured. Transportation is a type of “Inland Marine” insurance. This is also the Class Code used for Rating (see Class Codes). [context:Insurable Object] {source:Insurance Work Group} Treaty: Treaty is a type of reinsurance agreement whereby the reinsurance terms and conditions have already been agreed to contractually between the issuing company and the reinsurance company/ies. A treaty is written to cover relationships on multiple risks rather than a single risk. [context:Agreement] {source:Insurance Work Group} Truck: Truck is an Insurable Object that is any of various motor vehicles designed for carrying or pulling loads. [context:Insurable Object] {source:Insurance Work Group} Underwriter: Underwriter is a Role of a person who works for an insurer to determine if insurance risks should be accepted, and at what rate and price. The purpose of underwriting is to spread the risk among a pool of insureds in a manner that is equitable for the insureds and profitable for the insurer. [context:General Insurance Term] {source:Barron’s Insurance Terms} Underwriting Assessment: Underwriting Assessment is an evaluation provided by an Underwriter who is reviewing the proposed new or renewal policy to determine willingness to accept the risk. Items that might be evaluated are the limits of insurance being requested, the demographics of the location, the demographics of the requestor, the condition of the Insurable Object, etc. [context:Assessment] {source:Insurance Work Group} Units Produced: Units Produced is the insured production from a commercial manufacturing organization. [context:Party] {source:Insurance Work Group} Van: Van is an Insured Object that is a usually enclosed vehicle used for the transportation of goods or animals. [context:Insurable Object] {source:Insurance Work Group} Vehicle: Vehicle is an Insurable Object that is a conveyance for transporting people and/or goods. [context:Insurable Object] {source:Insurance Work Group} Victim: Victim is a Role played by a Party who is affected by any kind of loss, condition or event that results in the submission of a claim. [context:Party Role] {source:Insurance Work Group} Visual Communication Preferences: Visual Communication Preferences is a term used to identify or define how an individual expects to receive information or engage in conversation when the information or communication include or require visual contact between two or more parties. See Party Communication. [context:Communication] {source:Insurance Work Group} Watercraft: Watercraft is an Insurable Object that is a Vehicle made for transportation on water and primarily used for personal use. It may be motorized or may be manually propelled. [context:Insurable Object] {source:Insurance Work Group} Web Address: Web Address is a Contact Point type that is used by the World Wide Web browsers to locate and communicate with individuals, organizations and resources on the Internet. The addressing scheme is a Uniform Resource Locator or Universal Resource Locator (URL). See Party Communication. [context:Communication] {source:Insurance Work Group} Witness: Witness is an example of someone who has firsthand knowledge about a significant event through their senses (e.g., seeing, hearing, smelling, touching), and who can help certify important details and considerations regarding the event. [context:Party Role] {source:Insurance Work Group} Work Contact Point Indicator: Work Contact Point Indicator is a term describing or defining the method that an individual prefers to receive information or be engaged in a conversation by a third party while at their place of employment or the location at which they provide products and services to others for a fee. See Party Comunication. [context:Communication] {source:Insurance Work Group} Workers Comp Class: Workers Comp Class is a job classification covered by a policy providing insurance converage on medical and indemnity losses of employees of an organization. See also Class Code. [context:Insurable Object] {source:Insurance Work Group} Written Premium: Written Premium is the policy premium that is booked to the company financials as the amount the company will be due should the policy go full terms. [context:Money] {source:Insurance Work Group} Account Facility: A service provided by an insurance company to manage customer accounts. [context:General Insurance Term] {source:IRMI.com} Activity: Any action or task performed within the insurance process. [context:Data Model Subject Area] {source:IBM IAA} Agreement Party: An entity involved in an insurance agreement. [context:Data Model Subject Area] {source:ACORD} Assessment Activity: The process of evaluating risks or claims. [context:Data Model Subject Area] {source:Dictionary of Insurance} Campaign: A series of marketing activities aimed at promoting insurance products. [context:Communication] {source:Barron’s Business Terms} Campaign Cell: A specific segment of a marketing campaign targeting a particular group. [context:Communication] {source:Barron’s Insurance Terms} Campaign Management: The process of planning, executing, and analyzing marketing campaigns. [context:Communication] {source:LOMA Glossary} mpaign Step: A specific action or phase within a marketing campaign. [context:Communication] {source:Barron’s Business Terms} Claim Folder Supporting Data: Data that supports the information contained in a claim folder. [context:Data Model Subject Area] {source:IBM IAA} Claim Party Role: The role played by a party in relation to a claim. [context:Data Model Subject Area] {source:ACORD} Claimee: The person or entity making a claim. [context:Data Model Subject Area] {source:Dictionary of Insurance} Class Codes: Codes used to classify types of insurance coverage or risks. [context:Data Model Subject Area] {source:IRMI.com} Cognitive Communication Preferences: Preferences for communication based on cognitive styles. [context:Communication] {source:LOMA Glossary} Company Description: A brief overview of a company's business and operations. [context:General Insurance Term] {source:Webster’s} Contact Point: A specific point of contact within an organization. [context:Communication] {source:Wikipedia} Contact Preference: The preferred method of communication for an individual or entity. [context:Communication] {source:LOMA Glossary} Credit: The ability of a customer to obtain goods or services before payment. [context:General Insurance Term] {source:Barron’s Business Terms} Deductible Rate: The rate at which a deductible is applied to an insurance policy. [context:Data Model Subject Area] {source:IRMI.com} Document Sequence Number: A unique identifier for a document in a sequence. [context:Data Model Subject Area] {source:IBM IAA} Driving: The act of operating a motor vehicle. [context:General Insurance Term] {source:Webster’s} Dun and Bradstreet Code: A unique nine-digit identifier for businesses. [context:General Insurance Term] {source:Dun & Bradstreet} Earned: The amount of premium earned by an insurance company. [context:Data Model Subject Area] {source:Dictionary of Insurance} Effective Date: The date on which an insurance policy becomes effective. [context:Data Model Subject Area] {source:ACORD} Employment Classification: The categorization of employees based on their job roles. [context:Data Model Subject Area] {source:IRMI.com} Facultative Agreement: A reinsurance agreement covering individual risks. [context:Data Model Subject Area] {source:Dictionary of Insurance} Fees: Charges or payments for services. [context:General Insurance Term] {source:Barron’s Business Terms} Geographic Area: A specific region or location. [context:Location] {source:Webster’s} Hearing Communication Preferences: Preferences for communication based on hearing abilities. [context:Communication] {source:LOMA Glossary} Home Contact Point Indicator: An indicator for a primary contact point at home. [context:Communication] {source:Wikipedia} Insurable Object Group: A group of objects that can be insured. [context:Data Model Subject Area] {source:IBM IAA} Location Insurable Object: An insurable object located at a specific place. [context:Data Model Subject Area] {source:ACORD} Management: The process of dealing with or controlling things or people. [context:General Insurance Term] {source:Barron’s Business Terms} Marketing Strategy Activity: Actions taken to implement a marketing strategy. [context:Communication] {source:Barron’s Business Terms} Max Per Claim Amount: The maximum amount payable per claim. [context:Data Model Subject Area] {source:IRMI.com} Max Per Person Amount: The maximum amount payable per person. [context:Data Model Subject Area] {source:Dictionary of Insurance} Mobility Communication Preferences: Preferences for communication based on mobility needs. [context:Communication] {source:LOMA Glossary} Organization Description: A brief overview of an organization's business and operations. [context:General Insurance Term] {source:Webster’s} Other Personal Activity: Any personal activity not classified elsewhere. [context:Data Model Subject Area] {source:IBM IAA} Particular Activity: A specific action or task. [context:Data Model Subject Area] {source:ACORD} Product Description: A detailed description of an insurance product. [context:Data Model Subject Area] {source:Barron’s Insurance Terms} Product Line Of Business: A category of insurance products offered by a company. [context:Data Model Subject Area] {source:IRMI.com} Proposed Insurable Object: An object proposed for insurance coverage. [context:Data Model Subject Area] {source:Dictionary of Insurance} Proposed Insured: A person or entity proposed for insurance coverage. [context:Data Model Subject Area] {source:ACORD} Provider Role: The role of a provider in the insurance process. [context:Data Model Subject Area] {source:IBM IAA} Regular Dealings: Routine interactions or transactions. [context:General Insurance Term] {source:Barron’s Business Terms} Taxes: Compulsory financial charges imposed by a government. [context:General Insurance Term] {source:Webster’s} Territory: A defined geographic area. [context:Location] {source:IRMI.com} Treaty Agreement: A reinsurance agreement covering multiple risks. [context:Data Model Subject Area] {source:Dictionary of Insurance} Workers Comp Classes: Classification of workers for workers' compensation insurance. [context:Data Model Subject Area] {source:IRMI.com} Written: The total amount of insurance written by an insurer. [context:Data Model Subject Area] {source:Dictionary of Insurance}