Insurance Coverage Terms

Benefit levelthe maximum amount that a health insurance company has agreed to pay for a covered benefit. Some Insurance Companies also offer various life insurance plans with critical illness riders.

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Co-pay Co-payment A certain amount of money usually a fixed preset dollar fee paid by a person who has insurance at the time medical care is received.

Insurance coverage terms. The term assurance commonly used in England is considered synonymous with insurance. You can go for the rider option too. Insurance terms definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts policies or declaration pages which are controlling.

Coverage Limits Maximum amount an insurance company will distribute for approved covered losses. A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium. A written agreement attached to an insurance policy to add or subtract coverage.

Accident Insurance - insurance for. Health insurance companies may update plan benefits and rates at the beginning of the benefit year. Insurance a contractual relationship that exists when one party the insurer for a consideration the premium agrees to reimburse another party the insured for loss to a specified subject the risk caused by designated contingencies hazards or perils.

Balance Sheet - accounting statement showing the financial condition of a company at a particular date. Insurance Coverage Glossary of Terms. Allowed Amount - The highest amount we will cover pay for a service.

Also called other than collision coverage OTC. Comprehensive coverage - In auto insurance a broad physical damage coverage that covers all property losses except collision and those perils or property that are specifically excluded. A Critical Illness Plan Can Supplement Your Existing Health Insurance Policy.

In essence this is insurance that an insurance company buys for its own protection. Glossary of Insurance Terms A. Another word for insurance.

Calendar Year Deductible - in health insurance. Some of these words are common with many types of insurance. Deductible An amount deducted from a given loss before insurance coverage begins which is paid out of pocket.

Accident - an unexpected event or circumstance without deliberate intent. Such terms and availability may vary by state and exclusions may apply. This glossary explains what the words and phrases mean for health insurance.

Exclusions Items that are specifically denied coverage under the terms of an insurance policy. Insurer The insurance company that provides insurance coverage and services. Glossary of Health Coverage and Medical Terms Page 1 of 4 This glossary has many commonly used terms but isnt a full listThese glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.

Insurance companies use the term coverage to mean the rupee amount of in. Secured Those guaranteed under the regards to an insurance coverage. Spouse A Child B Rx Bin.

The persons protected in case of a loss or claim. So to avail of critical illness coverage you dont need to opt for a standalone plan. Insurance for individuals such as life home and auto coverage.

Condition The portion of the insurance contract which outlines the duties and responsibilities of both the insured and the insurance company. Insurance coverage is the amount of risk or liability covered for an individual or entity by way of insurance services. Coverage or more specifically insurance coverage is the amount of protection in terms of a sum of money that an insurance company provides to an insured person whereby in the event of risk or risks insured against take place such as death or accident the policyholder or a designated beneficiary or beneficiaries shall receive an indemnification or payment up to the.

Insurance contract The document that is the agreement between your insurance company and you the policyholder detailing the terms and conditions of your insurance coverage. Benefit Period - When services are covered under your plan. Proposal Price The asking price or cash-in worth of your device holdings.

I Got Health Insurance. Those losses can be assessed per person per claim or using a term-limited aggregate amount. Health insurance can reimburse.

Benefit yearthe 12-month period for which health insurance benefits are calculated not necessarily coinciding with the calendar year. Once attached the endorsement takes precedence over the original terms of the policy. This coverage is subject to the terms limits and conditions of your policy contract.

Advantage The cash paid to the insurance policy holder when a case is made. Health Insurance Coverage Key Terms. Continuous Coverage Health insurance coverage that is not interrupted by a lapse of 63 days or more.

Bonus offer Relates to a with-profits plan. Payments made to an insurance company for specified coverage over a specified period of time. Health insurance is a type of insurance coverage that typically pays for medical surgical prescription drug and sometimes dental expenses incurred by the insured.

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