Insurance Key Terms Pdf. The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium (see #7 premium). Government employer provided insurance is an employee benefit.
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The maximum volume of business a company is prepared to accept; A beneficiary does not have to be the insured/policyholder and there may be more than one beneficiary under an insurance policy • claimant is either a beneficiary who is making a claim under an insurance. The policyholder is the owner of the policy and s/he may or may not be the life assured (see # 2 life assured).
Glossary Of Insurance Terms Actuary A Professional Trained In The Mathematics Of Insurance And Risk Management, Including The Calculations Of Premiums, Policy Reserves And Other Values.
Agent the insurance company representative who sells policies on behalf of the insurer. Certain key employees can be named, allowing the employer to continue to pa y their A captive agent represents only one company.
An Obligation Of A Surety To Protect The Obligee (For Example, An Owner) Against Financial Loss Caused By Act Or Omission Of The Principal (For Example, A Contractor).
The insurer of certain risks of financial loss in exchange of the payment of an. The percent (for example, 40%) you pay of the allowed amount for covered health care services to providers who do not contract with your health insurance or plan. Write the definition of each vocabulary word in your own words.
Spouse A Child B Rx Bin:
A form of dental cost sharing in a dental insurance plan that requires the member to pay a fixed dollar amount for each visit to a dentist or for a specific service. The largest amount of insurance or reinsurance available from a company on a given risk; These plans reimburse the patient
Use This Glossary Of Insurance Definitions To Better Understand Insurance New Policy:
Insurance can be provided to an individual from any of these three sources: Many private insurance companies sell supplemental insurance for medicare. What is an employee benefit?
May Be Imposed By Law Or Regulatory Authority.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Why do insurance policies include deductibles and co‐insurance? Subscriber for group policies, subscriber is the term used to describe the employee.
