Insurance Glossary Usa
International Medical Insurance Glossary - Explanation of commonly used terms in visitors insurance travel medical insurance international student insurance travel insurance expat health insurance and more. The remainder is paid by the Insured.
Insurance Terms Basic Insurance Terminology Fincash Com
A fixed amount for example 15 you pay for covered.
Insurance glossary usa. Order of Precedence FEGLI Under Federal law the order in which life insurance benefits are paid to your survivors. Agent A person who sells insurance policies. Our agents would be happy to help you decipher the jargon and clear the clutter so you can make the best decision when it comes to home life auto business or any other type of insurance.
However there are many many other terms that are helpful to understand. Credit - Money that doesnt belong to you and that you have to pay back. Limit of Insurance The maximum amount of benefits your insurance policy pays in the event of a loss.
Essential health benefits must include items and services within at least the following 10 categories. NATIONAL FLOOD INSURANCE PROGRAM Federal government-sponsored program under which flood insurance is sold to homeowners and businesses. New terms will be added to the glossary over time.
NO-FAULT Auto insurance coverage that pays for each drivers own injuries regardless of who caused the accident. There is condo insurance thats made specially to cover these homes and the owners belongings. The Coinsurance amount for Eligible Expenses is only paid after the Deductible has been met or the Co-Payment has been paid.
It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one five 10 or even 20 years. If available some optional coverages and benefits might be offered at an additional charge. Insurance abbreviations in USA.
United States government issued a travel advisory within 6 months prior to the insureds date of arrival. Peril specifically mentioned as covered in an insurance policy. Liability Coverage Insurance that covers for injuries to another or damage to another persons property for which you are liable.
This general insurance glossary defines some of the terms youll hear when discussing insurance. Loss The dollar value of property damage. 8212020 The following glossary terms and definitions are commonly used in health insurance and may be different from the terms and definitions used in your own plan.
TERM INSURANCE A form of life insurance that covers the insured person for a certain period of time the term. A package of state-mandated benefits that insurance companies are required to offer as part of insurance purchased through a marketplace. Contact Advance Insurance USA.
Option A Standard Optional insurance Option B Additional Optional insurance and Option C Family Optional insurance. There are three types of Optional insurance. It is also known as eligible expense payment allowance.
Condos are usually a group of homes in a community. The percent for example 20 you pay of the allowed amount for covered health care services to providers who contract with your health insurance or plan. Coverages and benefits listed below may not be available in your state.
If available some optional coverages and benefits might be offered at an additional charge. Coverages and benefits listed below may not be available in your state. Insurance Glossary Insurance terms and definitions from AA USA Houston Insurance Agency.
Coinsurance is the percentage of the Eligible Expenses for which the Insurance Company is responsible to pay. Insurance that you can elect in addition to Basic insurance. A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation.
No-fault varies from state to state. In-network co-insurance usually costs you less than out-of-network co-insurance. Maximum payment your plan will pay for covered medical service.
The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. Consolidated Omnibus Budget Reconciliation Act. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business.
Contact AA USA Houston Insurance Agency today to learn more. Annuity A contract in which the buyer deposits money with a life insurance company for investment. Annuitant A person who receives the payments from an annuity during his or her lifetime.
Insurance that protects the condominium and personal property of the policyholder and covers the condo owners personal liability for covered injuries or damage to others. That is specified in the policy. Evaluates insurance firms reserves determines rates and rating methods and determines other business and financial risks.
Insurance Glossary Insurance terms and definitions from Advance Insurance USA. ACTUARY An insurance professional skilled in the analysis evaluation and management of statistical information. Insurance a bank or lender puts on your home if you fail to insure it.
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