We've listed all the relevant insurance terminology we could think of...and then some! If you don't find what you're looking for, just send us an email with your question and we'll get right back to you with the answer!
Professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients.
Arrangement between an employer or insurer and selected providers to provide comprehensive health care at a discount to members of the insured group and coordinate the financing and delivery of health care.
Benefits that health insurance plans are required by state or federal law to provide to policyholders and eligible dependents.
Mandatory Supplemental Benefits
Additional benefits included in Medicare coordinated care plans that are required to be purchased by you. These benefits will differ among Medicare Advantage plans.
Generally a health care delivery system that links doctors, hospitals and an insurance plan to deliver care to the plan's members with the intent of improving quality and reducing costs. Health insurance can manage care in a number of ways, including requiring members to choose a primary care provider, to obtain the primary care provider's permission to see a specialist and to use only providers with the plan's network of providers.
Managed Care Plan
Any health plan that requires or creates incentives for an enrollee to use providers that are owned, managed, or under contract with the insurer offering the health benefit plan.
Coverage for goods in transit, and for the commercial vehicles that transport them, on water and over land. The term can also apply to inland marine, but it generally applies more to ocean marine insurance. Covers damage or destruction of a ship's hull and cargo and perils include collision, sinking, capsizing, being stranded, fire, piracy, and jettisoning cargo to save other property. Wear and tear, dampness, mold, and war are not included.
A real estate term that describes what the current value of your home would be if you were to sell it--including the price of the land. This amount generally is not involved in determining what amount to purchase under a homeowner's policy. Since the object of most property insurance policies is to pay the insured the actual cash value or the cost to repair or replace the damaged or destroyed property, the "market" or "book" values are not used in loss settlements.
Federal law signed in 1945 in which Congress declared that states would continue to regulate the insurance business. Grants insurers a limited exemption from federal antitrust legislation.
Non-binding procedure in which a third party attempts to resolve a conflict between two other parties.
Medical Payments Coverage
Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy, that pays medical expenses without regard to fault. The insured does not admit liability for bodily injury to another party, nor does an injured party forfeit the right to sue the insured.
Services or supplies that meet the following: (1) they are appropriate and necessary for symptoms, diagnosis, or treatment of the medical condition; (2) they are provided for the diagnosis or direct care and treatment of medical conditions; (3) they meet the standards of good medical practice within the medical community in the service area: (4) they are primarily for the convenience of the patient or provider; (5) they are the most appropriate level or supply of service that can safely be provided.
A significant misstatement in an application form. An insured is required to answer truthfully all questions on an insurance application. The insurance company can void the policy if it would not have issued a policy had it known the facts.
Misstatement of Age
Life insurance wording that specifies the action the insurer will take if, at the insured's death, the insurer discovers that the insured's age was misstated in the application and the misstatement has resulted in an incorrect premium for the amount of insurance purchased.
Mortgage Guarantee Insurance
Coverage for the mortgagee (usually a financial institution) in the event that a mortgage holder defaults on a loan. Also called private mortgage insurance (PMI).
A form of decreasing term insurance that covers the life of a person taking out a mortgage.
Multiple Peril Policy
A package policy, such as a homeowners or business insurance policy, that provides coverage against several different perils.
Municipal Bond Insurance
Coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults. It is a form of financial guarantee insurance
Municipal Liability Insurance
Liability insurance for municipalities.