An insurance claim is a formal request that a policyholder makes to an insurance company to obtain coverage or compensation for a loss or event covered by the policy. The insurance company validates the claim and, once approved, issues the payment to the insured or to an approved interested party on behalf of the insured. Claim: A request to your insurance company to pay for a health care service you received. Claim: Request made by the insured for the insurer to remit payment due to a loss incurred and covered by the policy agreement.
Self-insurance: type of insurance that is often used for high-frequency and low-severity risks, in which the risk is not transferred to an insurance company, but is instead retained and accounted for internally. Professional medical liability: insurance coverage that protects a licensed healthcare provider or health facility against legal liability resulting from the death or injury of a person due to the insured's misconduct, negligence, or incompetence in providing professional services. The payment can be taken in cash, applied to a purchase, an increase in the insurance disbursed, left on deposit with the insurance company, or applied to the purchase of term insurance for one year. If you have an agent, your agent must send you this notice within 15 days of receiving the agent, unless you obtain insurance coverage from another insurance company during this period of time.
Premises and operations: policies that cover the liability of an insured person to persons who have suffered bodily injury or material damage to the insured's facilities during normal operations or routine maintenance, or because of the insured's business operations inside or outside the insured's premises. Accident insurance: a form of liability insurance that covers negligent acts and omissions, such as workers' compensation, errors and omissions, fidelity, crimes, glass, boilers, and various negligence coverages. Fraternal insurance: a form of group coverage or disability insurance available to members of a fraternal organization. Irrevocable Beneficiary: Beneficiary of a life insurance policy who has a personal interest in the policy's income even during the life of the insured, because the policyholder has the right to change the beneficiary's designation only after obtaining the beneficiary's consent.
Medicare Supplement Insurance: Sometimes called Medi-GAP, these are insurance policies that you can take out to pay for things that Medicare doesn't cover. Surrogacy clause: section of insurance policies that gives the insurer the right to take legal action against a third party responsible for a loss suffered by an insured person for whom a claim has been paid. Full life insurance: life insurance that can remain in effect throughout a person's life and pays a benefit in the event of the person's death. Insurance company: An insurance company must have a license from the Department of Insurance to sell health insurance.
Underwriting: the process by which an insurance company examines the risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for the coverage offered. Life insurance: endowment: insurance that pays the same amount of benefit if the insured dies during the term of the contract or if the insured survives until the end of the specified coverage period or age. Federally reinsured crops: Crop insurance coverage fully or partially reinsured by the Federal Crop Insurance Corporation (FCIC) under the Standard Reinsurance Agreement (SRA). Additional expense insurance: a type of property insurance for extraordinary expenses related to business interruption, such as a backup generator in the event of a power outage.
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