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PDF | By 2014, uninsured adults will be eligible for health insurance through exchanges with multiple plan options. Here, you'll find plain-English definitions for 33 of the most common insurance terms. Clinical Fee: Full-time students are automatically charged this fee. Common Health Insurance Terminology 101. It is usually paid for the rest of the beneficiary's life. Most had little or no experience with health insurance terminology. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Page | 3. attending the University; or transport back to the U.S. for domestic students who if you become seriously ill while traveling abroad. **FDA/ADA radiograph guidelines. INSURANCE POLICY – A legal document issued to the insured setting out the terms of the contract of insurance. INSURANCE – A formal social device for reducing risk by transferring the risks of several individual entities to an insurer. 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An insurance policy that pays out if a person’s home is damaged, for example if tiles fall off a roof during a storm Bull Someone who buys shares The government also oversees the wording used in auto insurance policies to ensure standard terminology is used throughout the industry. life insurance terminology An Education Initiative by Toll Free: 1800 425 9010 | SMS ‘CELEBRATE’ to 56161 | E-mail: info@sbilife.co.in | www.sbilife.co.in Life insurance, home insurance, or travel insurance – each policy has its own set of unique terminology. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. This site uses cookies. Plan Year (or Benefit Year). Fee makes students eligable for provider visits at SHS for no additional charge! Find out more on how we use those cookies and how you can change your settings clicking here . While these terms can be confusing, the better you understand them, the better you will be prepared to successfully gain coverage and … Life Insurance 101 Getting Started: make sure you understand the terminology in your policy. and insurance terms are not included as these are defined in various other sources. terminology to meet with the increasing demand for the book. Understanding Insurance Terminology and Your Responsibility . Abscess: Terminology used in the return In this return any word or expression to which a meaning has been assigned in the Short-term Insurance Act 53 of 1998 or the Insurance Bill, 2015, has the same meaning, unless the context indicates otherwise. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance agencies that provide robust, comprehensive, ongoing training are a beacon for committed, motivated candidates. Our glossary was designed to demystify the jargon so consumers can understand their plans, its benefits, limitations, costs and coverage options. Insurance Terminology for Brokers Insurance Terms and Definitions Group insurance contracts provide coverage to a number of persons under a single contract that is issued to someone other than the persons insured. Referral: The recommendation by a medical Health Insurance Terminology Download ebook PDF or read online. Agent Training Is Critical to the The digital financial services … GLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY Term Definition Accident An event or occurrence which is unintended, unforeseen and unexpected; ... insurance companies or by independent rating organizations, such as the Insurance Services Office, Inc. (ISO). Your insurance policy is a contract between you and your insurance company. Insurance Terminology Monday, October 19, 2020 9:41 PM A) PROFESSIONAL LIABILITY INSURANCE Insurance to Value - Amount of insurance purchased vs. the actual replacement cost of the insured property expressed as a ratio. Exposure Year Earned Many of the terms you encounter when dealing with health insurance are not familiar. Read on to understand what terms like co-payment, coverage and deductible mean. NPI National Identification Number – Standard unique 10-digit identifier assigned to health care providers by CMS. Glossary of Dental Insurance and Dental Care Terms . Primer on Health Insurance Concepts and Terminology Dependent: One who relies on another for finan-cial support like a spouse or child. It is paired with a Health Reimbursement Account (HRA) that covers much of the deductible associated with routine medical expenses. Insurance Regulatory Information System (IRIS) - a baseline solvency screening system for the National Association of Insurance Commissioners (NAIC) and state insurance regulators established in the mid-1970s. We understand insurance has changed drastically over the last several years and can be very confusing. A special word of gratitude is extended to … Life insurance terminology doesn't have to be confusing. GLOSSARY of Medical Insurance Terminology Page | 1 Annual Deductible is the amount you must pay each year for medical and mental health expenses before your medical plan begins to pay benefits. This catalogue was conceived and drafted by icisa’s Credit Insurance Committee who have laboured tirelessly to describe the terminology used. ITS - Insurance Technology Services Chris Belle is President of ITS, a consulting company that helps carriers and solution providers implement new systems with a suite of services and tools for project management, business analysis, ... • Terminology • Types of Insurance Companies GLOSSARY of Medical Insurance Terminology . Smart contracts in insurance: Making sense of the terminology and developing use cases 04 Norton Rose Fulbright – April 2019 III. This guideline reflects the manner in which the Deputy Registrar of Long- and Short-term Insurance The group insurance contract provides benefits to a group of individuals who have a specific relationship to the policy owner. The insurer agrees, for a consideration, to assume to a specified extent the losses suffered by the insured.