Actual Cash Value – The value of indemnification due to a loss that accounts for depreciation, replacement cost less depreciation.
Affordable Care Act – A comprehensive health care law sometimes known as ACA, PPACA; or “Obamacare”.
Balanced Billing – When a provider sends you a bill to pay for the difference between what they charged and the amount paid by your insurance carrier.
Beneficiary – A person designated to receive payment due to a contract such as in life insurance, a will; or retirement plan.
Business Owners Policy (BOP) – Insurance for a business that has coverage for property and includes liability.
Coinsurance – The amount you pay (20% for example) for a health care service after your deductible has been met.
Complications of Pregnancy – Circumstances due to pregnancy, labor or delivery that are medically necessary for the health of, or to prevent serious harm to the mother or baby. This would not include morning sickness or a non-emergency Caesarean section.
Actual Cash Value – The value of indemnification due to a loss that accounts for depreciation, replacement cost less depreciation.
Affordable Care Act – A comprehensive health care law sometimes known as ACA, PPACA; or “Obamacare”.
Balanced Billing – When a provider sends you a bill to pay for the difference between what they charged and the amount paid by your insurance carrier.
Beneficiary – A person designated to receive payment due to a contract such as in life insurance, a will; or retirement plan.
Business Owners Policy (BOP) – Insurance for a business that has coverage for property and includes liability.
Coinsurance – The amount you pay (20% for example) for a health care service after your deductible has been met.
Complications of Pregnancy – Circumstances due to pregnancy, labor or delivery that are medically necessary for the health of, or to prevent serious harm to the mother or baby. This would not include morning sickness or a non-emergency Caesarean section.
Copayment – The amount you pay ($20, for example) for a covered health care service after your deductible is satisfied.
Coordination of Benefits – A method of determining who pays first when you are insured by two or more health insurance plans.
Deductible – The amount you pay for a covered claim before the insurance policy pays.
Employment Practices Liability Insurance – Coverage for employers protecting against employment practices including wrongful termination, discrimination; or sexual harassment.
Face Amount – The value of a life insurance policy to be paid upon death or maturity date.
Formulary – A list of prescription medications covered by an insurance policy offering prescription drug benefits.
Health Reimbursement Arrangements (HRA) – Group health insurance reimbursing employees a tax-free fixed dollar amount per year for qualified medical expenses. These plans are employer-funded.
Key Persons Insurance – Usually a life insurance policy purchased by a company to mitigate the unexpected loss of people integral to the business.
Named Insured – The person or business defined as the insured in a policy.
Negligence – Failure to use reasonable care resulting in a loss or damages to others.
Network Plan – A health plan that contracts with doctors, hospitals, pharmacies and other health care providers to provide members a discounted price for services and supplies.
Non-Preferred Provider – A provider who is not part of the health plan network and has no contract with your insurance. It will cost you more to use this provider.
Open Enrollment Period – The yearly time when everyone can enroll in a health plan. If you miss Open Enrollment, there are situations where you may qualify for a Special Enrollment Period.
Premium – The amount that you pay to be insured.
Replacement Cost – The value of replacing property with no account for depreciation. The cost of replacing a property of the same kind and quality.
Rider – An amendment to an insurance policy. A rider may add, limit, exclude or further define and explain coverage.
Term – The period of time a policy is in effect.
Umbrella or Excess Liability – Additional coverage for liability that is above one or more underlying policies.