Coordination Of Benefits
Arrangement in health insurance to discourage multiple payment for the same claim under two or more policies. When two or more group health insurance plans cover the insured and dependents, one plan becomes the primary plan and the other plan (s) the secondary plan (s). For example, two working spouses have health insurance at their respective places of employment. If one spouse becomes ill, his/her policy at work would become the primary plan. Medical expenses not covered under the primary plan would be covered under the secondary plan of the other spouse.
Popular Insurance Terms
Premium payment. ...
Total amount of insurance that an insurer will write on any specific city block. Such a limit will reduce the insurer's exposure to a potential catastrophic occurrence, such as a hurricane, ...
Coverage usually provided as part of the storekeepers burglary and robbery insurance in the event merchandise, fixtures, equipment, and furniture are lost due to theft and burglary. ...
Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...
The term elevator collision insurance or elevator liability insurance is included in business liability insurance policies in order to cover potential damages suffered by the elevator or ...
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Return of a percentage of premium paid by a business firm if its loss record is better than the amount loaded into the basic premium. ...
Mortality table that reflects irregularities from age to age due to chance fluctuations in the sequence of the rates of mortality. The rates of death as reflected by the mortality table in ...
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