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
Protection against natural disasters that may strike crops. Coverage on all risks basis began in 1948 under the auspices of the U.S. Department of Agriculture. Premiums reflect actual ...
Financial incentives credited to the policy to encourage the policyowner to keep the policy in force. The incentives may be utilized by: (1) applying them to the policy cash value after a ...
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
Model state law of the NAIC that requires that two interest adjusted cost indices must be illustrated within each life insurance policy issued: NET PAYMENTS INDEX; and SURRENDER COST INDEX. ...
Endorsement to a scheduled property floater that provides all risks protection for street clocks. Clocks and signs attached to business property can be covered under the Standard Fire ...
Supplementary life insurance reserve required by state regulators when the gross premium is lower than the valuation premium. Some life insurers are able to charge policyholders a premium ...
Protection in the event of accidental discharge, leakage, or overflow of water from plumbing systems, heating, air conditioning, and refrigerating systems, and rain or snow through broken ...
Method of selling insurance directly to insureds through a company's own employees, through the mail, or at airport booths. The company uses this method of distribution rather than ...
credit reflected on a ceding company's annual statement, showing reinsurance premiums ceded and losses recoverable from the reinsurer. ...
Have a question or comment?
We're here to help.