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
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
Amount of combustible matter present that can act as a fuel to feed a hostile fire. ...
Hybrid between facultative reinsurance and treaty reinsurance where the ceding company may elect to assign certain risks that the reinsurer is obligated to accept. ...
Same as term Canadian Institute of Actuaries: ...
Circumstance in which no agent is servicing a debit. ...
Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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