Definition of "Deductible, corridor"

Bev Norton Team real estate agent

Written by

Bev Norton Teamelite badge icon

Realty ONE Group

Same as term Corridor Deductible: type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical insurance plan. After benefits are paid under the basic plan, a fixed dollar per-loss deductible amount often is required of the insured (benefits paid under the basic plan do not apply towards this deductible) before major medical benefits are paid.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Modified enhanced ordinary life in which there is a combination of dividends purchasing PAID-UP ADDITIONS, TERM LIFE INSURANCE, and ORDINARY LIFE insurance. The structure of ...

Legal instrument whereby an individual is given the right to act on behalf of another individual. For example, the right to buy and sell stock and to sign all brokerage papers relating to ...

Transformation of a stock insurance company into a mutual insurance company, in which the stock company buys up and retires its shares. ...

Insurance company that becomes subrogated to the rights of another party. ...

Requiring assets and liabilities of an insurance company to go up or down together on a proportional basis. The duration of the asset and liability should be approximately the same. For ...

Statistical procedure used to calculate a premium rate based on the loss experience of an insured group. Applied in group insurance, it is the opposite of manual rates. Here the premiums ...

Assistance program for the financially needy. Medicaid, also referred to as Title XIX of the Social Security Act, was enacted in 1965 at the same time as medicare. It is a joint ...

Offer made by the insurance company to insure an applicant, provided the applicant is insurable according to the underwriting standards of the company, and the applicant accepts the offer ...

Same as term Maximum Foreseeable Loss: worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or ...

Popular Insurance Questions