Electronic Data Interchange (edi)
Method used to reduce workers compensation insurance costs by using a single database system to electronically link claims administration, medical claim costs, risk management, and vendor services. EDI can reduce errors in claims handling thereby making the process more efficient. Also, EDI permits the comprehensive gathering of demographic claims data pinpointing the factors that affect the risk.
Popular Insurance Terms
Legal status giving an insurance company all rights to an insured's property. The abandonment clause is usually found in marine insurance and not in other property insurance policies such ...
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Employer, association, labor union, or other group ...
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Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
Obligation of the insured to report losses from a covered peril to the insurance company or its representative as soon after its occurrence as possible. ...
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