Flat Deductible
Same as term Deductible: amount of loss that insured pays in a claim; includes the following types:
- Absolute dollar amount. Amount the insured must pay before the company will pay, up to the limits of the policy. The higher the absolute dollar amount, the lower the premium.
- Time period amount (Elimination period/Waiting period). Length of time the insured must wait before any benefit payments are made by the insurance company. In disability income policies it is common to have a waiting period of 30 days during which no income benefits are paid to the insured. The longer this time period, the lower the premium.
Popular Insurance Terms
Several insurance companies under common ownership and, often, common management. ...
Describing a risk whose probability of loss is less than the norm or the standard expectation of loss for that underwriting classification. ...
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if: the loss is not covered by a policy, or a particular person is not included in the definition of ...
Health insurance that provides coverage for physicians' fees for all services, with the exception of surgeons' fees. ...
Coverage for equipment normally carried from location to location by a physician or surgeon; written on an all risks basis to include supplies and scientific books used in medical practice. ...
Attachment to an insurance policy to complete its coverage. For example, the Standard Fire Policy must have certain forms attached for it to provide the coverage desired. ...
Section of some inland marine insurance {transportation insurance) and many other property insurance policies excluding coverage for damage to shipped goods by vermin such as rats. ...
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Use of a home, and the land and buildings surrounding that home, free from the claim of creditors. This right gives rise to an insurable interest. ...
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