Supplementary Medical Insurance
Part of the federal Medicare program for additional coverage on a voluntary basis. The Medicare program is divided into two parts: (1) Hospital Insurance provides hospital benefits to persons over 65 who qualify for Social Security, and to disabled persons who have been receiving Social Security benefits for at least two years; and (2) supplementary medical insurance provides physician services to those over 65, and their dependents, who have enrolled in the program. Those enrolled in the program pay half the cost, and the U.S. government pays the other half.
Popular Insurance Terms
Modification of the charitable remainder uni-trust through which the beneficiaries receive a specified percentage of the assets' value in the trust usually paid out on a quarterly basis. If ...
Mathematical premise stating that the greater the number of exposures, (1) the more accurate the prediction; (2) the less the deviation of the actual losses from the expected losses (X - x ...
Property valued according to its earnings potential. However, property insurance contracts generally indemnify an insured on a replacement cost less physical depreciation and obsolescence ...
Insurer's total payments resulting from a claim, including all related expenses, less any recoveries from salvage, reinsurance, and the exercise of subrogation rights or other rights ...
Standard for insurance regulation in New York State and a model for insurance regulation elsewhere. For example, the standard fire policy was first adopted in New York State. Similarly, ...
Section of the code that qualifies that the death benefit paid under a life insurance policy is received by the beneficiary income-tax free. These tax consequences apply regardless of the ...
Health and medical insurance that excludes coverage for job-related injuries and illnesses. Most medical insurance policies do not provide benefits for job-related claims, which are covered ...
Combination of property insurance on the hull of an airplane and liability insurance in the following manner: property coverage provided on an ALL RISKS basis or on a specified perils ...
Portion of company profits allocated by an employer, in good years, to an employee's trust. Contributions on behalf of each employee are expressed as a percentage of salary with 5% being ...
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