automobile insurance policy

contract between an individual and an insurance company whereby the individual pays a premium and, in exchange, the insurance company agrees to pay for specific car-related financial losses during the term of the policy; typically includes medical-payment

period of time that usually covers 12?months and is divided into four consecutive quarters.

commercial health insurance

for-profit companies, although some operate as nonprofit organizations, to which policyholders pay monthly premiums for coverage of medical expenses; individuals and groups are covered, depending on the negotiated contract; premiums and benefits vary acco

reimbursement for income lost as a result of a temporary or permanent illness or injury.

compensates policyholders for actual economic losses, up to limiting amounts on insurance policy, and it usually requires the insured to prove losses before payment is made (e.g., automobile insurance).

policy that covers losses to a third party caused by the insured, by an object owned by the insured, or on the premises owned by the insured.

pledges or secures a debtor’s property as a guarantee of payment for a debt; may be used in a potential liability case, but use varies on a federal and state basis.

process of the third-party payer recovering health care expenses from the liable party.

supplemental health plans

covers the deductible and copay or coinsurance of a primary health insurance policy.

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Chapter 12

Commercial Insurance

Question	Answer
automobile insurance policy	contract between an individual and an insurance company whereby the individual pays a premium and, in exchange, the insurance company agrees to pay for specific car-related financial losses during the term of the policy; typically includes medical-payment
base period	period of time that usually covers 12?months and is divided into four consecutive quarters.
commercial health insurance	for-profit companies, although some operate as nonprofit organizations, to which policyholders pay monthly premiums for coverage of medical expenses; individuals and groups are covered, depending on the negotiated contract; premiums and benefits vary acco
disability insurance	reimbursement for income lost as a result of a temporary or permanent illness or injury.
indemnity insurance	compensates policyholders for actual economic losses, up to limiting amounts on insurance policy, and it usually requires the insured to prove losses before payment is made (e.g., automobile insurance).
liability insurance	policy that covers losses to a third party caused by the insured, by an object owned by the insured, or on the premises owned by the insured.
lien	pledges or secures a debtor’s property as a guarantee of payment for a debt; may be used in a potential liability case, but use varies on a federal and state basis.
subrogation	process of the third-party payer recovering health care expenses from the liable party.
supplemental health plans	covers the deductible and copay or coinsurance of a primary health insurance policy.

Created by: Amaya122000

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