Terminology Of Insurance Company
Stock insurance company business owned by stockholders.
Terminology of insurance company. Claims the legal maximum allowable amount of money due an insured person from an insurance company to pay for an incurred medical expense. An insurance company in which ownership and control is vested in the policyholders and a portion of surplus earnings may return to policyholders in the form of dividends. Insurance insurance is a contract in which an insurance company promises to compensate an insured agent a person or a group of people selling insurance on behalf of an insurance company. To help you better understand some of the industry specific terminology farm bureau insurance has provided you a glossary of common terms that are used throughout the industry as well as on this website.
Usually a claim is made in the form of a written notification to the insurance company requesting payment for medical care received. The insurance company obtaining the reinsurance is called the ceding insurance company the insurance company issuing the reinsurance is called the reinsurer a reinsurer may in turn seek reinsurance on some portion of the risk it has reinsured a process known as retrocession. Stop loss excess loss individual or group policies providing coverage to a health plan a self insured employer plan or a medical provider providing coverage to insure against the risk that any one claim or an entire plan s losses will exceed a specified dollar amount. If an sr 22 fr 44 should expire or be canceled an insurance company will issue an sr 26 fr 46 form which certifies the cancellation of the policy.
The insurance company after deducting the expenses incurred on medical examination stamp duty charges and other charges will refund the remaining premium. Supplemental heating device a fuel burning appliance used as secondary heating source. No capital stock e g common stock exists. An insurance company or insurer is a company that agrees to pay all covered claims that may arise under your.
Includes wood coal and pellet stoves cook stoves freestanding stoves freestanding fireplaces and. That is care that is covered under the terms of the insurance policy.
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