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A health insurance company responsible for determining what premiums the company needs to charge based in large part on claims paid verses amounts of premium generated. Their job is to make sure a block of business is priced to be profitable. Agent: Licensed salespersons who represent one or more health insurance companies and presents their products to consumers. Association: A group. Often, associations can offer individual health insurance plans specially designed for their members. B Benef.

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1. As an insurance client, it's important to understand the five basic components when looking at health insurance. These include premiums, deductibles, co-payments, coinsurance, and out-of-pocket maximums.

Insurance Vocabulary termmeaningpolicyRead everything very carefully before signing any insurance policy.policyholdern. the person to whom an insurance policy is issuedTo maximize their profits, insurers will minimize payments to policyholders.premiumn. a payment, usually monthly, yearly etc, for an insurance policy38 more rows

Let's begin with one of the basic terms of insurance, insurance itself. Insurance is a legal contract between two people, the insurer and the insured. If any uncertain event happens, the insurance company promises to pay for the insured's losses. It might be the policyholder's death or property damage or destruction.

Premium - The payment, or one of the periodic payments, a policyowner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly.

Deductible—the amount of money you must pay each year to cover eligible medical expenses before your insurance policy starts paying. Dependent—any individual, either spouse or child, that is covered by the primary insured customer's plan. Drug formulary—a list of prescription medications covered by your plan.

Policyholder: Also known as the policy owner, this is the person who owns the policy. The policyholder is the one who buys the insurance and pays regular premiums. 2. Life Assured: This refers to the person for whom the insurance is bought.

Medical terminology refers to the words and language used specifically in the medical and health fields. The proper definition describes medical terminology as language used to describe anatomical structures, procedures, conditions, processes and treatments in the medical field.

Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in a term policy and the policy is active, then a death benefit will be paid.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232