An amount of premium which will be charged (usually for an Excess of Loss Reinsurance contract), notwithstanding that the actual premium developed by applying the rate to the Subject Premium could have produced a lower figure. See Deposit Premium.
The smallest cession that a reinsurer will accept automatically. The minimum size is set to avoid the expenses associated with small cessions.
The practice used by insurance companies to review claims for medical treatment.
A coverage in which the insurer agrees to reimburse the insured and others up to a certain limit for medical or funeral expenses as a result of bodily injury or death by accident. Payments are without regard to fault.
Nonbinding procedure in which a third party attempts to resolve a conflict between two other parties.
A statutory lien imposed on property to secure payment for a person who furnishes labor or material to build or repair the property. A typical situation involves a landowner who has a house built and pays the contractor, but the contractor neglects to pay subcontractors, laborers or suppliers. All these people can perfect a lien … Read more
A policy issued to cover more than one location, often with underlying policies issued in respective states to meet legal requirements.
A book published by an insurance or bonding company or a rating association or bureau that gives rates, classifications, and underwriting rules.
Arrangement between an employer or insurer and selected providers to provide comprehensive health care at a discount to members of the insured group and coordinate the financing and delivery of health care. Managed care uses medical protocols and procedures agreed on by the medical profession to be cost effective, also known as medical practice guidelines.
