Home > Industry/Domain > Insurance
Insurance
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
8Categories 32802Terms
Add a new termContributors in Insurance
Insurance > Health insurance 
annual report
Health care; Managed care
A formal statement issued yearly by a hospital, health care corporation, or insurance company to its shareowners. It shows assets, liabilities, equity revenues, expenses, and so ...
Primary Care Case Management program (PCCM)
Health care; Managed care
A Freedom of Choice Waiver program under the authority of §1915(b) of the Social Security Act. States contract directly with primary care providers who agree to be responsible for ...
primary management (PM)
Health care; Managed care
A Freedom of Choice Waiver program, under the authority of §915(b) of the Social Security Act. States contract directly with primary care providers who agree to be responsible for ...
health plan flexible spending account (HPFSA)
Health care; Managed care
A fund to which employees contribute pretax money to pay for health insurance premiums or unreimbursed medical costs. Exclusions exists on a use-it or lose-it basis.
defined contribution coverage
Health care; Managed care
A funding mechanism for health benefits whereby employers make a specific dollar contribution toward the cost of health insurance coverage for employees, but make no promises ...
balance sheet reserve plan
Health care; Managed care
A funding plan that sets up a bookkeeping entry acknowledging some or all of the liability incurred for the payment of benefits and taking this liability into account in ...
Sub-categories
- Car insurance (39)
- Commercial insurance (92)
- General insurance (136)
- Health insurance (5560)
- Home insurance (17)
- Life insurance (3867)
- Medicare & Medicaid (23018)
- Travel insurance (7)