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 
surveying agent
Health care; Managed care
A local agent who submits health insurance business by means of applications but does not actually write policies.
nonsystemic condition
Health care; Managed care
A local health condition, injury, or ailment not affecting the whole person.
Medicare current beneficiary survey (MCBS)
Health care; Managed care
A longitudinal survey administered by Health Care Financing Administration (CMS) that provides information on specific aspects of beneficiary access, utilization of services, ...
survivor benefit
Health care; Managed care
A lump sum payment that will provide benefits to the insured’s eligible survivors in the event the insured dies while receiving disability payments. This is an optional benefit in ...
calendar year major medical plan
Health care; Managed care
A major medical insurance plan that provides reimbursement of covered expenses, with a deductible amount to be applied only once during the period from January 1 of any year ...
contingency reserve
Health care; Managed care
A managed care or health insurance company’s assigned fund for future settlements or claims.
Medicare Part B premium reduction
Health care; Managed care
A managed care organization able to use its adjusted excess premiums to reduce Medicare Part B premiums for members. Available since FY 2003.
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)