Insurance Coverage Definitions

Insurance a contractual relationship that exists when one party the insurer for a consideration the premium agrees to reimburse another party the insured for loss to a specified subject the risk caused by designated contingencies hazards or perils. To see homeowners insurance terms explained read through our glossary for quick answers and easy-to-understand definitions.

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Insurance coverage is the amount of risk or liability that is covered for an individual or entity by way of insurance services.

Insurance coverage definitions. First dont buy insurance coverage that you dont need. Group health insurancea coverage plan offered by an employer or other organization that covers the individuals in that group and their dependents under a single policy. Amount amount of money sum sum of money- a quantity of money.

An insurance clause that defines the amount of each loss that the company pays according to the amount of insurance carried divided by the amount of insurance required. You know you need insurance but. Click on the tabs below to expand and view more information.

Generally refers to the amount of protection available and the kind of loss which would be paid for under an insurance contract with an insurer. Comprehensive coverage includes damage to your car that is. Insurance or plan begins to pay 100 of the allowed amount.

When reading the definitions please keep in mind that this glossary is provided as a guide only curated from various sources. Accident Insurance - insurance for unforeseen bodily injury. Based on WordNet 30 Farlex clipart collection.

This basic formula relates ro a contracted percentage of coverage. He borrowed a large sum. These general definitions are provided for educational purposes.

In reality getting your first health insurance plan does not have to be daunting. PIP coverage is typically available in no-fault automobile insurance states. Home insurance definitions can be confusing.

The term assurance commonly used in England is considered synonymous with. Coverage or more specifically insurance coverage is the amount of protection in terms of a sum of money that an insurance company provides to an insured person whereby in the event of risk or risks insured against take place such as death or accident the policyholder or a designated beneficiary or beneficiaries shall receive an indemnification or payment. The amount he had in cash was insufficient.

Uninsured motorists include those who do not carry insurance motorists whose insurance does not meet the states minimum financial responsibility laws drivers whose insurance companies are insolvent and hit-and-run. Bodily Injury To Others. Insurance Coverage Definition - What is Home Insurance and Types of Home Insurance Add Comment Edit Millions of folks dread choosing a health insurance plan.

What Your Policy Covers. Learn the basics of home insurance terms so you can select the right coverage for your property. Insurance coverage such as auto insurance life insurance or.

What Does Coverage Mean. Uninsured motorists coverage - Automobile coverage designed to provide protection for the insured if she is involved in an accident in which an uninsured motorist is at fault. However comprehensive insurance covers damage that is the result of incidents and not collisions.

Accident Only - an insurance contract that provides coverage singly or in combination for death dismemberment disability or hospital and medical care caused by or necessitated as a result of accident or specified kinds of accident. Meaning pronunciation translations and examples. Insurance coverage- the total amount and type of insurance carried.

Some health insurance or plans dont count all of your co-payments deductibles co-insurance payments out-of-network payments or other expenses toward this limit. Liability coverage is a form of insurance that protects the insured against the risk of being sued or being held legally liable for damage injury or other negligence. Slee Slee Health Care Terms 2d ed.

This limit never includes your premium balance-billed charges or health care your health insurance or plan doesnt cover. Health Maintenance Organization HMO plan a health care financing and delivery system that provides comprehensive health care services for enrollees in a particular geographic area. It pays for both legal fees and payouts in case the insured is found legally responsible.

National Library of Medicine 000 0 votes Rate this definition. Its a complete waste of money. PIP is a coverage in which the auto insurance company pays within the specified limits the medical hospital funeral and other expenses of the insured person people in the insured vehicle and pedestrians struck by the insured vehicle.

Second bundle policies where you can. The coverage of something in the news is the reporting of it. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions.

Its impossible to anticipate the accidents and disasters that may happen throughout the course of your life. This insurance covers damage to your car and any other vehicles that you might be driving.

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