Mitchell Insurance Agency

Description

Package Policy: A combination of two or more individual polices or coverages into a single policy. A homeowners policy, for example, is a package combining property, liability and theft coverages for the homeowner. Paid-up Insurance: Insurance on which all required premiums have been paid. The term is frequently used to mean the reduced paid-up insurance available as a nonforfeiture option. Paramedical Examination: Physical examination of an applicant by a trained person other than a physician.

Basis : An amount attributed to an asset for income tax purposes; used to determine gain or loss on sale or transfer; used to determine the value of a gift. Benefit Period: A period of time typically one to three years during which major medical benefits are paid after the deductible is satisfied. When the benefit period ends, the insured must then satisfy a new deductible in order to establish a new benefit period. Benefits: The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.

Salvage : Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement. Self- Administered (Trusteed or Directly Invested) Plan: A plan funded through a fiduciary, generally a bank, but sometimes a group of individuals, which directly invests the accumulated funds. Retirement payments are made from the fund as they fall due. Self-Administration: The procedure where an employer maintains all records regarding the employees covered under a group insurance plan.

Cafeteria Plan: Generic term for an employee benefit plan that allows employees to select among the various group life, medical expense, disability, dental, and other plans that best meet their specific needs. Also called flexible benefit plans. Calendar-year Deductible: Amount payable by an insured during a calendar year before a group or individual health insurance policy begins to pay for medical expenses. Cancelable : A contract of health insurance that may be canceled during the policy term by the insurer or insured.

Hard Market: That part of the insurance sales cycle in which competitive pricing is at a minimum as companies charge the premiums necessary to meet their underwriting losses in order to avoid insolvency and boost capacity; usually associated with a sharp decline in capacity (see "Soft market"). Hazard: Condition that creates or increases the chance of loss. Health Insurance: Insurance against financial losses resulting from sickness or accidental bodily injury. Health Insurance: Protection which provide payment of benefits for covered sickness or injury.

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