Term
|
Definition
| Whenever two or more insurance policies are bought by the same customer. |
|
|
Term
|
Definition
| performs some of the insurer's underwriting and claim duties in return for higher commissions than those received by other agents. |
|
|
Term
|
Definition
| the collective group of insurers that offer coverage for average personal auto and residence loss exposures. |
|
|
Term
|
Definition
| insurers that provide coverage not available from insurers in the standard market because of exposure exceeding the underwriting or pricing guidelines of those insurers. |
|
|
Term
|
Definition
| a term used in many countries for bodily injury and property damage liability. |
|
|
Term
| Preferred Provider Organization (PPO) |
|
Definition
| is an example of a managed care provider. A PPO agrees with an insurer (or a group of insurers) to voluntarily limit medical procedures to those that are deemed necessary and to adhere to a schedule of fees for services. |
|
|
Term
| Health Maintenance Organization (HMO) |
|
Definition
| provides medical services from limited numbers of centrally located facilities to individuals who subscribe to the HMO. Charges to the individual are based on specified fees that are lower than the fees charged by many private medical practitioners. |
|
|
