Insurance Definitions

Managed Care Plans

Managed Care Plans

Managed care plans are health insurance plans that allow the insurer to influence the type of care provided to patients. Managed care plans differ from traditional indemnity insurance plans. In a traditional indemnity plan, the insurer gives the patient money for at least part of the cost of care. But the plan does little or nothing to influence the amount,…

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Workers' Compensation

Workers’ Compensation

Workers’ compensation is an insurance program that provides pay and medical help for workers who are injured on the job or become ill because of work conditions. Workers’ compensation also provides benefits to the dependents of such workers in cases where death occurs. Loss of income due to accidents on the job has been a major problem of workers since…

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Lloyd's

Lloyd’s

Lloyd’s is an insurance organization that was originally known as Lloyd’s of London. Lloyd’s is famous for insuring almost any risk. Lloyd’s pioneered many forms of insurance that have since become commonplace, such as burglary, loss of profits, hurricane, and earthquake insurance. The organization generally concentrates on property and liability coverage. For more than 300 years, Lloyd’s consisted of individual…

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Federal Deposit Insurance Corporation (FDIC)

Federal Deposit Insurance Corporation (FDIC)

 Federal Deposit Insurance Corporation (FDIC) is an independent United States government agency that insures deposits at almost all U.S. banks and savings and loan associations, or thrifts. The FDIC insures individual accounts in banks and thrifts for up to $250,000. It pays off the accounts if an insured institution fails and is not bought by another institution. The FDIC also…

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No-fault insurance

No-fault insurance

No-fault insurance is a type of automobile accident insurance. It provides that if a driver, passenger, or pedestrian is injured in a car accident, an insurance company must pay the injured person, no matter who caused the accident. It is usually the driver’s insurance company who pays. Under no-fault plans, injured people receive damages (payments) for medical costs and loss…

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Health insurance, National

Health insurance, National

Health insurance, National, is government- provided insurance that pays the health care expenses of all or most of a nation’s citizens. Such programs are usually financed by income or payroll taxes on individuals. The government determines the medical services the program will cover and the prices it will pay for those services. There are two basic types of health care…

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Crop Insurance

Crop Insurance

Crop insurance provides protection for a farmer’s income in case bad weather or other unavoidable hazards cause crop losses. There are two main types of crop insurance sold in the United States—multiperil insurance and hail insurance. Both types are designed to provide coverage for only a fraction of a farmer’s crop. Multiperil insurance is sold by private agents. However, the…

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Unemployment Insurance

Unemployment Insurance

Unemployment insurance is a means of protecting workers who are out of work and looking for employment. These unemployed workers receive cash payments, usually each week for a limited period. Besides aiding individual workers, unemployment insurance may help limit slumps in business activity by enabling unemployed people to buy goods and services. Such purchases help preserve existing jobs. Most industrial…

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Insurance Definitions

Insurance Definitions

Insurance is a means of providing protection against financial loss. Individuals and businesses face an uncertain future. Insurance helps reduce the financial effects of that uncertainty. For example, life insurance helps replace income that is lost to a family if a working parent dies. Health insurance helps pay large and unexpected medical bills. Automobile insurance helps cover the costs of…

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Company Legal responsibility Insurance -- Types as well as Importance

Company Legal responsibility Insurance — Types as well as Importance

Many organisations, particularly small enterprises, disregard the need associated with company l iability insurance coverage. Although, these people take almost all measures to safeguard their companies against dangers if you take insurance with regard to physical resources l ove structures, stocks and shares and products, they cannot consider safeguarding their companies against numerous feasible l iabilities they might encounter. Avoiding…

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