Registered Mail Coverage Insurance Glossary Definition

Lifetime Disability Benefit – a provision in some disability income policies to recoup lost wages for the term of disability or remainder of insured’s life in case of permanent disability. Insurable Interest – A right or relationship in regard to the subject matter of the insured contract such that the insured can suffer a financial loss from damage, loss or destruction to it. Individual Credit – Life – contracts sold in connection with loan/credit transactions or other credit transactions, which do not exceed a stated duration and/or amount and provide insurance protection against death.

Direct Written Premium – total premiums received by an insurance company without any adjustments for the ceding of any portion of these premiums to the Reinsurer. Credit Life Insurance – policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor upon death of debtor. Concurrent Causation – property loss incurred from two or more perils in which only one loss is covered but both are paid by the insurer due to simultaneous incident. Commission – a percentage of premium paid to agents by insurance companies for the sale of policies. Business Interruption – loss of income as a result of property damage to a business facility.

Glossary of Insurance Terms

Permanent life insurance can also allow you to build cash value over time that you could borrow against if necessary. The most common types of insurance coverage include auto insurance, life insurance and homeowners insurance. Typically, standard homeowners policies pay you the actual cash value of your personal property after it is destroyed. That means you will receive payment for the property up to its value, minus however much it depreciated since purchase.

Consider personal property protection to help ensure that all the things that make your house a home are protected from the unexpected. Using ArcEdit, and both the -ID and related $ID in the .nit and .dat files must be changed or you will corrupt your data. If you need to make this type of edit, it is best to import your coverage into a geodatabase feature class and make the edits to the feature class. Coverage feature classesFor more information about the coverage data model, see How coverages are stored. Choice of Title Insurer – Per the Real Estate Settlement Procedures Act of 1974 (Public Law ), a seller cannot require you to purchase title insurance from any particular company. This survey should be used as you shop for both types of title insurance and be sure that any company you select meets your standards and those of your lender.

  • In addition, genetic testing can reveal an increased risk of more common conditions, including breast, colon, and prostate cancer; lymphoma; and leukemia.
  • Federal Flood Insurance – coverage for qualifying residents and businesses in flood prone regions through the National Flood Insurance Act, a federally subsidized flood insurance program enacted in 1968.
  • Under this doctrine, an individual cannot recover for his or her damages, if it is found that the claimant contributed to his or her loss by as little as one percent.
  • Code coverage scripts generate a report that details how much of the application code has been executed.
  • Commercial Property – property insurance coverage sold to commercial ventures.
  • Statement Value – the Statutory Accounting Principle book value reduced by any valuation allowance and non-admitted adjustment applied to an individual investment or a similar group of investments, e.g., bonds, mortgage loans, common stock.

Auto Physical Damage – motor vehicle insurance coverage that insures against material damage to the insured’s vehicle. Commercial is defined as all motor vehicle policies that include vehicles that are used in connection with business, commercial establishments, activity, employment, or activities carried on for gain or profit. Accident Only or AD&D – policies providing 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 accidents. Types of coverage include student accident, sports accident, travel accident, blanket accident, specific accident or accidental death and dismemberment (AD&D). 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. A contract under which one party , in consideration of receipt of a premium, undertakes to pay money to another person on the happening of a specified event .

Assumed Reinsurance – the assumption of risk from another insurance entity within a reinsurance agreement or treaty. Assigned Risk – A governmental pool established to write business declined by carriers in the definition of coverage item standard insurance market. Affiliate – a person or entity that directly, or indirectly, through one or more other persons or entities, controls, is controlled by or is under common control with the insurer.

Life Insurance Coverage

When talking about “coverage closure”, people tend to talk about generation, how we create the data that will fill the coverage. In this blog, we discuss the definition of the coverage model – how we define a model that will give us the exact information that we need. Property that has been damaged to the extent that the cost of repairs exceeds the actual cash value of the property. Continuation of an insurance contract beyond the original date of expiration, by endorsement, certificate, or new contract. The features in the coverage exist in a one-to-one relationship with the corresponding records in the feature attribute table.

Summarytrue Element DefinitionFinancial instruments for reimbursement for the health care products and services. The coinsurance clause also reduces the insured’s premium, however, in the event of a loss, the insured must rely on other insurance or absorb the remainder of the loss him or herself. Personal property insurance is an important protection for your most valued possessions that are part of your lifestyle. Whether home for you is a condo, a house or an apartment, you can help get more peace of mind with the right personal property insurance to cover your needs. This definition does not include a denial of coverage for a service or treatment specifically listed in plan or evidence of coverage documents as excluded from coverage.

definition of coverage item

Summaryfalse Element DefinitionA web location for obtaining requirements or descriptive information regarding the preauthorization. Short DisplayIndividual or family Cardinality0..1 Terminology BindingUnit Type Codes TypeCodeableConcept RequirementsNeeded for the understanding of the benefits. Short DisplayShort name for the benefit Cardinality0..1 Typestring RequirementsRequired to align with other plan names. Short DisplayPerforming practitioner Cardinality0..1 TypeReference(Practitioner | PractitionerRole) RequirementsNeeded to convey the eligible provider. Short DisplayBenefit classification Cardinality0..1 Terminology BindingBenefit Category Codes TypeCodeableConcept RequirementsNeeded to convey the category of service or product for which eligibility is sought.

More Definitions of Coverage Decision

Level Premium Insurance – life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout. Intermediary – a person, corporation or other business entity that arranges, by contracts with physicians and other licensed medical providers, to deliver health services for a health insurer and its enrollees via a separate contract between the intermediary and the insurer. Health Plan – written promise of coverage given to an individual, family, or group of covered individuals, where a beneficiary is entitled to receive a defined set of health care benefits in exchange for a defined consideration, such as a premium.

definition of coverage item

Soft Market – a buyer’s market characterized by abundant supply of insurance driving premiums down. Separate Account – segregated funds held and invested independently of other assets by an insurer for the purpose of a group retirement fund. Preferred Risk – insured, or applicant for insurance, who presents likelihood of risk lower than that of the standard applicant. Policyholders Surplus – assets in excess of the liabilities of a company or net income above any monies indebted to legal obligation. Personal Injury Protection Coverage/PIP – automobile coverage available in states that have enacted no-fault laws or other auto reparation reform laws for treatment of injuries to the insured and passengers of the insured. Permanent Life Insurance – policy that remains active for the life of the insured.

An example would be provider-sponsored organizations where there is no coverage for other than provider (non-hospital) services. Does not include self-insured business, FEHBP, Medicare and Medicaid programs, or dental only business. “Creditor Placed Home” means “Creditor Placed Insurance” on homes, mobile homes and other real estate. “Creditor Placed Auto” means insurance on automobiles, boats or other vehicles. Homeowners’ insurance protects homeowners from losses relating to their dwelling, including damage to the dwelling; personal liability for injury to visitors; and loss of, or damage to, property in and around the dwelling.

Basement coverage through FEMA’s National Flood Insurance Program is limited. Personal property coverage can cover your belongings, such as furniture, clothing, sporting goods or electronics, in the event of a covered loss – whether they get damaged at your home, apartment or anywhere in the world. More than one feature class is often required to define the features in a coverage. For example, line and polygon feature classes both exist in a coverage representing polygon features.

What Does Flood Insurance Cover In A Basement?

Foreign Insurer – an insurance company selling policies in a state other than the state in which they are incorporated or domiciled. Federal Flood Insurance – coverage for qualifying residents and businesses in flood prone regions through the National Flood Insurance Act, a federally subsidized flood insurance program enacted in 1968. EDP Policies – coverage to protect against losses arising out of damage to or destruction of electronic data processing equipment and its software. Dwelling Property/Personal Liability – a special form of package policy composed of dwelling fire and/or allied lines, and personal liability insurance.

Viatical Settlements – contracts or agreements in which a buyer agrees to purchase all or a part of a life insurance policy. Variable Annuity – an annuity contract under which the premium payments are used to purchase stock and the value of each unit is relative to the value of the investment portfolio. Subrogation Clause – section of insurance policies giving an insurer the right to take legal action against a third party responsible for a loss to an insured for which a claim has been paid. Retention Limit – maximum amount of medical and hospital expense an insurer will carry on its own. The limit can be for an individual claim and/or for the insurers total claims, depending upon the terms of the reinsurance contract.

SDIP (Safe Driver Insurance Plan)

Producer Mailing ListsMailing lists for active individuals, agencies, and insurance companies and order forms. Virtual Viewing RoomThis virtual viewing room allows you to see insurance company rate filings, examination reports, and related information. Workers’ Compensation – insurance that covers an employer’s liability for injuries, disability or death to persons in their employment, without regard to fault, as prescribed by state or federal workers’ compensation laws and other statutes. Valued Policy – an insurance contract for which the value is agreed upon in advance and is not related to the amount of the insured loss. Underlying Interest – the asset, liability or other interest underlying a derivative instrument, including, but not limited to, any one or more securities, currencies, rates indices, commodities, derivative instruments, or other financial market instruments. Total Revenue – premiums, revenue, investment income, and income from other sources.

Examples of Test Coverage

Title Homeowners Fee – The fee paid for the portion of the title insurance policy that protects the buyer of the home for a purchase. Studies, Reports & PublicationsMarket share reports, consumer complaint study, residential and commercial earthquake insurance coverage study, annual report of the commissioner, and more. FraudFraud Division OverviewThe Fraud Division investigates suspected fraud committed by consumers or organized criminal elements perpetrated against insurance companies. Unearned Premium Reserve – all premiums received for coverage extending beyond the statement date; appears as a liability on the balance sheet.

By tracking your test coverage over time and correlating it with quality measurements, you can get a really great idea of how investments in software testing translate into a better product. Line coverage measures the ratio of lines of code that are covered by at least a single test. The idea is to measure the percentage of lines and execution paths in the code covered by at least one test case. To measure code coverage, you’d typically need a dedicated coverage tool, besides the unit test framework you already use. Short DisplayIntended recipient of products and services Cardinality1..1 TypeReference RequirementsRequired to provide context and coverage validation. A social device where many share the losses of a few by transferring a portion of the risk of loss to the insurance company in exchange for a certain cost.

Parameter value coverage

A missing start date indicates the start date isn’t known, a missing end date means the coverage is continuing to be in force. Boundary-value coverage consists of ensuring such boundaries are tested across the application. So, requirements coverage is both the most basic and the most essential of the techniques so far. It helps ensure the requirements are fulfilled, which is the whole raison d’être of software development. In short, the list of requirements wasn’t taken into account when creating the test plans. The requirements clearly stated that the app should offer automatic sync with the users’ bank accounts.

Refer to your policy for specific language as it pertains to basement exclusions. Travelers offers an optional coverage – personal property replacement cost loss settlement – that provides for settlement of covered personal property losses based on replacement cost at the time of loss, with no deduction for depreciation. When purchasing your homeowners policy, you’ll need to decide whether you want the actual cash value personal property coverage, which is typically included in a homeowners policy, or the optional replacement cost coverage. Commercial Multiple Peril – policy that packages two or more insurance coverages protecting an enterprise from various property and liability risk exposures.

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