Insurance Terminology

Ever wonder what an agent is REALLY saying when reviewing policies with you? Here's a quick guide so you can speak the same language. As always, if you should have any questions, feel free to call our office at 603-225-6677 to speak with one of our trained specialists.

B

Balance Billing

When a provider bills you for the difference between the provider's charge and the allowed amount. For example, if the provider's charge is $100 and the allowed amount is $70, the provider may bill you for the remaining $30. A preferred provider may not balance bill you for covered services.

Benchmark rate(s)

The rates set annually by the Commissioner of Insurance that rate-regulated insurance companies use to reference their rates. Rate-regulated insurance companies filing rates within a range of 30 percent above or below the benchmarks may use them immediately upon filing without prior approval. A company that wants to set its rates outside this range must receive the Commissioner's prior approval.

Beneficiary

The person, people, or entity designated to receive the death benefits from a life insurance policy or annuity contract.

Binder

A temporary insurance contract that provides proof of coverage until a permanent policy is issued.

Bodily injury (BI)

Physical injury to a person, including death.

Boiler and Machinery Insurance

Covers losses resulting from the malfunction of boilers and machinery. This coverage is usually excluded from property insurance creating the need for this separate product.

Broker

A licensed person or organization paid by you to look for insurance on your behalf.

Burglary

Coverage against loss as a result of forced entry into premises.

C

Cancellation

Termination of an insurance policy by the company or insured before the renewal date.

Capitation

A system where an HMO pays a doctor or hospital a flat monthly fee for the care of each health plan member whether or not any services are delivered.

Carrier

A company or HMO that provides health care coverage.

Cash surrender option

Nonforfeiture option that specifies the policy owner can cancel the coverage and receive the entire net cash value in a lump sum.

Cash value

The amount of money the life insurance policy owner will receive as a refund if the policy owner cancels the coverage and returns the policy to the company. Also called "cash surrender value."

Certificates of coverage

Printed material showing members of a group health benefit plan the benefits provided by the group master policy.

Churning

This can occur when an agent persuades a consumer to borrow against an existing life insurance policy to pay the premium on a new one.

Claim

A policyholder's request for reimbursement from an insurance company under a home insurance policy for a loss to property.

Claimant

A person who makes an insurance claim.

Closed practice

A primary care physician who is not accepting new patients. Note: Even if your physician is on the HMO or PPO list, call to see if the practice is still open for accepting new HMO or PPO participants.

Coinsurance

The percentage of each health care bill a person must pay out of their own pocket. Non-covered charges and deductibles are in addition to this amount.

Coinsurance maximum

The most you will have to pay in coinsurance during a policy period (usually a year) before your health plan begins paying 100 percent of the cost of your covered health services. The coinsurance maximum generally does not apply to copayments or other expenses you might be required to pay.

Collision coverage

Reimburses you for damage to your automobile sustained in a collision with another car or with any other object, movable or fixed, (for example, you accidentally backed into another object while pulling out from a parking stall and causing damage to the bumper and fender of your covered automobile). The company must pay for the repair or up to the actual cash value of the vehicle, minus the deductible.

Collision Deductive Waiver

This coverage waves your collision deductible if you are hit by a negligent uninsured motorist.

Common Carrier Liability (Next)


 

PJ has almost 40 years' experience in the insurance industry, and is very proud to be celebrating Able Insurance Agency’s
20th anniversary this year. From it's humble beginnings in a home office, he has grown Able to its niche as a full service independent agency.  PJ is a community service oriented person, has lived in Concord since 1975, is a dedicated Rotary Club of Concord member and Past- President, and plays more than a little tennis, having held New England rankings as a senior player. He has four children, two grown and on their own, and lives in Concord with his wife Lynn.

Able Insurance offers a range of products and services for both business and personal needs:



 

Business Insurance:

Bond
Commercial Auto
Commercial Liability
Commercial Property Commercial Umbrella
Directors & Officers Liability
Disability
Group Health Group Life
Professional Liability
Workers' Compensation

Personal Insurance:

Homeowner's Insurance
• Automobile Insurance
• Life Insurance
• Health Insurance
• Disability Insurance

Quote and Bill Payment Center

Auto Insurance Quote        anthem health insurance quote       encompass
Web Page Designinsurance quote, house insurance, commercial insurance, fire insurance, auto insurance companies, insurance company, car insurance companies, auto insurance quote, free auto insurance quotes, auto ins, affordable car insurance, car insurance rates, auto insurance ratings, commercial auto insurance, insurance agent, low cost auto insurance, insurance agents, car insurance company, direct auto insurance, vehicle insurance
Home for Concord NH Insurance