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.

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Incontestability

A provision that places a time limit - up to two years - on a life insurance company´s right to deny payment of a claim because of suicide or a material misrepresentation on your application.

Incontestable Clause

A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.

Indemnity plan

A health plan that allows you to go to any physician or provider you choose, but requires that you pay for the services yourself and file claims for reimbursement. (Also known as fee-for-service.)

Independent adjuster

A person who charges a fee to an insurance company to adjust the company´s claim.

Independent Review Organization (IRO)

If your health insurer or HMO declines to pay for health care you believe is medically necessary or appropriate, you may request that it contact NHID and request that an independent group (IRO) review the decision. An IRO review is not required for self-funded ERISA plans. Unless your condition is life-threatening, you must complete the standard appeal process before requesting an IRO review. IROs are not affiliated with your health plan. The health plan must pay for treatment the IRO determines is necessary.

Indexed life insurance

A whole life plan of insurance that provides for the face amount of the policy and, correspondingly, the premium rate, to automatically increase every year based on an increase in the Consumer Price Index (CPI) or another index as defined in the policy.

Inflation protection

Automatically adjusts home insurance policy limits to account for increases in the costs to repair or rebuild a property.

In-network Co-insurance

The percent (for example, 20%) you pay of the allowed amount for covered health care services to providers who contract with your health insurance or plan. In-network co-insurance usually costs you less than out-of-network co-insurance.

In-network Co-payment

A fixed amount (for example, $15) you pay for covered health care services to providers who contract with your health insurance or plan. In-network co-payments usually are less than out-of-network co-payments.

Inpatient medical care

Medical and surgical care usually received in a hospital or skilled nursing home environment.

Insurable interest

Any financial interest a person has in the property or person insured. In life insurance, a person´s or party´s interest - financial or emotional - in the continuing life of the insured.

Insured

The person or organization covered by an insurance policy.

Insurer

The insurance company.

Interpleader

This is a procedure when conflicting claims are made on a life insurance policy by two or more people. Using this procedure the insurance company pays the policy proceeds to a court, stating the company cannot determine the correct party to whom the proceeds should be paid.

Irrevocable beneficiary

A named beneficiary whose rights to life insurance policy proceeds are vested and whose rights cannot be canceled by the policy owner unless the beneficiary consents.

Justified complaint (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

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