Insurance Terms

A

adjuster - a person who handles insurance claims. This term is becoming obsolete (See Claims Service Representative).

aggregate indemnity - the maximum dollar amount that may be collected for any disability.

C

carrier - the insurance company responsible to pay the losses or for coverage of medical costs.

case reserve - the dollar amount stated in a claim file that represents the estimate of the amount to be paid.

claims service representative - a person who investigates losses and settles claims for an insurance carrier or the insured.

D

double indemnity - a policy provision usually associated with death, which doubles payment of a designated benefit when certain kinds of accidents occur.

E

elimination period - a period of time between the period of disability and the start of disability income insurance benefits, during which no benefits are payable.

M

medicaid - a government funded program for persons, regardless of age, whose income and resources are insufficient to pay for health care. Qualification requirements are defined by the federal and state government.

medicare - a government funded insurance program for disabled or aged persons. Qualification requirements are defined by the federal government.  

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