What does RD stand for in insurance?
The commonly accepted abbreviation for "insurance" is "ins." This succinct abbreviation efficiently communicates the concept of financial protection against risks. It is widely used in various contexts, including documents, policies, and casual conversations, for brevity and clarity.
The commonly accepted abbreviation for "insurance" is "ins." This succinct abbreviation efficiently communicates the concept of financial protection against risks. It is widely used in various contexts, including documents, policies, and casual conversations, for brevity and clarity.
Declaration of readiness (DOR or DR): A form used to request a hearing before a workers' compensation judge when you're ready to resolve a dispute. Defendant: The party -- usually your employer or its insurance company -- opposing you in a dispute over benefits or services.
| term | meaning |
|---|---|
| policy | Read everything very carefully before signing any insurance policy. |
| policyholder | n. the person to whom an insurance policy is issued |
| To maximize their profits, insurers will minimize payments to policyholders. | |
| premium | n. a payment, usually monthly, yearly etc, for an insurance policy |
| Acronym | Term |
|---|---|
| EPO | Exclusive Provider Organization |
| HMO | Health Maintenance Organization |
| PPO | Preferred Provider Organization |
| HDHP | High-Deductible Health Plan |
Liability insurance, also called Commercial General Liability (CGL), covers four categories of events for which you could be held responsible: bodily injury; damage to others' property; personal injury, including slander and libel; and false or misleading advertising.
- Declaration Page.
- Insuring Agreement.
- Exclusions.
- Conditions.
Premium - The payment, or one of the periodic payments, a policyowner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly.
A company pays for this coverage so executives can serve confidently as leaders of their organization without fear of personal financial loss. In essence, D&O is a liability insurance policy, payable either to directors and officers of a company or the company itself.
Who Needs Directors and Officers (D&O) Liability Insurance? All highly placed corporate and noncorporate executives, as well as boards of directors, can benefit greatly from this type of insurance. Without this coverage, executives may have to pay for legal costs out of their own pockets if they are sued.
What is an example of a D&O claim?
SITUATION: A competitor who successfully bid for the assets of a bankrupt company and the bankruptcy trustee both allege breach of fiduciary duty and fraudulent transfer by certain directors and officers in that they used company funds to purchase personal real estate, paid well above market rates for office space in a ...
Policyholder. The person or entity specifically identified as the named insured in an insurance policy. This person is also referred to as the named insured.
An insurance premium is the amount you pay each month (or each year) to keep your insurance policy active. Your premium amount is determined by many factors, including risk, coverage amount and more – depending on the type of insurance you have. This does not apply to all types of life insurance.
Definitions. Maximum medical recovery (MMR) occurs when there is a plateau in recovery and it is not likely that there will be any further significant improvement in the work-related injury or illness.
Although there are many insurance policy types, some of the most common are life, health, homeowners, and auto. The right type of insurance for you will depend on your goals and financial situation. Consumer Financial Protection Bureau.
HMO plans typically have lower monthly premiums. You can also expect to pay less out of pocket. PPOs tend to have higher monthly premiums in exchange for the flexibility to use providers both in and out of network without a referral. Out-of-pocket medical costs can also run higher with a PPO plan.
PREM. Definition & Usage Examples | Dictionary.com.
Increased Value (IV) Insurance or Hull Interest Insurance is a property insurance that insures the full value, or mortgage value, of a vessel and/or the additional costs of replacing a vessel if it is a total loss.
Coverage Summary
Liability Coverage is for accidents that are your fault. Bodily injury liability pays for bodily injury you cause someone else. Property damage liability pays for property damage you cause someone else. California law requires you to have this coverage.
CV Insurance Policy means a Commercial Vehicle Insurance Policy purchased by You for Your own Commercial Vehicle, whether that is a van, a light truck or a truck up to 44 tonnes gross vehicle weight rating, covering normal use in Your business or occupation.
What are the 7 pillars of insurance?
- Utmost Good Faith.
- Insurable Interest.
- Proximate Cause.
- Indemnity.
- Subrogation.
- Contribution.
- Loss Minimization.
Premium. An insurance premium is one of the most important places to look when choosing your insurance. The premium is what you have to pay on an ongoing basis to have an insurance policy. You may pay monthly, pay your entire premium upfront or choose another schedule within your policy's guidelines.
In insurance, there are 7 basic principles that should be upheld, ie Insurable interest, Utmost good faith, proximate cause, indemnity, subrogation, contribution and loss of minimization.
The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.
The initial premium is the first payment an individual makes on any insurance policy. The policy terms dictate the amount of the initial premium. Generally, that payment needs to be made in order for coverage to go into effect.
