A condition or circumstance that may give rise to a loss from a given peril; physical, moral, or morale characteristics that make the likelihood of

Risks covered by insurance resulting in downside outcomes only.

A plan that requires employees to bear a greater financial burden in their healthcare by requiring a larger amount of expenses be paid by the

A federal law that provides rights and protections for employees and their covered dependents in group health plans that limit exclusions for pre-existing conditions; prohibit

Provides a comprehensive benefits package including physician visits, laboratory services, hospitalization and surgery, and focuses on preventive care, early diagnosis and outpatient treatment. An HMO

An account owned, maintained and funded by the employer to pay Qualified Medical Expenses for employees.

A tax-saving plan for individuals and employees participating in High Deductible Health Plans to save and pay for Qualified Medical Expenses. HSA funds may also

A healthcare reimbursement account that allows employees to set aside money through payroll deductions on a pre-tax basis to pay for anticipated eligible medical expenses,

A plan that requires employees to bear a greater financial burden in their healthcare by requiring a larger amount of expenses be paid by the

A federal law that provides rights and protections for employees and their covered dependents in group health plans that limit exclusions for pre-existing conditions; prohibit

Original purchase price.

Provides a comprehensive benefits package including physician visits, laboratory services, hospitalization and surgery, and focuses on preventive care, early diagnosis and outpatient treatment. An HMO

Affirmative assumption of the financial consequences for liabilities of another through a contract. See Indemnification agreement.

Medical care provided by trained personnel in the patient’s home for patients who do not need the more extensive treatment provided by a hospital, skilled

A program or facility that provides care to the terminally ill.

An account owned, maintained and funded by the employer to pay Qualified Medical Expenses for employees.

A tax-saving plan for individuals and employees participating in High Deductible Health Plans to save and pay for Qualified Medical Expenses. HSA funds may also

Minimum accepted rate of return from a project.

Represents the liability for unpaid claims not reflected in the case reserve estimates for individual losses. The two components to IBNR reserves are pure IBNR

Implementing the desired actions and risk management plans; an element of the risk administration step of the Risk Management Process.

Authority of the agent, which is not specifically expressed or communicated, but which is consistent with the agent fully exercising the express authority granted by

An event that disrupts normal activities and may become a loss, claim or business interruption.

Various rights a policy owner may exercise under the policy contract. Some of the incidents of ownership would be the rights to (1) cash in

A life insurance contract that provides income on a monthly basis, as opposed to a policy that pays proceeds in a lump sum.

A report of the organization’s financial performance for a stated time period.