In statistics, the entire group of observations. See Sample.

A healthcare provider’s authorization, or pre-admission certification, for an insured’s non-emergency hospital admission and certain covered benefits prior to an insured receiving the care.

Requirement that an insured must notify the insurer prior to an elective inpatient hospital admission after an emergency admission.

Excludes coverage for conditions the policy defines as pre- existing. Under PPACA, beginning September 23, 2010, group health plans may not exclude insureds under age

Insureds have the option of obtaining service within the PPO network (in-network) or with providers that are not contracted with the PPO (out-of-network). Primary Care

Type of stock issued by a corporation that has ownership privileges with respect to payment of dividends and distribution of assets greater than those of

Amount of money an insurance carrier charges to provide the coverage described in the policy.

1) A discount allowed on premiums paid in advance of one year based on projected interest to be earned. 2) a discount allowed on certain

Used in self-insured health plans, the cost per covered employee, or the amount the employer would expect to reflect the cost of claims paid, administrative

Value today of a future payment or payments, discounted at the appropriate discount rate.

In a disability income policy, a percentage of disability that will be considered without a waiting period if the insured suffers the total and complete

Measure of the market price of a share of common stock to its earnings; market price of a common share divided by earnings per share.

When computing workers compensation experience modifications, the actual loss amount (each loss equal to or less than $15,000) is included in the calculation at its

The person or entity named on the policy who has the first right to receive life insurance policy death benefits.

Also known as a “gatekeeper,” authorizes and refers the insured to specialists and other healthcare providers.

The entity whose performance is being guaranteed in a surety bond.

The organizational charter and its by-laws control what the executives can and cannot do. Violations of these “laws” are ultra vires acts, or acts beyond

An agreement to share insurance. The reinsurer gets an agreed percentage of the original premium, less a ceding commission, and pays the same percentage of

A form of reinsurance where the treaty is set up on the understanding that a certain part of every exposure will be shared on an

Chance of something occurring within a stated time period, ranging from 0 (impossibility) to 1 (certainty).

An estimate developed for property insurance underwriters that represents the worst amount of loss that is likely to happen, as opposed to the worst possible

A court-supervised process by which a will is determined to be the deceased’s final statement regarding the disposition of his or her property.

Measure of the returns on various bases.

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Legal concept holding that a false statement will be treated as a promise when the listener relied upon the false statement to his/her detriment. The