Contribution by Equal Shares
When a Liability Insurance policy says it and another company will pay a share of the loss equally until either the loss is paid or
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When a Liability Insurance policy says it and another company will pay a share of the loss equally until either the loss is paid or
When a person or organization adds in any way to his/her own injury and is barred from recovery.
A group health plan structured so the employer and employee share in the cost of the plan.
The actions a risk manager takes to assess, regulate, and monitor work-in-progress and completed work; an element of the managerial process.
The right of a policy owner to exchange an existing policy for another insurance policy offered by the same insurer.
Provision found in group health policies, specifying how benefits will be paid when more than one insurer covers an insured.
A flat fee the insured pays each time covered services are provided or prescription drugs are purchased and is paid directly to providers, facilities or
A term referring to a building structure’s construction, occupancy, protection and exposure; used by underwriting to determine the risk of offering a policy.
A legal entity considered to be a separate tax and legal entity having an existence that is separate and distinct from its owners.
Relationship of two or more variables; correlation does not imply causality.
In statistics, a measure of the strength of a linear relationship between two variables ranging from -1 to +1. When the correlation coefficient r =
Also known as “managed care”, provides appropriate and adequate medical care consistent with an insured’s healthcare needs, while avoiding unnecessary medical services and related expenses.
Cost associated with various sources of financing to the organization and used to determine which alternative applications of funds are cost effective and should be
1) labor, material, and overhead expenses including inventory shrinkage; 2) the purchasing or production costs and expenses, both direct and indirect, of the merchandise sold
Where insureds pay part of health insurance costs through deductibles, copayments, and coinsurance.
Policy wording change or form designed to adjust policy benefits in relation to the change in the economic climate. The majority of such riders are
All medical services covered by an insurance policy. Some health insurance plans will have a list of medical services they do not cover.
COVID-19 is a disease caused by a new strain of coronavirus. ‘CO’ stands for corona, ‘VI’ for virus, and ‘D’ for disease. Formerly, this disease
In statistics, relative confidence (statistical reliability) associated with a given body of data (e.g., loss experience for an individual division) and expressed as a number
A risk faced by finite risk insurers when paid losses exceed the premium payments made by the insured, either during the policy term or once
Any critical incident that involves death, serious injury, or threat to people; damage to environment, animals, property and/or data; disruption of operations; threat to the
Act or process of managing a crisis to prevent the occurrence of a catastrophic loss, if possible, and reduce the impact of catastrophic losses to
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