Insurer V.S. Insured
Insurer= Insurance Company Insured= The one got insured. Insured = PolicyHolder
Insurance Glossary Reference
Please go to American Insurance Association http://www.aiadc.org/aiapub/landing.aspx?m=3&v=220&docid=308422
Policy & PolicyHolder
Policy: The name generally used to mean the written contract of insurance. Policyholder: One who owns an insurance policy. A mortgage often is issued a copy of an insurance policy or certificate of insurance at the request of the insured, but it is not a policyholder.
Broker v.s. Agent v.s. Producer
While brokers are traditionally described as agents of the policyholder and insurance agents as agents of insurers, this separation is more a matter of emphasis than a watertight division. Both agents and brokers often perform services such as record keeping and modeling for insurers,provide advice to clients on selecting insurers, and assist with claims settlement. …
HSA & FSA
A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit Flexible spending accounts or arrangements (FSA) – Accounts offered …
Medical underwriting
Medical underwriting means that an insurance company can look at your health history and medical records
HMO & PPO
Health Maintenance Organization (HMO): An HMO is a type of health plan that provides a network of doctors, other health care professionals, hospitals, laboratories and other related services. You usually have to select from providers within your HMO’s network or the care you receive won’t be covered by your health insurance. The HMO may provide …
Individual Plans
Individual Plans are a good alternative if you are not able to get coverage through your employer.
Medicare
Medicare— a Federal program which provides medical insurance for people over 65 and for those who are permanently disabled. Contact your local Social Security Office for a copy of the current Medicare handbook. Medicaid— (Called MediCal in California) is funded jointly by state and federal governments but administered by each state. Medicaid provides medical assistance …
COBRA
COBRA, or the Consolidated Omnibus Budget Reconciliation Act, was passed in 1986. COBRA contains health benefit provisions that protect one’s group health insurance coverage when employment is terminated or when one loses his or her coverage for another reason. Other reasons may include divorce from a covered employee, death of a covered employee, or when …