An Insurer Has A Contractual Agreement Which Transfers A Portion
Copay – a cost-sharing mechanism in group insurance plans, under which the insured pays a certain amount in dollars of medical expenses incurred and the insurer pays the rest. Provider Sponsored Network (PSN) – Formal vendor affiliations, sometimes referred to as «integrated delivery systems,» are organized and operated in order to provide an integrated network of healthcare providers that allows third parties, such as insurance companies, HMOs, or other health plan companies, to underwrite health services to insured individuals. Some integration models include medical hospital organizations, management service organizations, group practices without walls, medical foundations, and healthcare provider cooperatives. The part that diversifies its insurance portfolio is called cedar. The party that accepts part of the potential commitment in exchange for a share of the insurance premium is called a reinsurer. Accepted reinsurance – the assumption of risks by another insurance undertaking under a reinsurance contract or contract. Industrial life – industrial life insurance, also known as «debit» insurance, is insurance in which premiums are paid monthly or more frequently, the nominal amount of the policy does not exceed a declared amount, and the words «industrial policy» are printed in branded characters on the front of the policy. Non-transferred assets – assets with an economic value different from that which can be used to meet policyholders` obligations or assets that are not available due to charges or other interests of third parties and that should not be recognised in the balance sheet. Retention limit – maximum amount of medical and hospital expenses borne by an insurer itself. The limit may apply to a single damage and/or to all damage suffered by the insurer, depending on the terms of the reinsurance contract.
Optional coverage protects an insurer for an individual, a particular risk or a particular contract. If more than one risk or contract requires reinsurance, these are renegotiated separately. The reinsurer has all rights to accept or reject a proposal for optional reinsurance. Eligible assets – assets of insurers that can be valued and recorded on the balance sheet to determine the financial viability of the business. Loss reserves – an estimate of liability or provision in an insurer`s financial statements that indicates the amount expected by the insurer for damage suffered but not yet reported or declared that has not been paid. Special Performance Bond: any guarantee or other instrument that creates a payment obligation issued by or on behalf of a public entity to finance a project that has an essential public purpose and that must not be paid from sources related to the payment of municipal bonds. Earned premiums – the part of the premium for which coverage or coverage has already been granted during the part of the insurance term that has just expired.. . .