Insurance terms

Source: Wikipedia. Pages: 50. Chapters: Indemnity, Short Rate Table, Pre-existing condition, Captive insurance, Systemic risk, Subrogation, With-profits policy, Insurance score, Insurance bad faith, Community rating, Adverse selection, Condition of average, Pro rata, Alternative Risk Transfer, Additional insured, Insurance cycle, Accident management, Copayment, Risk equalization, Insurance broker, Cancellation, Co-insurance, Explanation of Benefits, Finite Risk insurance, Death spiral, Independent insurance agent, Segregated fund, Deductible, Third-party administrator, Contingent commissions, Totaled, Uninsured motorist clause, Risk pool, Cash value, Certified Insurance Counselor, Outstanding claims reserves, Performance bond, Beneficiary, Key person insurance, Bancassurance, Home warranty, Split billing, Replacement value, Insurable risk, Recoupment, Double indemnity, Actual cash value, Probable maximum loss, General account, New business strain, Aggression insurance, Wheel calculator, Unit-linked insurance plan, Adjustment clause, Certificate of life, Independent medical examination, Quota share, Loss reserving, Annual premium equivalent, Gross Dealer Concession, Proof of insurance, Present value of new business premiums, Gross premiums written, Dual trigger insurance, Mid-Term Adjustment, Registered Professional Liability Underwriter, Omnibus clause, Self-revelation, Cash surrender value, Deposit premium, Contingent Coverage, Bankassurer, Certified Marine Insurance Professional. Excerpt: A short rate table is a table used to calculate the earned premium for a policy that is cancelled before the expiration date of a insurance policy. This is a penalty method called short rate or old short rate and is often used when the policy is cancelled at the policy holder's request. The following table is an example of this table for a policy that has a 365 day term and show the percentage of premium retained by the insurance company based on the number of days that policy is in effect. This penalty starts off initially at 25% of the annual premium and decreases down to 0% by the end of the policy term. A pre-existing condition is a risk with extant causes that is not readily compensated by standard, affordable insurance premiums. Pre-existing condition exclusions by the insurance industry are meant to cope with adverse selection by potential customers. Such exclusions have become a topic in the health care reform debate in the United States in 2009 and 2010. Several surveys over that period have shown a very strong opposition to the exclusions and support for banning them. The University of Pittsburgh Medical Center defines a pre-existing condition as a "medical condition that occurred before a program of health benefits went into effect." J. James Rohack, president of the American Medical Association, has stated on a Fox News Sunday interview that exclusions, based upon these conditions, function as a form of 'rationing' of health care. Conditions can be broken down into two further categories, according to Lisa Smith of Investopedia: Which definition may be used is sometimes regulated by state laws. Some states require insurance companies to use the objective standard, while others require the prudent person standard. Currently, 10 states do not specify either definition, 21 require the "prudent person" standard, and 18 require the "objective" standard, according to www.statehealthfacts.org. Regulation of pre-existing condition exclusions...