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Franchise Deductible
In an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. In general usage, the term ''deductible'' may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments. Deductibles are typically used to deter the large number of claims that a consumer can be reasonably expected to bear the cost of. By restricting its coverage to events that are significant enough to incur large costs, the insurance firm expects to pay out slightly smaller amounts much less frequently, incurring much higher savings. As a result, insurance premiums are typically cheaper when they involve higher deductibles. For example, health insurance companies offer plans with high premiums and low deductibles, or plans with low premiums and high deductibles. One plan may have a premium of $1,087 a month with a $6,000 deductible, whil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vandalism
Vandalism is the action involving deliberate destruction of or damage to public or private property. The term includes property damage, such as graffiti and defacement directed towards any property without permission of the owner. The term finds its roots in an Enlightenment view that the Germanic Vandals were a uniquely destructive people, as they sacked Rome in 455 AD. Etymology The Vandals, an ancient Germanic people, are associated with senseless destruction as a result of their sack of Rome under King Genseric in 455. During the Enlightenment, Rome was idealized, while the Goths and Vandals were blamed for its destruction. The Vandals may not have been any more destructive than other invaders of ancient times, but they did inspire English poet John Dryden to write, ''Till Goths, and Vandals, a rude Northern race, Did all the matchless Monuments deface'' (1694). However, the Vandals did intentionally damage statues, which may be why their name is associated with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Copayment
A patient's copayment or copay is the patient's share of the cost for goods or services rendered, with the other share ("co" = with) paid by the patient's insurance company. The patient's co-payment is usually paid directly to the provider, but is instead paid indirectly through their insurance company in the case of Medicare Part D patients enrolled in the Medicare Prescription Payment Plan, which began on January 1st, 2025. It may be defined in an insurance policy and paid by an insured person each time a medical service is accessed. It is technically a form of coinsurance, but is defined differently in health insurance where a coinsurance is a percentage payment after the deductible up to a certain limit. It must be paid before any policy benefit is payable by an insurance company. Copayments do not usually contribute towards any policy out-of-pocket maximum, whereas coinsurance payments do. Insurance companies use copayments to share health care costs to prevent moral haz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Co-insurance
In insurance, co-insurance or coinsurance is the splitting or spreading of risk among multiple parties. In the United States In the U.S. insurance market, co-insurance is the joint assumption of risk between the insurer and the insured. In title insurance, it also means the sharing of risks between two or more title insurance companies. In health insurance In health insurance, copayment is fixed while co-insurance is the percentage that the insured pays after the insurance policy's deductible is exceeded, up to the policy's stop loss. It can be expressed as a pair of percentages with the insurer's portion stated first, or just a single percentage showing what the insured pays. Once the insured's out-of-pocket expenses An out-of-pocket expense, or out-of-pocket cost (OOP), is the direct payment of money that may or may not be later reimbursed from a third-party source. For example, when operating a vehicle, gasoline, parking fees and tolls are considered out-o ... equal the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Travel Insurance
Travel insurance is an insurance product for covering unexpected losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies typically include coverage for trip cancellation, lost luggage, flight delays, Liability insurance, public liability, and other expenses. The United States Travel Insurance market valued at over $4B, protecting around 77 million people through around 49 million plans in 2022, according to the United States Travel Insurance Association. Policy purchase Cost calculation Travel insurance, are risk-based, and take into account a range of factors to determine whether a traveler can purchase a policy and what the premium will be. This generally includes destination countries or regions, the duration of the trip, the age of the travelers, and any optional benefits that they require coverage for such as pre-existing medical conditions, advent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". A health insurance policy i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Liability
In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both Civil law (common law), civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by Administrative law, government agencies. The Plaintiff, claimant is the one who seeks to establish, or prove, liability. Liability in business In commercial law, limited liability is a method of protection included in some business formations that shields its owners from certain types of liability and that amount a given owner will be liable for. A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is. Thus, only the funds or property the owner(s) have invested into the business are subje ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theft
Theft (, cognate to ) is the act of taking another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it. The word ''theft'' is also used as a synonym or informal shorthand term for some crimes against property, such as larceny, robbery, embezzlement, extortion, blackmail, or receiving stolen property. In some jurisdictions, ''theft'' is considered to be synonymous with '' larceny'', while in others, ''theft'' is defined more narrowly. A person who engages in theft is known as a thief ( thieves). ''Theft'' is the name of a statutory offence in California, Canada, England and Wales, Hong Kong, Northern Ireland, the Republic of Ireland, and the Australian states of South Australia Theft (and receiving). and Victoria. Theft. Elements The '' actus reus'' of theft is usually defined as an unauthorised taking, keeping, or using of another's property which must be accompanied by a '' mens rea'' of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Car Accident
A traffic collision, also known as a motor vehicle collision, or car crash, occurs when a vehicle collides with another vehicle, pedestrian, animal, road debris, or other moving or stationary obstruction, such as a tree, pole or building. Traffic collisions often result in injury, disability, death, and property damage as well as financial costs to both society and the individuals involved. Road transport is statistically the most dangerous situation people deal with on a daily basis, but casualty figures from such incidents attract less media attention than other, less frequent types of tragedy. The commonly used term car accident is increasingly falling out of favor with many government departments and organizations: the Associated Press style guide recommends caution before using the term and the National Union of Journalists advises against it in their Road Collision Reporting Guidelines. Some collisions are intentional vehicle-ramming attacks, staged crashes, vehic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Out-of-pocket Expenses
An out-of-pocket expense, or out-of-pocket cost (OOP), is the direct payment of money that may or may not be later reimbursed from a third-party source. For example, when operating a vehicle, gasoline, parking fees and tolls are considered out-of-pocket expenses for a trip. Car insurance, oil changes, and interest are not, since the outlay of cash covers expenses accrued over a longer period of time. The services rendered and other in-kind expenses are not considered out-of-pocket expenses; the same goes for depreciation of capital goods or depletion. Organizations often reimburse out-of-pocket expenses incurred on their behalf, especially expenses incurred by employees on their employers' behalf. In the United States, out-of-pocket expenses for such things as charity, medical bills, and education may be deductions on US income taxes, according to IRS regulations. To be out of pocket is to have expended personal resources, often unexpectedly or unfairly, at the end of some en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automobile Insurance
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as vandalism, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region. History Widespread use of the motor car began after the First World War in urban areas. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would rarely ge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Umbrella Insurance
Umbrella insurance is a form of liability insurance that provides coverage when liability exceeds the limits of other insurance policies, such as auto insurance or homeowners insurance. It can also act as primary insurance for losses not covered by those underlying policies, distinguishing it from excess insurance, which typically only extends existing limits. When an insured individual faces liability, their primary policies pay up to their respective limits, and the umbrella policy covers any remaining amount, up to its own limit. Umbrella insurance is predominantly offered in the United States. Excess versus Umbrella While excess insurance similarly pays out after a primary policy’s limit is reached, key differences set it apart from umbrella insurance. Excess insurance typically operates as a "follow-form" policy, mirroring the coverage of the underlying policy and simply adding an additional limit stacked atop the primary one. In contrast, umbrella policies often provid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
