A lifetime maximum is a capped amount of money a dental insurance provider will pay for specific services over the entire duration of a policy. Once this limit is reached, the insurer will no longer cover those specific treatments regardless of the policy’s renewal status.
An embedded deductible is a type of insurance provision where the deductible amount is built into the policy terms, affecting when and how claim payments are made.
The ‘Name of Insured’ in insurance policies refers to the individual or entity whose life, property, or liability is covered by the policy.
UCR stands for Usual, Customary, and Reasonable, a guideline used by many health insurance plans to determine the maximum reimbursement rate for medical services.
Double indemnity is a clause in a life insurance policy that requires the insurer to pay twice the face value of the policy if the insured’s death is caused by an accident, as defined in the policy. It is also known as an accidental death benefit and is often offered as an optional rider.
A deferred VA claim indicates that the Department of Veterans Affairs has acknowledged a potential service connection for a veteran’s condition but requires additional medical evidence before making a final determination.
ISO stands for the Insurance Services Office, a company that develops standardized insurance policy forms and rating manuals used by insurers across various lines of business.
Co-insurance is a cost-sharing mechanism in insurance policies where the insured shares a portion of covered losses with the insurer based on a predetermined ratio.
The insured name in an insurance policy refers to the individual, entity, or organization that is covered by the insurance contract for specified risks.
Split limits are a method of structuring auto insurance coverage that divides the maximum amount an insurer will pay into three distinct categories. These limits apply separately to bodily injury per person, bodily injury per accident, and property damage.