Glossary

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Stop Loss Insurance

The stop loss as defined in insurance policies is the point at which an insurance company has paid out the full value of the policy and no further claims can be applied against this insurance policy. It is important to note that in the case of most insurance policies where premiums are paid monthly but…

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Subrogation

Subrogation is the principle that allows an insurer to recover the expenses that it has paid out on a claim from a 3rd party. It enables the insurer to take over the legal obligation of the injured party and pursue the right to legal remedy on their behalf. This requires an agreement between the insured…

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Hazards

In general insurance terms, a hazard is something that causes an increased risk of a payout under any given insurance policy. The hazards are identified by the insurer and may be separately indicated by the type of hazard and any exclusions to coverage by a particular hazard, for example your insurance may cover you for…

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Profit (Auto Insurance Companies)

The profit for any business is the total income of that business minus all expenditure and the same is true for US insurance companies. Insurance companies in the United States are mainly private companies and that means they have a legal obligation to make a profit for their shareholders and to try and maximize that…

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Waiting Period

The waiting period of a US insurance policy is normally the time for which an insurer will not make payment on a claim. This normally applies to health insurance policies where the insured party may have to pay for their own care for a period of days prior to being eligible to make a claim…

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Named Perils

Named perils are the parts of your coverage that refer to specifically named risks and eventualities under which you may make a claim against your insurance policy. Insurance companies will normally lay out the specific dangers that they are willing to underwrite some or all of the risk on in the contract as a matter…

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