Blanket insurance is a single policy that covers multiple kinds or locations of property, providing comprehensive coverage ideal for businesses with assets spread across different locations.
A certificate giving abbreviated details of the cover provided by an insurance policy. In motor insurance or employers' liability policies, the required information must be shown on the certificate of insurance, and policy cover does not come into force until the certificate has been delivered to the policyholder.
A claim is a request by an insured party for compensation or indemnification from an insurance company for loss incurred due to an insured peril.
In an insurance policy, sentences and paragraphs describing various coverages, exclusions, duties of the insured, locations covered, and conditions that suspend or terminate coverage.
Federal legislation that requires group health plans sponsored by employers with 20 or more employees to offer continuation of health insurance coverage to employees and their dependents after they leave their jobs. Employees must pay the entire premium plus up to 2% administrative costs.
An insurance claim is a formal request made by the insured to an insurance company for payment of a benefit related to an incident covered by their insurance policy.
An insurance contract is a legally binding unilateral agreement between an insured and an insurance company. In exchange for premium payments, the company covers specified perils or losses.
An insurance policy is a contract between an insured person or entity and an insurance company, specifying the risks covered and the premiums that must be paid to maintain the policy. It serves as the reference document to determine coverage eligibility for claims.
A form of supplemental medical insurance that covers medical costs not included under basic health and hospitalization insurance. Typically, the insured is required to pay a deductible before the major medical insurance plan begins to pay for covered services.
Single Premium Life Insurance (SPLI) is a type of life insurance coverage where the policyholder makes a one-time lump sum payment to fully fund the policy. After this initial payment, no further premiums are required for maintaining the coverage.
