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- 704 S State Rd 135 Suite D #421, Greenwood, 46143, IN
- (317) 534-6800
- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
- Allowable charge. The highest amount that a health plan will pay for a particular service.
- Claim. A bill from a health service provider that lists the costs for the services received.
- Condition. An injury, sickness, disease or other health disorder.
- Copay. A fixed amount that you pay for certain medical services within your network (see “network” below). The amount may change depending on the service, and your policy will likely have different copays for a doctor visit, a specialist visit, a prescription medication, an ambulance ride and a trip to the emergency room.
Jan 22, 2019 · Below are definitions for some common terms that will help you understand your coverage a little better. General insurance terms. Actual cash value: This type of coverage pays according to what an item was worth at the time it was damaged-it takes depreciation and wear and tear into account.
Feb 14, 2023 · But, let’s start by defining what parametric insurance is. It’s a policy in which the insurance company pays the customer according to the intensity of an event and the amount of the loss. This is calculated using a model based on previously supplied data. It may sound a bit technical, but it’s not really that complex.
Parametric insurance (also called index-based insurance) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event.
Jan 10, 2024 · Parametric insurance is a kind of insurance that pays out based on whether a certain event happens, without consideration of whether that event did damage to your property. Parametric insurance can protect you and your property in combination with, or instead of, some homeowners insurance policies.
Fundamentally, parametric (or index based) solutions are a type of insurance that covers the probability (or likelihood) of a loss-causing event happening (like an earthquake) instead of indemnifying the actual loss incurred from the event.
