Archives: Glossary Terms

A process through which an insurer evaluates not just the need for medical attention—like in an utilization review—but also alternative treatments or medical solutions required.

An insurance policy modification that becomes part of the insurance contract and which broadens or limits the benefits payable thereunder.

A contractual agreement that governs the parties’ rights and obligations related to the payment of the insurance proceeds after the death of the insured.

Specialists responsible for calculating the premium rates that the company will charge for its products.

Activities such as eating, bathing, getting dressed, going to the bathroom, climbing in and out of bed/a wheelchair, and moving (around the house). Proving that the insured is incapable of performing these daily life activities demonstrates the need for a long-term care insurance plan (LTC).

A serious infectious and contagious disease that, in some cases, may cause death. It is characterized by a cutaneous eruption and high mortality rates. There is no special treatment and the only form of prevention is vaccination.