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HEALTH INSURANCE GLOSSARY-

Immediate Annuity

This is a kind of contract where you purchase the annuity by paying a huge sum and then after which your payments begin immediately. Here you can fix up your annuity period.

Insurance

Insurance is a protection plan, which ensures your financial safety, even after any catastrophic happening. There are many branches of insurance like the life insurance, health insurance, dental insurance and so on.

Indemnity Plans

Similar to the traditional health plan, where you should pay a premium and then a deductible, after the payment of deductible, a percent of the medical costs will get covered.

Individual Life Insurance

The individual life insurance offers life insurance packages to individuals rather than groups. The cost may be expensive when compared to groups.

Individual Health Plans

If an individual wants exclusive benefits for himself, then they can take up individual health plans. Even though individual health insurance has limited benefits the terms would be better.

IBA West

Independent Broker Association West: is the foremost provincial trade organization. They represent independent insurance agents and insurance brokers .

Insurable Risk

There are certain conditions that make the risk to be insurable, those conditions are 1) there should be a definite time and space for the insured loss 2) risks cannot be catastrophic, it should be payable 3) the loss should be random.

Independent Agents

These are agents who work independently without tying up with any insurance company.

 

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