What is a Pre-Existing Medical Condition?
Generally, pre-existing conditions are defined as medical conditions, medication, consultation, or treatment which existed or which were performed prior to the effective date of coverage.
What is Deductible?
This is the amount that must be paid by the insured before the insurance company begins to reimburse for covered expenses. This works like your Auto insurance deductible where certain amount the insured need to pay.
As an example, if you purchase a plan with a $500 deductible and incur $1500 of expenses, the insurance company will begin to reimburse for expenses after you have paid the initial (Deductible) $500.
What does Policy Exclusions mean?
This can be defined as the expenses that the insurance company/plan will not pay. These include expenses resulting from illegal drug use, conditions which existed prior to the purchase of the insurance (pre-existing conditions), participation in various dangerous activities. Read coverage carefully for these exclusions in your plan.
What is Co-Insurance?
The percentage or amount of eligible expenses that the insured pays after the deductible.
What is Insurance Premium?
The amount you pay to purchase medical insurance plan. Premiums may be paid full in advance or monthly or depending on the policy.
What does the term "Policy Beneficiary" mean?
The person or persons designated by the insured to receive the proceeds of an insurance policy upon the death of the insured.
What is Policy Maximum?
The maximum amount of money that the insurance provider will pay for covered expenses. This may be an overall maximum or an amount for each illness / accident.
Renewable or non Renewable:
This feature (Renewable) tells whether the particular plan/policy can be continued and not be treated as a new policy.
This feature has a significance in way that if something happens in previous months, that will not be considered as pre-existing condition where as the new policy will consider it as a pre-existing condition. So if you extend your stay and like to renew the policy the same policy can be renewed.
What is Hazardous Sports Coverage?
Hazardous sports or Adventure sports are any activities that are deemed risky by the travel insurance industry because the risk equates to higher-than-average rates of injury and/or death. Coverage related to motorcycling, scuba diving, jet, snow, and water skiing, mountain climbing, sky diving, amateur racing, piloting any aircraft, bungee jumping, spelunking, white water rafting, surfing, and parasailing etc.
What is an Athletic Coverage?
Sports related i.e. for participation in amateur, club, intramural, interscholastic or intercollegiate tennis, swimming, cross country, track, baseball, softball, volleyball and golf sports only.
What are AM Best Ratings?
"AM Best" is the name of an organization whose ratings are recognized as the benchmark for assessing insurers' financial standing. It provides their opinion of an insurer's financial strength and ability to meet ongoing obligations to policyholders. We carry only the best standing companies, so the ratings shouldn't be a big part of your decision making.
Who is a Policy Administrator?
The company that administers, the policies providing claims processing, customer support, provider information, benefits approval, etc. Example Seven Corners (formerly SRI) is the administrator for INBOUND plan.
Who is Carrier / Underwriter?
The insurance company that actually carries the risk associated with the plans. Example: Lloyd's is underwriter for INBOUND plan.
What is Usual, Customary and Reasonable Charges (UCR)?
Usual, Customary and Reasonable Charges, (UCR) charge is an established maximum amount that an insurance company will reimburse for a medical expense covered under your health insurance policy. UCR charges are generally determined based on charges that are actually billed by providers for each medical procedure or service in a geographical area.
What is AD&D (Accidental Death & Dismemberment)?
Provides insurance protection if your death is the result of an accident. AD&D also provides benefits for the accidental loss of hands, feet, eyesight, speech or hearing.
What is Common Carrier?
A commercial airline, train, bus, boat or ship, subway or streetcar operated as a common carrier
What is Hospital Indemnity?
It is a type of rider/insurance that pays a fixed amount for each day that you are in the hospital. This need not to be medical related expense it can be used for any purpose.
What is Emergency Medical Evacuation?
This covers the cost of transporting a seriously injured or ill person to one of the following locations:
- The nearest adequate medical facility
- A hospital near your home
- Or the hospital of his/her choice
What is Return of Mortal Remains?
Return of Mortal Remains is a coverage provided by travel insurance company to send the travelers mortal remains to their home country in the event of death.
What is Repatriation?
Coverage to send you back to your home country,if you are ill or injured overseas.
What does Emergency Reunion mean?
Coverage /expenses to bring any of your relative/family member to take care of you. Expenses generally includes round trip air ticket, transportation to the area where you are hospitalized and for reasonable expenses for lodging and meals etc.
What is Intensive Care?
Critical care is concerned with providing greater than ordinary medical care and observation to people in a critical or unstable condition. The provision of intensive care is generally administered in a specialized unit of a hospital called the Intensive Care Unit (ICU) or Critical Care Unit (CCU).
What is Inpatient?
Medical treatment that involves/requires overnight stay at a hospital.
What is Outpatient?
Medical attention that does not include an overnight stay at a hospital.
Note: The information provided on this Web Page is general in nature and offered for informational purposes only, it is not offered as and does not constitute insurance advice.