Elimination Period Elimination Period is the duration between an accident, sickness, incapacity, or request and receiving final welfare payments.
Master Limited Partnership (MLP) Master Limited Partnership (MLP) is a partnership that sells units traded on a recognized stock exchange, has many advantages of a
Time limit on certain defenses provision Time limit on certain defenses provision in an individual health insurance policy that prohibits the company from canceling the policy or denying a claim on the basis of a preexisting condition or misstatement in the application after the policy has been in force for
Single limit Single limit is the total amount of liability insurance that applies to the entire accident without a separate limit for each person. The total
Stop-loss limit Stop-loss limit is a modification of the coinsurance provision in major medical plans that places a dollar limit on the maximum amount that
Retention limit Retention limit is an amount of insurance retained by a ceding company for its own account in a reinsurance operation.
Retained limit Retained limit is a term found in an umbrella liability policy that refers to (1) the total limits of the underlying insurance or any other insurance available to the insured, or (2) the deductible stated in the
Out-of-pocket limit Out-of-pocket limit is a provision in medical expense policies by which 100 percent of covered medical expenses in excess of the deductible are paid after the insured incurs a certain annual amount of out-of-
Limited-payment policy Limited-payment policy is a type of whole life insurance providing protection throughout the insured’s lifetime and for which relatively
General aggregate limit General aggregate limit is in the commercial general liability policy, it is the maximum amount the insurer will pay for the sum of the following—damages under Coverage A and B, and medical expenses
Definition
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