Blue Cross: Nonprofit corporation providing protection to its members against the cost of hospital care in a limited geographic area.
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automobile insurance plans: Formerly known as assigned risk plans–are residual market programs providing auto insurance. See Residual Market.
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automatic premium loan: A provision in a life insurance policy that any premium not paid by the end of the grace period (usually 31 days) is automatically paid by a policy loan if there is sufficient cash value.
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auto replacement coverage: An option under some auto insurance policies, this coverage guarantees your car will be completely repaired or replaced, even if these costs exceed its depreciated value.
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auto physical damage coverage: Insures against loss resulting from damage to an auto owned by the insured; also provides coverage if the car is stolen.
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auto medical payments: If you cause an accident, the coverage works like this: Auto liability coverage pays the bodily injury and property damage losses of the other person. Collision coverage pays for repairs to your own vehicle. Auto medical payments coverage pays medical and funeral expenses for you and your passengers. If you already have health and disability insurance, the coverage may be redundant.
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auto liability: Pays for damages that you cause to other people and their property. If you cause an accident and you bang up your car or yourself, your auto liability insurance will not pay for your medical bills or the repairs to your car. Auto medical payments coverage would.) But it will pay for the other guyÆs, up to the limits of your policy. Without the coverage, your assets would be subject to seizure to pay the medical bills, car repairs and other damages that you caused in an accident. Once the insurance company pays out the limits of your policy, youÆre liable for the rest, which is why itÆs advisable to purchase higher limits than what your state requires. Auto liability coverage has three parts: bodily injury per person, bodily injury per accident, and property damage. Limits for liability are usually written like “20/40/10.” That means a policy will pay bodily injury losses up to $20,000 per person, and up to $40,000 per accident (if more than one person was hurt). It will also pay property damage losses up to $10,000 per accident.
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audited premium: See premium auditor.
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Audit – insurance term definition
audit: During an audit, members of the home office staff underwriting department examine files to see whether the underwriting guidelines are being followed. Also see premium auditor.
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association group: A group formed from members of a trade or professional association for insurance under one master health insurance contract.
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