Electronic Data Interchange (edi)
Method used to reduce workers compensation insurance costs by using a single database system to electronically link claims administration, medical claim costs, risk management, and vendor services. EDI can reduce errors in claims handling thereby making the process more efficient. Also, EDI permits the comprehensive gathering of demographic claims data pinpointing the factors that affect the risk.
Popular Insurance Terms
process of discovering sources of loss concerning the liability risk faced by individuals and business firms. The first step in risk management is to identify the causes of a loss by ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Frequency of death. ...
Part of the federal Medicare program for additional coverage on a voluntary basis. The Medicare program is divided into two parts: (1) Hospital Insurance provides hospital benefits to ...
Benefit in disability income insurance whereby an injured or ill wage earner receives a monthly income payment to replace a percentage of his or her lost earnings. ...
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Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Type of guaranteed investments contract in which the interest credited is adjusted on a periodic basis to reflect the investment earnings of the underlying assets of the contract. ...
Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
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