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
Arrangement of discretionary income, expenses, and investments in a way that enhances after-tax wealth. Insurance policies can be used to increase after-tax income through the tax-deferral ...
expenses and damages incurred as the result of damage to a ship and its cargo, and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Coverage for damage or destruction of property due to a crime, and property lost due to a burglary, whether successful or attempted. An endorsement provides coverage for robbery and theft ...
Proceeds from a life insurance policy paid on a monthly basis instead of in a lump sum. ...
Same as term: Total Loss: condition of real or personal property when it is damaged or destroyed to such an extent that it cannot be rebuilt or repaired to equal its condition prior to the ...
Coverage provided for the fiduciaries of a retirement plan as well as for the plan itself in the event negligence of the fiduciaries results in losses to the plan and/or liability suits ...
Monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the monetary value of the ...
Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...
Have a question or comment?
We're here to help.