Major Medical Insurance
Coverage in excess of that provided by a basic hospital medical insurance plan. After the limits of coverage have been exhausted under a basic plan, major medical then covers medical expenses relating to room and board; physician fees; miscellaneous expenses such as bandages, operating room expenses, drugs, X-ray, and fluoroscopic. There may be a lifetime limit. For example, if the lifetime limit is $500,000 and an insured uses $100,000 of coverage in a given year, the lifetime limit would be reduced to $400,000.
Popular Insurance Terms
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
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Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
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Amount of combustible matter present that can act as a fuel to feed a hostile fire. ...
Hybrid between facultative reinsurance and treaty reinsurance where the ceding company may elect to assign certain risks that the reinsurer is obligated to accept. ...
Same as term Canadian Institute of Actuaries: ...
Circumstance in which no agent is servicing a debit. ...
Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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