State Government Insurance
Definition of "State government insurance"
Health insurance coverage offered by some states for medical expenses and loss of income from nonoccupational disability. The merits of federal health insurance have been debated for some time. In the meantime, several states have passed plans that may be used as a testing ground for a more comprehensive plan. For example, Rhode Island pays for out-of-pocket expenses that total more than $5000 or a certain percentage of income. Other states have passed similar laws, including Georgia, Maine, Minnesota, and Connecticut.
Popular Insurance Terms
Same as term Expense Allowance: payment to an insurance agent in addition to commissions. Expense allowances, that differ from company to company, vary with the amount of business agents ...
Fund that contains the portion of the premium that has been paid in advance for insurance that has not yet been provided. For example, if a business pays an annual premium of $1000 on ...
Membership organization of insurance companies that write workers compensation insurance. The organization collects statistics on the frequency and severity of job-related injuries to ...
Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...
Fund in a segregated account to provide for the return of unearned premiums on policies that are canceled. ...
In personal injury cases, damages awarded to the plaintiff for the loss of joy of living. For example, if a person's negligent act results in damage to another person's leg, the injured ...
Insurance in which most of the premium (generally 80 to 90%) is invested in traditional fixed income securities. The remainder of the premium is invested in call option contracts tied to a ...
Common exclusion in life and accidental death insurance (double indemnity) policies, indicating that coverage does not apply unless an insured is a passenger on a regularly scheduled ...
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
Have a question or comment?
We're here to help.