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Covered lives refers to the total number of people insured under a policy, including employees, individuals, and their dependents. If you’ve ever looked at an insurance report or heard someone …
What Are Covered Lives? – Simple and Easy Explanation Read More
A corrective order is an official instruction from an insurance regulator telling an insurer what must be fixed—and by when. If you’ve ever wondered how insurance companies are kept in …
What Is a Corrective Order? – Simple and Easy Explanation Read More
A copay is a fixed amount you pay for medical services, while your insurance covers the rest. If you’ve ever picked up a prescription or gone to the doctor and …
What Is a Copay? – Simple and Easy Explanation Read More
Coordination of Benefits (COB) explains how two insurance plans work together so claims are paid fairly, without overpaying or confusion. If you’ve ever had more than one health insurance plan—maybe …
What Is Coordination of Benefits (COB)? – Simple and Easy Explanation Read More
A convertible term insurance policy lets you switch from term life to permanent life insurance later—without another medical exam. Life insurance can feel confusing, especially when you’re trying to plan …
What Is a Convertible Term Insurance Policy? – Simple and Easy Explanation Read More
Contractual liability helps protect you when you agree to take on someone else’s legal responsibility under a contract. When people think about insurance, they usually picture accidents, damage, or unexpected …
What Is Contractual Liability? – Simple and Easy Explanation Read More
Extra funds insurers set aside when future policy benefits are expected to be higher than future premiums. When you buy an insurance policy, you probably assume the premiums you pay …
What Are Contract Reserves? – Simple and Easy Explanation Read More
Senior living communities that combine housing with access to ongoing medical and skilled nursing care as needs change. As people plan for retirement, one big question often comes up: What …
What Are Continuing Care Retirement Communities? – Simple and Easy Explanation Read More
A rule that protects patients by making sure their medical care continues for a set time if their health insurance company goes bankrupt. Most people assume their health insurance will …
What Is a Continuation of Care Requirement? – Simple and Easy Explanation Read More
When you can still be held responsible for injuries or damage caused by an independent contractor you hired. Hiring an independent contractor often feels like a safe way to avoid …
What Is Contingent Liability? – Simple and Easy Explanation Read More