Medical Insurance

  • Individual
  • Family
  • Group
  • Travel
  • Teacher

  • Key Terms and Definitions

    There are number of different insurance-related terms found in policy wording that can be confusing for many. The following terms and definitions are here for your reference so that you may better understand the wording of your international health insurance policy.

    Acute Condition: Often a symptom of a chronic condition, an acute condition may appear and worsen quickly with the potential to become serious.

    Anniversary Date:Usually 1 year after the beginning of the policy, the anniversary date is the time at which the policy is up for renewal.

    Applicant: The person petitioning for coverage named in the insurance application documents.

    Application: The forms and documents submitted to the insurance company petitioning for insurance coverage.

    Claim: An appeal made by the policyholder to the insurance company seeking reimbursement for benefits provided in the insurance policy.

    Commencement date: The date when the insurance policy takes effect.

    Deductible: A fixed amount that the policyholder pays out-of-pocket for medical treatment before insurance plan benefits begin.

    Dependants: An individual, other than the policyholder, eligible to receive benefits under the policyholder's insurance policy; usually a spouse or children.

    Due date: The date when payment for the insurance policy must be made.

    Hospitalization: Medical treatment involving an overnight stay in hospital.

    Inpatient treatment: Medical treatment that requires an overnight stay in hospital.

    Insurance: The equitable transfer of risk from one party to another for a predetermined sum or premium.

    Insured: The individual named in the insurance plan entitled to compensation for medical expenses incurred.

    Outpatient: Treatment received at a medical facility that does not require admission to the facility for an overnight stay

    Policy conditions: The terms and stipulations of the insurance policy listed in the policy schedule.

    Policyholder: The person named in the insurance policy as the owner who maintains all legal rights to the policy.

    Policy schedule: Document containing all information regarding the insurance policy such as: benefits, premium, anniversary date, waiting periods, and any special conditions.

    Pre-existing conditions: Any condition that required treatment prior to the beginning of the policy.

    Reimbursement rates: Amount reimbursed by the insurance company to the policyholder as specified in the policy conditions.

    Region: Geographic area of cover indicated in the policy schedule.

    Renewal: The application for continued coverage by paying the premium due on the anniversary date.

    Serious injury: An injury to the policyholder that is found to be either debilitating or one requiring extensive rehabilitation.

    Special Terms: An unusual condition included in a policy specified in the policy schedule.

    Standard Terms: The normal conditions or limitations on an insurance policy.

    Subrogation: When an insurance company succeeds the policyholder's right to claim against a third party.

    Waiting period: A period of time specified in the policy conditions that must pass before certain coverage begins.

    For more information about the language of your policy, or to receive a free international health insurance quote, please contact us today.