Caribbean Insurers

Insurance Glossary of Terms

A, C, D

A

Ancillary Services
Services, other than those provided by your physician or hospital, that are related to your care, like lab work, x-rays and anesthesia.

C

Calendar Year
The period beginning January 1 of any year through December 31 of the same year.

Claim
Information a doctor, hospital or you submit to us to request payment for medical services provided.

Coinsurance
Coinsurance is the percentage of covered expense you are responsible for after you meet your deductible.

Contract
The agreement, including the policyholder’s application, riders and or/endorsements if any, between the Company and the Policyholder.

Co-payment
The specific amount that you pay for a specific service, such as $25 for an office visit. You are usually responsible for payment at the time of service.

Covered Person
An individual who meets eligibility requirements and for whom premium payments are paid for specific benefits in the health insurance contract.

D

Deductible
The amount you pay each policy/calendar year before insurance benefits are provided for covered medical expenses.

Dependent
A covered person who relies on another person for support or obtains health coverage through a spouse, parent who is the covered person under a plan.