Medical Insurance Definition

medical insurance definition: insurance for the cost of medical treatment if you are ill or injured, often paid for by companies…. Learn more. Cambridge Dictionary +Plus. Health insurance definition is - insurance against loss through illness of the insured; especially : insurance providing compensation for medical expenses.. Medical insurance definition: a type of insurance intended to cover possible future medical expenses | Meaning, pronunciation, translations and examples Log In Dictionary. insurance Vox populi A contractual relationship when one party–an insurance company or underwriter, in consideration of a fixed sum–a premium, agrees to pay on behalf another–an insured, or policyholder for covered losses, up to the limits purchased, caused by designated contingencies listed in the policy.. Claim—a request by a plan member, or a plan member's health care provider, for the insurance company to pay for medical services. Coinsurance—the amount you pay to share the cost of covered services after your deductible has been paid. The coinsurance rate is usually a percentage.. insurance Vox populi A contractual relationship when one party–an insurance company or underwriter, in consideration of a fixed sum–a premium, agrees to pay on behalf another–an insured, or policyholder for covered losses, up to the limits purchased, caused by designated contingencies listed in the policy..

An insurance policy that provides coverage when the policyholder (or his/her dependent) becomes ill. For example, a health insurance policy may pay for most or all of the costs of a surgery. Health insurance may cover doctor's visits, medical procedures, prescription drugs, and so forth.. Good health insurance coverage can mean that a company covers expensive medical treatments. However, with such a range of types of coverage, as well as the complicated nature of the insurance ....

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.A person or entity who buys insurance is known as an insured or as a policyholder.. Group medical insurance. 6. Employer is the policy holder and pays for the premium of the medical insurance. As the medical insurance is provided in lieu of medical reimbursement to employees, insurance payout by the insurance company will be used to reimburse the employee's medical cost..