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   Executive Benefits

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/Dental/Life/Disability/etc

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.: Individual 
   & Family Health

  
Indemnity/PPO/HSA/HMO/ 
    Short-Term/Network/Child

.: Long Term Care
.: Life Permanent & Term
   & Disability
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HOME CONTACT GET A QUOTE GLOSSARY  FAQ

 Glossary:
Terms A-F

All Terms      G-M     N-Z

Agent

A qualified representative of one or more insurance companies licensed to sell insurance.

Benefit
The amount an insurance company pays to a policyholder when a loss occurs.

Brand-Name Prescription Drug
Drugs developed, manufactured, and marketed with a brand name by a pharmaceutical company. Brand name drugs are typically more expensive that generic drugs.

Broker
An insurance salesperson that searches for quotes and plan options for individual clients.

BrokerOffice
BrokerOffice is Norvax`s online lead management system included with your quote engine. BrokerOffice lets you save hours of time searching through files, faxes and emails by managing all your leads from ONE online source.

Carrier
A company that provides insurance plans.

Case Management
A management system in which case managers monitor patients' health care, to improve quality, reduce cost, and ensure the patient receives appropriate care.

Claim
A request to an insurance company for payment of a service received.

COBRA (Consolidated Omnibus Budget Reconciliation Act)
Legislation allowing employees to keep their group health coverage temporarily after they leave the job.

Coinsurance
A portion of a single medical bill, expressed in a percentage, the insured is responsible for paying.

Copayment
A portion of a single medical bill, expressed in a dollar amount, the insured is responsible for paying.

Deductible
The yearly amount an insured must pay out-of-pocket before insurance coverage begins.

Dependents
Any person directly financially relying on insured. Usually includes spouse and unmarried children.

Effective Date
The date when insurance coverage begins.

Exclusions
Any medical or health care services not covered by an insurance plan.

Fee For Service (FFS) Plan
Also known as traditional 'indemnity' coverage, FFS plans reimburse policyholders for the care they receive, as long as it's covered, from any health care provider.

Flexible Spending Account (FSA)
A savings account in which income can be deposited tax-free for health care expenses. At the end of the year, any unused funds in an FSA are forfeited.

Formulary
The list of all covered prescription drugs.

 


Frequently Asked Questions :: Glossary of Common Terms

Phone 703 425 3688 :: Fax 703 425 3698 :: Toll Free 800 842 3747
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Virginia Insurance Associates, Inc. is licensed to sell Inurance in
Virginia (
VA), Maryland (MD), Washington DC, North Carolina (NC)
This website is designed to give you a basic overview of insurance and financial information.
VIA inc recommends you consult with a qualified tax advisor when making tax based decisions.