Insurance Term Glossary
Account Manager: A designated point of contact who provides customer service for all aspects of insurance including customer inquiries, explaining policy coverages, processing forms, and serving as a liaison between the group and insurance carrier.
Accidental Death and Dismemberment (AD&D): This is a benefit that is paid out when a death or loss of a limb has occurred due to an accident.
ACA Employer Reporting: The Affordable Care Act requires employers to file certain information to the Internal Revenue Service (IRS) and in some cases, also provide copies to employees.
Affordable Care Act: The first part of the comprehensive health care reform law enacted on March 23, 2010 with the intent to improve health care costs and accessibility. Also known as “ACA, PPACA, and ObamaCare”. The law created a list of minimum essential coverage requirements for carriers to follow and prevented insurance companies from denying coverage due to pre-existing conditions.
Age Rates: When an insurance company determines their rates based off individual ages and their estimated health care utilization.
Allowable Charge: This is the maximum that an insurance carrier will reimburse a provider for services rendered.