See: RESTRICTIVE COVENANTS.
Insurance Encyclopedia
Cover
An insurance contract. This term can also be used to describe the act of incorporating something in a contract of insurance, for example, a newly acquired vehicle. It can also mean to provide coverage to an insured person.
***
(01) Insurance contract. (02) To effect insurance, that is, to cover an insurance, for instance, for Household Insurance effective as of a given time (03) To include within the coverage a contract of insurance. For example, one could cover additional godowns under a Fire insurance contract.
Cover letter
Letter of introduction prepared to accompany a resume when seeking a job.
Cover Limit
The maximum amount for which the Reinsurer is liable to the Ceding Company in the event of a loss, in excess of the deductible.
Cover Note
A cover note is a document issued in advance pending the issue of the Policy, and is normally required if the Policy cannot for some reason or other be issued straightway. Cover notes can also be issued during the course of negotiations to provide cover on a provisional basis. A cover note is not a stamped document but is honored, all the same, by all parties concerned.
***
UK: a document issued as evidence of a contract of insurance, pending the issue of a policy.
***
UK: A document sometimes issued by insurers pending preparation of the policy. It may be issued as evidence of more permanent cover or it may be an acknowledgement of temporary cover pending the insurer’s final decision. See also BROKER’S COVER NOTE.
***
A note written by an agent notifying the insured that his or her coverage has taken effect. Comparable to a binder, but not issued by a company like a binder.
***
REINSURANCE: A written statement issued by an intermediary, broker or direct writer indicating that the coverage has been effected and summarizing the terms. See also Binder and Placement Slip.
***
Confirmation by the intermediary to the cedant of terms and conditions and percentage placed with each reinsurer. In effect, a cover note is a receipt for slips or binders received by the intermediary from underwriters on behalf of the cedant.
***
REINSURANCE: This is a statement in writing indicating that coverage is in place. In reinsurance this is also evidenced by the Slip.
Cover/Coverage
The insurance provided by the insurer for the insured or by the reinsurer for the reinsured.
Coverage
MEDICAL,USA: 1. Section in the insurance policy stating the medical conditions that may or may not be a benefit paid by the insurance company. 2. Benefits the patient receives from an insurance plan (e.g., medical services and procedures, medical supplies). It may include surgery or medical treatment of illnesses or injuries, emergency department care, and hospital services. 3. Under a Medicare Part D plan, the prescription drug costs that are paid by the insurance plan are the patient’s benefits, or coverage. Also called covered expenses or covered services. 4. Amount of insurance an individual has.
***
The extent of the insurance benefit supplied by the insurance contract.
***
US: The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
***
The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered. Individuals insured and the limits of indemnification. In life insurance, living and death benefits are listed.
***
US: Used synonymously with “”insurance”” or “”protection.””
***
Used synonymously with “insurance” or “protection.”
***
The extent of the insurance benefit supplied by the insurance contract.
***
US: The scope of protection provided under a contract of insurance; any of several risks covered by a policy.
***
The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered. Individuals insured and the limits of indemnification. In life insurance, living and death benefits are listed.
***
US: Used synonymously with “insurance” or “protection.”
***
Used synonymously with “insurance” or “protection.”
coverage analysis for laboratories (CAL)
Abbreviated process for making changes to the coding component of the negotiated laboratory National Coverage Determinations (NCDs). The process is used for adjusting the list of covered or noncovered diagnostic codes and coding guidance in the NCDs when there is a question regarding whether the code flows from the narrative indications in the NCD. A tracking sheet is posted after opening a CAL, and a 30-day public comment period follows. A decision memorandum that announces and explains the decision is posted after the comment period. Changes are adopted in the next available quarterly update of the laboratory edit module.
Coverage basis
Medicare+Choice plan charge schedule used to base the maximum dollar coverage or coinsurance level for a service category (e.g., a $500 annual coverage limit for a prescription drug benefit may be based on a Published Retailed Price schedule, or 20% coinsurance for durable medical equipment benefit may be based on a Medicare fee-for-service fee schedule).
Coverage category
Type of medical service in which insurance coverage is either fully covered, limited, restricted, or not provided in an insurance plan (e.g., dental or vision benefits).