Agreement between a life insurance company and a policyholder by which the company keeps the cash sum payable under an insurance policy and makes payments in agreement with the settlement option selected.
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An agreement by the Company to retain the lump-sum payable under an Insurance Policy and to make payments in accordance with the settlement option chosen. In Marine Insurance the cover granted under the “Sue and Labor Clause” is deemed to be supplementary to the contract of insurance, so that the insured may recover his expenses under the clause even though the insured may have paid a total loss under the main contract. Other cover, such as that given by the Collision clause, is also considered as a supplementary contract.

Additional agreement in which the payment period is based on the lifetime of the beneficiary.

Additional agreement in which proceeds of a life insurance policy are either held at interest or paid periodically over a specific time period.

Medicare program that pays for a portion of the costs of physicians’ services, outpatient hospital services, and other related medical and health services for voluntarily insured aged and disabled individuals. Also known as Medicare Part B —medical benefits of Medicare program.

In Medicare, the monthly premium paid by those individuals who have enrolled in the voluntary SMI program. Also called SMI premium .

Written announcement required by the Fair Credit Reporting Act sent to a consumer about the scope of investigation stated in a prenotice form that an insurance company has previously sent to the consumer.

Under the National Association of Insurance Commissioners Model Privacy Act, written notice to correct erroneous information made by an individual who has been investigated. This statement is kept in the person’s file and is available to anyone reviewing the disputed information.

1. Institution, company, individual, or agency that furnishes a medical item or service such as a wheelchair or walker. 2. In Medicare, suppliers are distinguished from providers including hospitals and skilled nursing facilities. Institutions classified as providers are reimbursed by fiscal intermediaries and suppliers including physicians, durable medical equipment companies, medical-surgical supplies, nonhospital laboratories, and ambulance companies are paid by insurance carriers.

Three or more individuals who share a common bond and come together on a regular basis to share problems and experiences. These groups may be sponsored by social service agencies, senior centers, religious organizations, hospital facilities, and charitable nonprofit organizations.