Policies which provide protection to the policyholder and his family (as distinguished from group and blanket insurance). Sometimes called “personal” insurance.
Tag: RAW
Individual life insurance (Life Insurance)
A kind of life insurance policy where a single contract covers a single insured.
Individual market
Individual and his or her dependents who do not have group health insurance and may be insured under an individual plan.
Individual medical plan
See: individual health plan .
Individual member
A member of the Society who is an individual (as opposed to a corporate member).
Individual membership
Single type of membership in a managed care plan or insurance program in which one person is insured. Other types are family membership and group membership.
Individual pension account (IPA)
Personal pension scheme where the individual holds money in an individual pension account. The money is invested in a selection of investments, including shared funds such as unit trusts This makes it possible to invest in stocks and shares and spread risks. Movement in share prices can be tracked daily in the financial press in order to monitor the value of the pension fund. It is relatively simple to transfer pensions savings from one scheme to another.
Individual policy
Health insurance policy purchased by an individual or family.
Individual policy pension trust
Type of retirement plan used for small groups and administered by trustees who are authorized to buy individual level premium policies or annuity contracts for each member of the plan. Usually the policies offer life insurance and retirement benefits.
individual practice association (IPA)
See: independent practice association (IPA) .