A risk that cannot be insured, either because the probability of a loss is too high, or because it cannot be measured actuarially.

A total lack of financial preparation for potential losses.

A policy written without the insured submitting to a medical examination. The insured’s statement of health is deemed sufficient.

This term signifies an auto that is neither owned, hired, nor borrowed by the insured under a commercial auto policy. Employees’ cars used in company business are commonly classified this way. In a personal auto policy under the physical damage section, a nonowned auto is a private passenger auto, pickup, van or trailer not owned by or furnished or available for the regular use of the insured or family members, or any auto or trailer used as a temporary substitute for the covered auto that is out of use due to breakdown, repair, servicing, loss or destruction.

A vehicle that has been rented, leased, or borrowed and is used for business purposes

A type of policy that does not pay dividends to the policy holder because the contract does not require them to be.

A provider who is not authorized to participate in Medicare. This term can also refer to a provider who is not yet contracted with a health plan.

A type of coverage wherein reimbursement is provided for medical services performed by nonparticipating medical providers.

Insurers that are established according to state laws with the purpose of supplying medical expense reimbursement coverage.

An employee benefit plan that does not need to be filed with the IRS and does not offer a tax deduction in exchange for contributions. Under this type of plan, the employer may discriminate with regard to who can receive coverage, and certain employees can be allocated more benefits than others.