The amount for which an insurance company will settle a claim—not because it is a valid claim but because the company considers it worth that amount to dispose of it.
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An amount the insurer pays to settle a claim because they are ready to be done with it, not because the claim is valid.

The act of declaring an insurance contract invalid from its inception so that, from a legal standpoint, the insurance contract never existed.

A way of establishing the rate that will be charged for a substandard insured. The standard risk is a 100. Injuries or other impairments are each given a value to be added to 100. The resulting total indicates which table will be used to determine the policy rate.

A system of rating whereby the acceptability of a proposed insurance is judged and rated on a combination of factors to each of which a numerical weight is assigned.

A provision in a mediclaim policy calling for reimbursement for the fees of nurses other than those employed by the hospital.

A clause that allows for the reimbursement of amounts paid to nurses who are not employed by a hospital.

A licensed facility which provides general nursing care to those who are chronically ill or unable to take care of necessary daily living needs. May also be referred to as a Long Term Care facility.

Also called a long-term nursing facility. A licensed center that provides care to those unable to care for themselves or who have a chronic illness.