1. Statement in an insurance contract that the maximum amount an insurance company agrees to pay in case of loss. 2. In the Medicare program, agreement given to the patient to read and sign before rendering a service if the participating physician thinks that it may be denied for payment because of medical necessity or legal responsibility. The patient agrees to pay for the service; also known as Advance Beneficiary Notice (ABN), waiver of liability, or responsibility statement .

Type of medical insurance policy that covers only medical expenses caused by a specific disease that is named in the policy. Also called dread disease policy .

Hybrid form of business that combines the elements of partnerships and corporations. The owners are called members and receive protection from individual liability for company debts. For tax purposes, it is considered a partnership. Gains and losses are claimed by members on their own income tax returns.

Kind of state license in which the type and number of services are less than for a full license to practice medicine. It is often limited to certain services within a specialty.

Professional individual state licensed to provide specific health care services in private practice dependent on his or her specific scope of training such as chiropractors, dentists, optometrists, podiatrists, psychologists, and social workers. Also called limited practitioner .

Type of whole life insurance that may specify the number of years that premium payments are payable or the specific age when premiums are no longer paid. The policy may also state that premiums are payable until death if death occurs before the end of the specified period. Also referred to as limited payment life insurance .

Insurance contract that gives coverage only to specific accidents or illnesses.
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A Policy providing Insurance against specified types of accidents or restricted in indemnity payments as contrasted with full coverage policies.

Maximum amount a nonparticipating physician may legally charge a Medicare patient for services billed on nonassigned insurance claims. In the original Medicare plan, it is usually the highest amount of money a beneficiary can be charged for a covered service by doctors and other health care suppliers who do not accept assignment. The limiting charge is 15% over Medicare’s approved amount. The limiting charge only applies to certain services and does not apply to supplies or equipment. This was previously called a maximum allowable actual charge (MAAC) . Also referred to as billing limit or limiting fee charge .