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TriTech Services Insurance Tax

  • Tax Glossary



    TriTech Services, Inc. - Tax Glossary
     
           

     

    Malpractice insurance:

    Professional liability coverage for physicians, lawyers, and other specialists against lawsuits alleging negligence or errors and omissions that have harmed their clients.

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    Managed care:

    An arrangement between an employer or insurer and selected providers to provide comprehensive health care at a discount to members of the insured group and coordinate the financing and delivery of health care. Managed care uses medical protocols and procedures agreed on by the medical profession to be cost effective. These protocols are also known as medical practice guidelines.

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    Master policy:

    A policy issued to an employer or trustee establishing a group insurance plan for designated members of an eligible group.

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    Mediation:

    Legal procedure in which a third party or parties attempts to resolve a conflict between two other parties. Mediation can be binding or non-binding.

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    Medicaid:

    A federal and state public assistance program created in 1965 and administered by the states for people whose income and resources are insufficient to pay for health care.

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    Medical Loss Ratio:

    Total health benefits divided by total premium.

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    Medicare:

    Federal program for people sixty-five years of age or older that pays part of the costs associated with their health care such as hospital stays, surgery, home care and nursing care.

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    Member Month:

    Total number of health plan participants who are members for each month.

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    Mortality and expense charge:

    The fee for a guarantee that annuity payments will continue for life.

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    Mortality table:

    A statistical table showing the death rate at each age, usually expressed per thousand.

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    Mortgage Insurance Policy:

    In life and health insurance, a policy covering a mortgagor with benefits intended to pay off the balance due on a mortgage upon the insured's death, or to meet the payments due on a mortgage in case of the insured's death or disability.

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    Mutual Insurance Companies:

    Companies with no capital stock, and owned by policyholders. The earnings of the company--over and above the payments of the losses, operating expenses and reserves--are the property of the policyholders. There are two types of mutual insurance companies. A non-assessable mutual charges a fixed premium and the policyholders cannot be assessed further. Legal reserves and surplus are maintained to provide payment of all claims. Assessable mutuals are companies that charge an initial fixed premium and, if that isn't sufficient, might assess policyholders to meet losses in excess of the premiums that have been charged.

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    Mutual life insurance company:

    A life insurance company without stockholders whose management is directed by a board elected by the policyholders. Mutual companies generally issue participating insurance.

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