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Insurance

Consideration

This is typically done to protect individuals and businesses from financial loss due to unforeseen events. An insurance contract entails a fixed premium and a mutual understanding of the terms and conditions that ensue. The purpose behind this arrangement is to safeguard individuals and organizations against potential economic setbacks caused by unexpected circumstances.

Precertification

Prior authorization is a crucial cost-containment strategy in which non-emergency medical services must be approved before treatment can be provided. This helps control healt...

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Noncancellable

A non-cancelable policy is a type of insurance that cannot be terminated by the insurer until a specific age is reached. In other words, the policy remains in force as long ...

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Accidental death benefit

A beneficiary can receive an additional benefit if the insured passes away due to an accident through an endorsement. This is a form of insurance that provides an extra laye...

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Blanket coverage

When discussing insurance, it is important to understand the concept of a "blanket policy". This refers to coverage for multiple items of property at one location, or for tw...

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