Glossary of Insurance Terms
- Approved amount or charge
Also called the allowable, eligible, or accepted charge, this is the maximum fee set by Medicare that it will approve for a particular service or procedure, of which Medicare will reimburse 80%.
- Appurtenant structures
Buildings on the same premises as the main building insured under a property insurance policy. A detached garage, a tool shed or a gazebo would be called an appurtenant structure.
- Arbitration clause
Clause of a policy that provides that if a policyholder and the company cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers select a neutral umpire. When at least two of the three, appraisers and umpire, agree on the settlement amount, it is binding on both the insured and the insurer.
- Assisted living facility
A facility certified or registered by the Wisconsin Department of Health and Family Services (DHFS). These facilities exist to bridge the gap between independent living and nursing homes and provide a variety of services depending on the needs of the residents.
- Attained age
This means that as you age, your premiums will change to meet your age range and your premiums will become higher.
- Auto insurance
A type of insurance that protects the policyholder against losses involving automobiles. Different coverages can be purchased depending on the needs and wants of the insured.