#1
What is the primary function of insurance authorization?
To approve medical procedures or services
ExplanationApproval for medical procedures.
#2
Which document outlines the terms and conditions of an insurance policy?
Policy contract
ExplanationDocument detailing policy terms.
#3
What does the term 'co-pay' mean in insurance?
A fixed amount the insured must pay for a covered service
ExplanationFixed payment by insured.
#4
What is the purpose of an Explanation of Benefits (EOB) in insurance?
To provide a summary of medical services and their costs
ExplanationSummary of medical costs.
#5
What does the term 'underwriting' mean in the context of insurance?
Assessing and evaluating risks before issuing a policy
ExplanationRisk assessment for policy issuance.
#6
What is a pre-authorization in the context of insurance?
Approval obtained before seeking medical treatment
ExplanationAdvance approval for treatment.
#7
What information is typically included in an insurance authorization document?
Authorization period and approved services
ExplanationDetails of authorized services.
#8
What is 'coinsurance' in insurance terminology?
A percentage of covered expenses shared by the insured and the insurer
ExplanationShared expense percentage.
#9
What is the purpose of a certificate of insurance?
To verify the coverage and limits of an insurance policy
ExplanationVerification of policy coverage.
#10
What is the purpose of a loss ratio in insurance?
To determine the profitability of an insurance policy
ExplanationPolicy profitability assessment.
#11
In insurance, what is subrogation?
Transferring the right of recovery to the insurer
ExplanationTransfer of recovery rights.
#12
What is the difference between 'deductible' and 'copayment' in insurance?
Copayment is paid upfront, while deductible is paid after a claim
ExplanationTiming of payment.
#13
What is the role of an insurance broker?
Selling insurance policies to individuals and businesses
ExplanationSale of insurance policies.
#14
What is the purpose of 'umbrella insurance'?
To offer additional liability coverage beyond the limits of other policies
ExplanationAdditional liability coverage.
#15
What is the purpose of 'catastrophic insurance'?
To cover the costs of catastrophic events that result in significant financial loss
ExplanationCoverage for significant financial loss events.