Identification (ID) Card
Some companies issue these cards routinely; others, only when requested. The ID card advises the medical care facility that a patient is covered by insurance and usually described the plan or refers the hospital to a telephone number to call for information.
Incorporated Company -The extended liability protection is one of the main reasons that businesses choose incorporation. Theoretically, no member of the company can be held personally liable for the debts, obligations, or acts of the company. A shareholder is only liable for the unpaid portion of shares owned.
Incorporation may be done provincially, giving a company the right to operate under its corporate name in a particular province. Federal incorporation gives a company the right to operate under its corporate name throughout Canada.
Group people speak of two sorts of claims: paid and incurred. Paid claims afford specific known data since cashed checks or drafts have to come back to the carrier to match reimbursement payments. However, there are always some claims on which the carrier has no record because they have not been reported or because certain papers are missing.
Incurred But Not Reported Reserve (IBNR)
A portion of the group benefit plan premium that is set aside for claims that are incurred in one contract year but are not reported until the next contract year.
Claims that have been paid out plus an estimate of claims which have occurred but have not yet been reported to the insurance company.
Incurred Loss Ratio
The incurred loss ratios are calculated by dividing the billed premium by the incurred claims (paid claims + reserves).
A contract that pays a specific amount when certain conditions are met, rather than reimbursing for actual costs. Thus, life insurance, accidental death and dismemberment, and weekly indemnity are “indemnity” rather than reimbursement benefits. There are certain hospital plans that indemnity, that is, pay a specified amount per day, for each day a room-and-board charge is made.
Insurance Year of Birth
As in individual life insurance, an insured person's age changes six months following his or her last birthday. For this reason, date of birth rather than year of birth is required on group enrolment documents.
Beneficiary appointed cannot be changed except with the beneficiary’s consent.