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GLOSSARY
Indemnity - in general, reimbursement or loss, but also more specifically a benefit provided by a policy; in health insurance the term is sometimes used to designate an amount paid regardless of actual loss or expense incurred.
Independent Practice Association (IPA) - a group of physicians with separate offices who form an organization to contract, manage and share financial responsibilities for providing healthcare services to health plan members.
Individual Insurance - health insurance policies sold directly to the consumer; sometimes called personal or non-group insurance, as distinct from group or blanket insurance.
Insurability - the ability of an individual to meet an insurance company's underwriting requirements.
Insurable interest - proven by love and affection, economic or financial loss. In Life and Health insurance, it is required at the time of application.
Insurance - protection by written contract against the financial hazards (in whole or in a part) of specified future events.
Insured - The person who is covered by a life or health insurance policy.
Issue age - the individual's age at nearest birthday. (Used by some insurers for rating purposes.)
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