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GLOSSARY
Age Limits - specifically stated minimum and maximum ages below and above which an insurance company will not accept applications or renew policies.
Allowable Amounts - the amounts that providers agree to accept as payment-in-full for PPO plan covered services, often lower than their normal billing charges. After meeting any applicable plan deductible, PPO members pay a low percentage of the Allowable Amount when using preferred providers. They, usually pay 50% of the Allowable Amount when using non-preferred providers, plus "balance billing".
Annual statement - a detailed financial report that an insurance company must submit every year to the insurance department of the state(s) in which it conducts business.
Applicant - the party making application for, or offering themselves or another to be insured under an insurance contract.
Application - a document that provides information for underwriting purposes. After the policy is issued, any unanswered question is considered waived by the insurer.
Attained age - the age an insured has reached on a certain date.
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