- Actuary. A specialist in the mathematics of insurance who
calculates rates, reserves, dividends and other statistics.
(Americanism: In most other countries the individual is known as
“mathematician.”) - Benefit Period. In health insurance, the
number of days for which benefits are paid to the named insured
and his or her dependents. For example, the number of days that
benefits are calculated for a calendar year consist of the days
beginning on Jan. 1 and ending on Dec. 31 of each year. - COBRA
benefits. COBRA stands for “Consolidated Omnibus Budget
Reconciliation Act of 1985,” which requires companies with 20 or
more employees to offer separating employees the option to
continue their group health-care coverage at their own expense.
- Copayment. A provision in insurance policies that requires the
insured to pay a flat fee for certain medical expenses. -
Defined network plan. Any health benefit plan that requires or
creates incentives for an enrollee to use providers that are
owned, managed, or under contra