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When you have a policy in place and you have a need to make a change in the policy before the designated time period for making changes, the change or adjustment to the information or terms related to the policy would be made as a "mid-term adjustment". It may or may not make a difference in the amount of the premiums, etc., and some changes can not be made mid-term by the terms of the policy.
Using a property/casualty policy that insures a motorized vehicle, as an example, some insurance companies might allow you to make some of the following changes as a mid-term adjustment:
- Sale of the vehicle
- Purchase of a replacement vehicle
- Adding vehicle(s) to the policy
- Adding coverage for family member(s)
- You want to extend the cover from leisure use to leisure and competition use
- Change of Address of the vehicle
- Change the renewal date
- Extend or increase policy coverage terms
- Change of the renewal date
- Other changes that impact the risk to the insurer
What else can I help you with?
What does the insurance term 'adjustment' mean?
The word "adjustment" when used in the context of insurance means:The monetary amount an insurance "adjuster" has determined is the appropriate payment to be made to an insured person for a claim that is covered under the insurance policy.
What does DR mean in banking terminology?
Debit the receiver
What does Adjustment reversal from Chase bank mean?
It means that Chase reversed an adjustment that they previous debited or credited to your account.
What does pro mean on your bank passbook?
In a bank passbook, "pro" typically stands for "provisional." It indicates that the entry is temporary and may be subject to verification or adjustment. This could apply to transactions that are pending or not yet fully processed. Always check with your bank for specific meanings as terminology can vary.
What does FAF charge mean?
FAF = Fuel Adjustment Factor
What does the insurance term 'adjustment' mean?
The word "adjustment" when used in the context of insurance means:The monetary amount an insurance "adjuster" has determined is the appropriate payment to be made to an insured person for a claim that is covered under the insurance policy.
What does 'a medical deductible' mean?
That is insurance terminology. It is a portion of a covered claim that the insurance company will not pay and that you have to pay to the doctor or hospital yourself.
What does ALAE mean on a Professional Liability Insurance Loss Run?
Allocated Loss Adjustment Expense
What does the medical terminology cyto mean?
It is the suffix for Cell in medical terminology.
What does commercial adjustment mean on a medical bill?
A commercial adjustment on a medical bill refers to the reduction in the billed amount that a healthcare provider accepts as payment based on the contractual agreement with an insurance company. This adjustment reflects the difference between the provider's standard charges and the negotiated rates established with the insurer. It helps ensure that patients are only responsible for the amount that their insurance does not cover, often including co-pays and deductibles.
What does the word terminology mean?
Terminology is some group of terms or words that are used in discussing some specific subject. Chemistry has its own terminology.
What does 'one' mean in medical terminology?
"One" has the same meaning in medical terminology and in lay language.
What exactly does a Major Medical Adjustment mean?
A Major Medical Adjustment refers to a significant change in a health insurance plan, often involving alterations in coverage, premiums, or deductible amounts. This adjustment can occur due to various factors such as changes in healthcare regulations, shifts in the insurer's policy, or a significant life event affecting the insured individual's health needs. It aims to better align the insurance coverage with the insured's current medical requirements and financial situation.
What does stoma mean in medical terminology?
an opening.
What does proteo medical terminology mean?
Protein
What does the medical terminology lei mean?
smooth
What does the medical terminology combining form -crine mean?
The medical terminology combining form -crine means secretion
