GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Stop Loss Insurance


Synonyms:aggregate stop-loss insurance, medical stop-loss, stop-loss policy
Filed Under: insurance
Tags: insurance
 

Definition of stop loss insurance

stop loss insurance
1. An insurance policy that places an upper limit on the amount of coverage the insurer is willing to provide for insurance claims. Stop loss insurance policies typically have low premiums at the expense of high deductibles, therefore the onus for liability on claims under the deducible falls to the employer.

Related Terms and Acronyms:

  • aggregate limit of liability   A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.
  • co-insurance   Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
  • deductible   A payment that a policyholder must make before an insurer is required to provide benefits.
  • exclusions   Situations, as listed in an insurance policy, where insurance companies are allowed to deny coverage to policyholders.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • health maintenance organization (HMO)   A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
  • high deductible health plan (HDHP)   Health plans with high deductibles and low premiums.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • private health services plan (PHSP)   A method for businesses to provide health benefits for their employees that is both tax deductible for the business and non taxable for the employee.
      ➥  Provides tax-deductible health and dental benefits in Canada.
  • without evidence of insurability   Applying for insurance coverage without the insurer requiring the individual to take a medical examination.

More Related Terms and Acronyms

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