GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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62% - Often

Third-party Administrator


Synonyms:claims administrator, insurance claims agent
Acronyms &
abbreviations:
TPA
Filed Under: financial-banking, insurance
Tags: insurance
 

Definition of third-party administrator (TPA)

third-party administrator (TPA)
1. An insurance claims administrator that processes insurance claims, and some aspects of employee benefit plans, for another entity. Because most insurance companies administrate their own claims, using a third-party administrator (TPA) is often viewed as "outsourcing."

Related Terms and Acronyms:

  • broker-agent   An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
  • claims adjuster   An individual who ascertains the insurer's liability after an insurance claim has been made.
  • direct writer   An individual who writes insurance policies directly for an insurer.

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