Underinsured


Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

Underinsured

A person or company with insufficient insurance to pay for a negative event. For example, if one's health insurance has a maximum benefit of $1 million and one contracts a chronic disease whose treatment costs $2 million over several years, one may be said to be underinsured.
References in periodicals archive ?
Still, the simplest, most cost-effective option to protect you and your family is to already have sufficient uninsured and underinsured motorist coverage.
The bulletin states that many insureds are telling the department that they didn't know they were underinsured, and others stated that they didn't know what it means to be underinsured.
The Limits of Liability stated in the Declarations for Underinsured Motorist Coverage are for reference purposes only.
The analysts classified participants as underinsured if the participants had major medical coverage throughout the year but had deductibles exceeding 5 percent of income; had plan out-of-pocket medical expenses exceeding 10 percent of income; or had an income under 200 percent of the federal poverty level and out-of-pocket expenses exceeding 5 percent of income.
''Chronically ill people are likely to be underinsured and face extremely high out-of-pocket costs,'' said Caroline Pearson, who tracks the health care overhaul for Avalere Health, a market research and consulting firm.
Many uninsured and underinsured adults also faced significant medical debt or had trouble affording health care visits and prescriptions, according to the report.
China alone was found to be underinsured by $79.6 billion, making it the most underinsured country in monetary terms.
In August 2005, Gay was involved in an accident with an underinsured motorist while Gay was driving a vehicle owned by his company, Frank Gay Plumbing, which maintained a policy with the Association for uninsured motorist coverage.
Hursh said despite the laws in the books, about 40% of all motorists on Texas roads drive without the required coverage and not protecting yourself and family with uninsured and underinsured motorist coverage is like playing Russian roulette.
This follows latest research by the RICS Building Cost Information Service, which found that 80% of commercial properties are underinsured.
Hope III, an underinsured driver with a Nationwide Mutual Insurance Co.