Expression of the extent of coverage in a lump sum, whereby the entire amount expressed in the policy is available either per person or per accident regardless of whether the claim is for Bodily Injury or Property Damage or both.
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Third Party Administrator (TPA)
A firm which provides administrative services for employers and other associations having group insurance policies. The TPA, in addition to being the liaison between the employer and the insurer, is also involved with certifying eligibility, preparing reports required by the government and processing claims. TPA’s are being used more and more with the increase in employer self-funded plans.