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Glossary

Insurance – is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.

Insured – a person or organization covered by insurance.

Lawsuit – a claim or dispute brought to a law court for adjudication. Lawsuit is a civil action brought in a court of law in which a plaintiff, a party who claims to have incurred loss as a result of a defendant’s actions, demands a legal or equitable remedy.

Liability insurance – insurance that provides protection from claims arising from injuries or damage to other people or property.

Malpractice – act of causing damage or injury to a person or persons as a result of negligently performing a professional duty or intentional wrongdoing. Doctors, surgeons, nurses, and most other medical professionals are sometimes required to purchase malpractice insurance, also called personal liability insurance, before becoming employed by a facility or opening a private practice.

Malpractice insurance – insurance covering accidents or catastrophes that may occur during the performance of professional duties. Malpractice insurance, including surgeon malpractice insurance,  is designed primarily to provide medical professionals protection from lawsuits, though there are other personal coverages provided with most policies.

Medical insurance is defined as insurance that covers the loss resulting from an illness or an injury. Medical insurance is usually provided through an employer or has to be bought individually. The common elements of medical insurance include coverage for medicine, doctor visits, hospital stays, surgery and other medical expenses.

Medical malpractice insurance – insurance which covers doctors and other professionals in the medical field for liability claims arising from their treatment of patients.

OB/GYN – obstetrics and gynecology are the two surgical–medical specialties dealing with the female reproductive organs in their pregnant and non-pregnant state, respectively, and as such are often combined to form a single medical specialty and postgraduate training programme.

Physician assistants (PAs) – practice medicine under the supervision of physicians and surgeons. They should not be confused with medical assistants, who perform routine clinical and clerical tasks. PAs are formally trained to provide diagnostic, therapeutic, and preventive healthcare services, as delegated by a physician. Working as members of a healthcare team, they take medical histories, examine and treat patients, order and interpret laboratory tests and x rays, and make diagnoses. They also treat minor injuries by suturing, splinting, and casting. PAs record progress notes, instruct and counsel patients, and order or carry out therapy. Physician assistants also may prescribe certain medications. In some establishments, a PA is responsible for managerial duties, such as ordering medical supplies or equipment and supervising medical technicians and assistants.

Professional liability insurance – protects professional practitioners against potential claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession.

Workers Comp Insurance – covers any injuries, death, or work-related sickness of your employees.  As an employer, you are liable for anything that happens at your workplace, even if the employee is at fault.

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