Worker's Compensation Insurance

27 Glossary Agent A licensed individual or organization authorized to sell and service insurance policies for an insurance company. Agreed Medical Evaluator (AME) A physician who may be selected by the parties, when an injured worker is represented by an attorney, to assess any disputed medical-legal issues. Binder A short-term agreement that provides temporary insurance coverage until the policy can be issued or delivered. Broker A licensed individual or organization who sells and services insurance policies on behalf of the insured employer. Broker-agent A licensed individual who can act as an agent representing one or more insurers, and also as a broker dealing with one or more insurers representing the insured employer’s interests. Cancellation The termination of an in-force insurance contract by either the insured or the insurer before its normal expiration date. Claim Notice to an insurance company that a loss has occurred that may be covered under the terms and conditions of the policy. Claims Adjuster The person who evaluates the damage caused by a covered loss and determines the amount to be paid under the policy terms.