Accident And Sickness Insurance Act

AAA

DEFINITION of 'Accident And Sickness Insurance Act'

This is a Canadian government statute that defines the acceptable terms and conditions of health insurance coverage and sets out guidelines to which these policies must conform. It is now known as the Uniform Accident and Sickness Insurance Act, which is the model law adopted by the Canadian Council of Insurance Regulators (CCIR). The model legislation has been enacted, with minor variations, by all Canadian provinces.

INVESTOPEDIA EXPLAINS 'Accident And Sickness Insurance Act'

In Canada's extremely competitive life and health insurance market, the enactment of national laws and the ability to establish uniform standards agreed-to by all the provincial governments was a feat of great magnitude. It serves as a model for other nations with decentralized standards and licensing requirements.

RELATED TERMS
  1. Concealment

    As it relates to insurance, the act of purposefully not reporting ...
  2. Health Insurance Portability And ...

    An act created by the U.S Congress in 1996 that amends both the ...
  3. Accident And Health Benefits

    Fringe benefits provided to employees for sickness, accidental ...
  4. Health Insurance

    A type of insurance coverage that pays for medical and surgical ...
  5. Conventional Subrogation

    The relationship between the insured and insurer as defined in ...
  6. Advisory Endorsement

    Adjustments to the provisions used to create an insurance policy, ...
Related Articles
  1. Insurance

    Buying Private Health Insurance

    Getting your own policy isn't easy or cheap but in some cases, it's well worth the effort.
  2. Options & Futures

    The Disability Insurance Policy: Now In English

    Learn to translate this complicated policy so you can rest assured you're covered.
  3. Insurance

    Find Secure And Affordable Post-Work Health Insurance

    Learn how you can avoid financial catastrophe - without Medicare.
  4. Options & Futures

    20 Ways To Save On Medical Bills

    Handy tips to cut the cost of hospital bills, co-pays, prescription drugs and more.
  5. Options & Futures

    How To Choose A Healthcare Plan

    HMOs? PPOs? CDHPs? We'll clear up the confusion so you can find the right coverage.
  6. Insurance

    Avoid The No-Health-Insurance Penalty By Feb 15

    If you don't have health insurance, act NOW or you could owe penalties on your 2015 taxes, in addition to this year's.
  7. Insurance

    Rating Assurant Prepaid Vs. Delta PPO dental plans

    As more consumers – and dentists – join insurance plans, here’s help in choosing benefits that are right for you.
  8. Professionals

    What are some examples of common fringe benefits?

    Learn how offering fringe benefits can be a strategic recruitment and retention tool for employers and drastically increase total compensation for employees.
  9. Professionals

    What's the average salary of an actuary?

    Get insight into the intriguing career of risk analysis and forecasting. How much do actuaries make, and how is this field expected to fare in the coming years?
  10. Insurance

    How to Use a Waiver of Subrogation

    A waiver of subrogation means that a party to a contract waives the right to allow someone (usually an insurance company) to sue the other party to the contract in case of a loss.

You May Also Like

Hot Definitions
  1. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  2. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  3. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  4. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
  5. Key Performance Indicators - KPI

    A set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their ...
  6. Bank Guarantee

    A guarantee from a lending institution ensuring that the liabilities of a debtor will be met. In other words, if the debtor ...
Trading Center