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Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". Background A health i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GMHBA Limited
GMHBA Limited is a not-for-profit, mutual Australian private health insurance and care company founded in 1934, based in Geelong, Victoria, Australia. GMHBA also operates eye care and dental care practices along with GP clinics. History GMHBA has roots in the Cement Workers Hospital Benefits Scheme, established in 1927 by workers at the cement works at Fyansford, on the outskirts of Geelong. By 1928 a number of similar schemes had been started for employees of other local industrial organisations. An open health fund was officially launched and opened to the public by the mayor of Geelong on 13 August 1934. The name Geelong Medical and Hospital Benefits Association (GMHBA) was adopted in 1958. In October 2009 GMHBA launched a second brand called Frank Health Insurance, which was developed to provide a simple private health insurance offering at low cost. NIB takeover bid In October 2010 Newcastle, New South Wales based health fund NIB made a $140 million takeover offer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-profit Organization
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners. A nonprofit is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. An array of organizations are nonprofit, including some political organizations, schools, business associations, churches, social clubs, and consumer cooperatives. Nonprofit entities may seek approval from governments to be tax-exempt, and some may also qualify to receive tax-deductible contributions, but an entity may incorporate as a nonprofit entity without securing tax-exempt status. Key aspects of nonprofits are accountability, trustworthiness, honesty, and openness to eve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Unity
Australian Unity is an Australian mutual company having its origins in the friendly societies movement. It was formed as the Manchester Unity Independent Order of Oddfellows (MUIOOF) in Melbourne, Victoria, on 7 December 1840 by eight men including Thomas Strode, publisher of the Port Phillip Gazette and Augustus Greeves, inspired by Independent Order of Oddfellows Manchester Unity. In 1993, Manchester Unity merged with the Australian Natives' Association to form Australian Unity. Later mergers occurred with Grand United Friendly Society in 2005, Lifeplan Australia Friendly Society in 2009, and Big Sky Credit Union in 2012. Australian Unity has about 8,500 employees across healthcare, insurance and banking (in the guise of Big Sky Credit Union) divisions. In 2012, Big Sky was merged with Australian Unity to become the banking arm of Australian Unity. Ownership of Big Sky Credit Union Limited was transferred to Australian Unity Limited's subsidiary Lifeplan Australia Building S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Insurance
A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, a stock insurance company is owned by investors who have purchased company stock; any profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders. History The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire. The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. Mutual property/casualty insurance companies exist now in nearly every country around the globe. The global trade association for the industry, the International Cooperative and Mutual Ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nib Health Funds
nib Group (nib, formerly Newcastle Industrial Benefits) is an Australian health care fund. It was established in the NSW Hunter Region in 1952 to provide health insurance for workers at the BHP Steelworks, and has since grown into a national and international operation. As of 2017, nib held an 8.3% share of the Australian private health cover market. History nib was established in the NSW Hunter Region in 1952 to provide health insurance for workers at the BHP Steelworks. In 1995, nib was involved in a landmark court case after they rejected family health cover to a homosexual couple. While most health insurers at the time were choosing to recognise same-sex relationships, there had been no official ruling on the matter. The subsequent court case, Hope & Brown vs NIB, found that nib had violated the Anti-Discrimination Act 1977, setting a legal precedent that redefined 'family' to include same-sex couples and their children for the purposes of health insurance. nib appealed t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bupa
Bupa , legally British United Provident Association Limited, is an international health insurance and healthcare group with over 38 million customers worldwide. Bupa's origins and global headquarters are in the United Kingdom. Its main countries of operation are: Australia, Spain, the United Kingdom, Chile, Poland, New Zealand, Hong Kong, Turkey, Brazil, Ireland, Mexico and the United States. It also has a presence across Latin America, the Middle East and Asia, including joint ventures in Saudi Arabia and India.Full Year Results Presentation 2021 Bupa is a private . It has no shareholders and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Stock Exchange
Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as, The Sydney Stock Exchange, a separate entity). The ASX was formed on 1 April 1987, through incorporation under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges, and merged with the Sydney Futures Exchange in 2006. Today, ASX has an average daily turnover of A$4.685 billion and a market capitalisation of around A$1.6 trillion, making it one of the world's top 20 listed exchange groups. ASX Clear is the clearing house for all shares, structured products, warrants and ASX Equity Derivatives. Overview ASX Group is a market operator, clearing house and payments system facilitator. It also oversees compliance with its operating rules, promotes standards of corporate governance amo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privatisation
Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatised (which may also be known as "franchising" or "out-sourcing"); in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, water supply, and prison management. Another definition is that privatization is the sale of a state-owned enterprise or municipally owned corporation to private investors; in this case shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nationaliz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medibank
Medibank Private Limited, better known as simply Medibank, is one of the largest Australian private health insurance providers, covering 3.7 million people in 2021. Medibank initially started as an Australian Government not-for-profit insurer in 1976, before becoming for-profit in 2009 and privatised by the Abbott Government in 2014. Medibank now operates as a publicly-listed company on the Australian Securities Exchange. History Medibank began business as an Australian Government-owned private health insurer, established by the Whitlam Government in 1975 through the Health Insurance Commission. Medibank was set up to provide competition to private "for-profit" health funds and to put pressure on other health funds to keep premiums at a reasonable level. In 2006, the Howard Coalition Government announced that Medibank would be sold in a public float if it won the 2007 election. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medicare (Australia)
Medicare is the publicly-funded universal health care insurance scheme in Australia, operated by the nation's social security department, Services Australia. Medicare is the principal way Australian citizens and permanent residents access most health care services in Australia. The scheme either partially or fully cover the cost of most primary health care services in the public and private health care system. All Australian citizens and permanent residents have access to fully covered health care in public hospitals, funded by Medicare (through the National Health Pool), as well as state and federal contributions. International visitors from 11 countries have subsidised access to medically necessary treatment under reciprocal agreements. Many specialties and allied health services are partially covered by Medicare, including psychology and psychiatry, ophthalmology, physiotherapy and audiology, with the exception of dental services. The list of services covered, the standa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
