Insurance 101
Welcome to the Insurance 101 library. At OMIC, we want you to make informed decisions about your insurance. We encourage you to call us to discuss your personal insurance needs. For self reference, we have also included answers to common questions below. Feel free to use this general information as a starting point for your discussion with OMIC’s staff.
In the General Insurance 101 section below you will find answers to common questions regarding insurance and definitions for frequently used insurance terms and concepts.
In the OMIC 101 section below you will learn more about OMIC’s application process, coverage and premium information, and other details about our ophthalmic specific insurance program.
For specific information regarding OMIC’s coverage for practices and procedures, please see the Coverage Q&A page.
Insurance 101
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General Insurance 101
-- Definitions and Terms (8)
-- Discussion Topics (3)
-- Insurance Products (6)
What does Business Owners insurance cover?
What does Regulatory Protection insurance cover?
What does Errors & Omissions insurance cover?
What does Directors & Officers (D&O) insurance cover?
What does Workers' Compensation insurance cover?
What does Employment Practices Liability (EPL) insurance cover?
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OMIC 101
-- Ancillary Products (1)
-- Application Process (15)
Must I be a member of the AAO to be insured with OMIC?
Do I have to be ABO or AOBOO certified to qualify for OMIC coverage?
Is coverage available to me before I complete my residency?
What happens if an application is denied?
How do I apply for coverage with OMIC?
Can my application on file with the Academy be used?
Why are there so many questions on the application?
Whom do I contact if I have any questions about the application?
Do I need to send payment with my application?
How long will it take to process my application?
What does OMIC look for when reviewing my application?
Will OMIC consider me if I have had any claims?
Will I have to complete this detailed application every year?
-- Claim Reporting (18)
Will OMIC reimburse me for lost wages as a result of court appearances?
Will my OMIC policy cover me for claims arising from testimony I give as an expert witness?
Does OMIC participate in state Insurance Guaranty Funds?
Is OMIC's ability to pay claims limited by the amount of capital it has?
If I report a claim to OMIC and subsequently cancel my policy, will OMIC cover the claim?
Will my claim be reported to the National Practitioner Data Bank?
Will the company settle a claim without my consent?
What is OMIC's position on settling cases?
Can I choose my own legal counsel?
Who will be my legal counsel in the event of a claim?
What happens to the claim after a file is created?
What general advice will you give if a claim is reported against me?
What happens to the claim once I report it?
What should I do if I receive a request for medical records from an attorney?
What should I report to OMIC, and when should I report it?
If I have a claim, will it increase my premium or allow you to cancel my coverage?
-- Financial Strength (3)
-- History and Philosophy (2)
-- Hospital Verification (8)
Can I produce my own certificates of insurance online?
Am I required to maintain active hospital privileges?
How can I get evidence of my OMIC coverage for my hospitals?
Can I also get proof of my claims experience?
How long does it take to get a certificate of insurance or loss history?
Does OMIC charge a fee for this service?
Is a copy of my declarations page sufficient evidence of coverage?
-- Premium Information (22)
Will I start out at a first year step the first year I join OMIC?
Can I estimate my premium by using the rate chart?
Does OMIC offer a risk management discount to physicians who use electronic medical records (EMR)?
What if I practice in more than one state or territory?
Will my premium be based on the types of procedures I perform?
Does OMIC offer a part-time discount?
If I have a claim, will it increase my premium or allow you to cancel my coverage?
Does OMIC offer discounts to new doctors?
What will my premium be if I perform liposuction, facelifts, and rhinoplasty?
If I'm new to OMIC, do I get the new doctor discount?
What other discounts are available?
Which risk management seminars qualify me for a discount?
Do I have to pay my annual premium in full when I join?
Do I have to pay a capital contribution or surplus contribution to join OMIC?
-- Tail Extended Reporting Coverage (5)
