Definition - What does Minimum Standards mean?
Minimum standards are the basic criteria of eligibility for insurance coverage as well as the standard coverage the insurer must provide the insured as prescribed by industry regulations.
Insuranceopedia explains Minimum Standards
Applicants for insurance must meet certain standards. For instance, in most states, applicants must be at least 18 years of age before purchasing coverage.
The insurer must reciprocate by providing the required minimal coverage for it to be recognized as legitimate. Under the Affordable Care Act, for example, health insurance policies must pay 60% of the total costs of health services of the policyholder. Insurers also cannot deny coverage because of a pre-existing condition.
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