noun
health insurance doctor; doctor accepting insured patients
A doctor or medical institution registered to treat patients under Japan's health insurance system. Patients pay only a portion of the cost.
この病院は保険医が常駐しているので、保険証があれば安く診てもらえます。
This hospital has a health insurance doctor on staff, so if you have your insurance card, you can be seen cheaply.
noun
life insurance examining doctor
A doctor commissioned by a life insurance company to perform medical examinations on applicants. Less common than sense 1.
生命保険に加入する前に、保険医の診察を受ける必要がある。
Before taking out life insurance, you need to be examined by an insurance doctor.
保険 means 'insurance' in general. 保険医 is a compound meaning 'insurance doctor'.
Compound of 保険 (insurance) and 医 (doctor). The term is a straightforward modern coinage reflecting the Japanese health insurance system.