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15 Cards in this Set

  • Front
  • Back
Health insurance
A plan for sharing risk of high medical costs resulting from injury or illness.
Group health Insurance
Most common type of health insurance .
COBRA (conolidated omnibus reconciliation)
Allows people who leave employment to continue their health insurance under the company plan for a limited period of time usually 8months.
Coordination of benefits
A group health insurance provision that specifies how the insurers will share the cost when more than one policy covers a claim.
Preffered Provider Organization (PPO)
A group of health care providers who band together to provide health services for set fees.
Health maintenance Organization (HMO)
Group plan offering prepaid medical care to its members.
Medicare
Government sponsored health insurance for people currently age 65 or older
Medicaid
Government sponsored health insurance for people with low incomes and limited resources.
Disability insurance
Insurance plan that makes regular payments to replace income when illness or injury prevents the insured from working.
Life insurance
insurance that provides funds to the beneficiaries when the insured dies.
Incotestable clause
a provision of a life or health insurance policy that once the policy has been in effect the insurer may no longer question items on application in order to deny coverage.
Rider
small insurance policy that modifies the coverage of the main policy.
Term life insurance
life insurance policy that remains in effect for a specified period of time.
Permanent life insurance
life insurance that remains in effect for the insured's lifetime and builds cash value.
cash value
is the savings accumulated in a permanent life insurance policy that you would recive if the policy is canceled.