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15 Cards in this Set
- Front
- Back
Health insurance
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A plan for sharing risk of high medical costs resulting from injury or illness.
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Group health Insurance
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Most common type of health insurance .
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COBRA (conolidated omnibus reconciliation)
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Allows people who leave employment to continue their health insurance under the company plan for a limited period of time usually 8months.
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Coordination of benefits
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A group health insurance provision that specifies how the insurers will share the cost when more than one policy covers a claim.
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Preffered Provider Organization (PPO)
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A group of health care providers who band together to provide health services for set fees.
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Health maintenance Organization (HMO)
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Group plan offering prepaid medical care to its members.
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Medicare
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Government sponsored health insurance for people currently age 65 or older
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Medicaid
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Government sponsored health insurance for people with low incomes and limited resources.
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Disability insurance
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Insurance plan that makes regular payments to replace income when illness or injury prevents the insured from working.
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Life insurance
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insurance that provides funds to the beneficiaries when the insured dies.
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Incotestable clause
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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.
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Rider
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small insurance policy that modifies the coverage of the main policy.
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Term life insurance
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life insurance policy that remains in effect for a specified period of time.
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Permanent life insurance
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life insurance that remains in effect for the insured's lifetime and builds cash value.
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cash value
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is the savings accumulated in a permanent life insurance policy that you would recive if the policy is canceled.
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