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15 Cards in this Set
- Front
- Back
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health insurance
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a plan for sharing the risk of high medical costs resulting from injury or illness.
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group health insurance
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the most common type of health insurance. issued to a group, such as an employer or trade accociation, to cover individuals in the group and sometimes their departments.
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COBRA
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allows people who leave employment to continue thie health insurance under the company plan for a limited period of time.
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coordiantion of benifits
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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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preferred provider organization (PPO)
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a group pf healthcare providers who band together to provide health services for set fees.
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health matenance organization (HMO)
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a group plan offering prepaid medical care to its members.
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medicare
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government sponsored health insurance for people curently age 65 or older.
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medicade
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government sponsered health insurance for people with low incomes and limited resources.
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disability insurance
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an insurance plan that makes regular payments to replace income lost when illness or injurt prevents the insured from working.
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life insurance
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insurance that provides funds to the benificiaries when the insured dies.
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incontestable clause
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a provision of a life or helth insurance policy that once the policy has been in effect for a stated period of time.
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rider
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a small insurance policy that modifies the coverage of the main policy.
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term life insurance
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a life insurance policy that remains in effect for a specified period of time.
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permanent life insurance
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insurance that reamins in effect for the insured's lifetime and builds cash value.
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cash value
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the savings accumulated in a permanent life insurance policy that you would receive if you cancled your policy.
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