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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.
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COBRA (Consolidated Omnibus Reconciliation Act)
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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 18 months).
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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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Preferred Provider Organization (PPO)
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A group of healthcare providers (doctors and hospitals, for example) who band together to provide health services for set fees.
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Health Maintenance 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-sponsered health insurance for people currently age 65 or older.
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Medicaid
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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 (usually monthly) to replace income lost 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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Incontestable Clause
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A provision of a life or health insurance policy that once the policy has been in effect for a stated period of time (usually two years), the insurer may no longer question items on the application in order to deny coverage.
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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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Life insurance that remains in effect for the insured's lifetime and builds a cash value.
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Cash Value
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The savings accumulated in a permanent life insurance policy that you would recieve if if you canceled your policy.
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