Ch. 27- Health And Life Insurance

Front 1

Health Insurance

Back 1

Is a plan for sharing the risk of high medical costs resulting from injury or illness.

Front 2

Group Health Insurance

Back 2

This is health insurance issued to a group, such as an employer or trade association, to cover individuals in the group and sometimes their dependents.

Front 3

COBRA (Consolidated Omnibus Reconciliation)

Back 3

allows people who leave employment to continue their health insurance under the company plan for a limited period of time (usually 18 months)

Front 4

Coordination of Benefits

Back 4

Is a group health insurance provision that specifies how the insurers will share the cost when more than one policy overs a claim.

Front 5

Preferred Provider Organization (PPO)

Back 5

Is a group of healthcare providers (doctors and hospitals, for ex) who band together to provide health serices for set fees.

Front 6

Health Maintenance Organization (HMO)

Back 6

Is a group plan offering prepaid medical care to its members.

Front 7

Medicare

Back 7

Is government- sponsored health insurance for people currently age 65 or older.

Front 8

Medicaid

Back 8

Is government- sponsored health insurance for people with low incomes and limited resources.

Front 9

Disability Insurance

Back 9

Is an insurance plan that makes regular payments (usually monthly ) to replace income lost when illness or injury prevents the insured from working.

Front 10

Life Insurance

Back 10

Is insurance that provides funds to the beneficiaries when the insured dies.

Front 11

Incontestable Clause

Back 11

Is 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.

Front 12

Rider

Back 12

Is a small insurance policy that modifies the coverage of the main policy.

Front 13

Term Life Insurance

Back 13

Is a life insurance policy that remains in effect for a specified period of time.

Front 14

Permanent Life Insurance

Back 14

Is life insurance that remains in effect for the insured's lifetime an builds a cash value.

Front 15

Cash Value

Back 15

Is the savings accumulated in a permanent life insurance policy that you would receive if you canceled your policy.