Term
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Definition
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Term
| What 2 Perils are covered by Health Insuance? |
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Definition
| Accidental Injury and Sickness |
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Term
| What is Principle of Indemnity in relation to health insurance? |
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Definition
| You cannot recover more than you lost. |
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Term
| What is Coordination of Benefits Provision, in group medical expense policy? |
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Definition
| If you have two policies, one is primary and one is excess. |
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Term
| What is one way to decrease your premium on a Disability Income policy? |
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Definition
| Choose a longer Elimination (waiting) Period, the waiting period is like a deductible, that starts at the onset of your disability. |
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Term
| What is a Recurrent Disability? |
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Definition
| It is a prior injury that recurs again, the Elimination (waiting) Period is waived. |
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Term
| What is a Residual Disability? |
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Definition
| A disability that never goes away. Residual coverage pays the difference between what you used to make before your disability and what you can make now. |
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Term
| What is a Blanket Disability? |
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Definition
| Policy may be written to cover passengers on a common carrier, students at a school, a debtor group or a sports team like Little League. They do not require individual applications, nor are Certificates of Insurance issued. |
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Term
| What is Occupational coverage? |
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Definition
| Covers both on and off-the-job (for those not covered by Worker's Compensation) |
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Term
| What is Non-occupational coverage? |
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Definition
| Covers off-the-job only (for those covered by Worker's Compensation). |
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Term
| Are premiums for individual Disability Income or AD&D policies tax deductible? |
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Definition
| No, they are NOT tax deductible. |
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Term
| What is Business Overhead insurance? |
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Definition
| Covers ongoing business expenses of a self-employed person, such as rent or salaries, while the sole proprietor is disabled. Premiums are tax deductable, but benefits are taxable. |
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Term
| Are the premiums paid by an Employer for group health policy (such as Medical Expense or Disability Income) tax-deductible? |
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Definition
| Yes, the Group Medical plans paid by an employer are tax deductable because they are considered a fringe benefit. |
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Term
| If you would like to be reinstated back into a Health Insurance plan and an application IS required, what is the timeframe for reinstatement? |
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Definition
| You are reinstated when the company says or after 45 days, the quicker of the two. When you are reinstated, a 10 day Probationary Period starts, for sickness only. |
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Term
| If you would like to be reinstated back into a Health Insurance plan and an application is NOT required, what is the timeframe for reinstatement? |
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Definition
| Immediate upon payment of your late premium to either the company or the producer. |
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Term
| Under the Time Payment of Claims Provision, how quickly must claims be paid? |
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Definition
| Claims must be paid immediately. |
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Term
| What is the Legal Actions Provision in relation to health insurance? |
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Definition
| If a claim is not paid immediately, the claimant must wait at least 60 days before filing a lawsuit. |
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Term
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Definition
| Insurance company cannot change the coverage or the rates, but it does NOT have to offer renewal. |
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Term
| Guaranteed Renewable Policy |
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Definition
| The insurance company cannot change the coverage, but it can change the rates by class (not individually). |
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Term
| Non-Cancelable and Guaranteed Renewable |
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Definition
| The company cannot change anything and it must offer renewal. |
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Term
| Conditionally Renewable policy |
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Definition
| Must be renewed if the insured meets the specified conditions. |
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