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Ohio Life and Health
Ohio Life and Health
292
Business
Graduate
07/17/2015

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Cards

Term
accelerated Benefits
Definition
riders attached to life insurance policys that allow death benefits to be used to cover nursing or covelent home expenses
Term
accidental death benefits
Definition
a policy rider that states that the cause of death will be aynalyzed to determine if it complies with policy description of accidental death
Term
accidental death insurance
Definition
an insurance policy that provides payment if the insureds death is result of an accident
Term
accumulation period
Definition
the time before an annuitants retirement during which the annuit is making investments or payments
Term
Aquired Immunodeficenscy system (Aids)
Definition
infectious and incurable disease caused by hiv
Term
actual cash value (ACV)
Definition
the required amount pay damages for property loss (this amount is based off the property's current value/ minus deprecation
Term
Adhesion
Definition
A contract offered "take it or leave it"basis by an insurer in which the insureds only options it to take it or leave it ( any ambigous contract will be settled in favor of the insured
Term
Adjustable LIfe
Definition
Life Insurance that permits changes on the face amount,premium amount, period of protection, and the duration of the payment period.
Term
Adjuster
Definition
A rep from and insurance company who investigates and acts on the behalf of the company to obtain agreements for the amount of the insurance claim
Term
Administers
Definition
An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person
Term
Admitted ( Authorized ) Insurer
Definition
An insurance company licensed and authorized to conduct business in a certain state
Term
Adult Day Care
Definition
A program for imparied adults that attempts to meet their health and social needs
Term
Adverse Selection
Definition
The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probablity
Term
Agency
Definition
An insurance sale or company
Term
Agent
Definition
a person who is licensed to sell insurance on behalf of a company
Term
Agents Authority
Definition
Special powers granted to the agent by his or her agency contract
Term
Aleatory
Definition
a contract with participating parties exchange unequal amounts. Insuranace contracts are aleatory in the amount the insured will pay an enqual amount to the premium the insurance company will pay
Term
Alien Insurer
Definition
Insurance Company outside the US
Term
Alziehmers Disease
Definition
Causes person to become disfunctional do to severe memory loss
Term
Annual Statement
Definition
Detailed Report Insurance company must present to the state once a year
Term
Annuity
Definition
A contract that provides income for a specified period years or life
Term
Apparent Authority
Definition
The appearance or assumption of authority based on the actions words or deeds of the principal, or of a situation the principal created
Term
Applicant
Definition
Person submitting an application to be insured by the company
Term
Application
Definition
Document that provided information for the underwriting process
Term
Assignment
Definition
the transfer of rights of ownership of a life insurance policy from one person to another
Term
Attained Age
Definition
Age of insured at determined date
Term
Attending Physicians Statement
Definition
A statement usually obtained by the applicants doctor
Term
Authorized(admitted insurer)
Definition
An Insurance company authorized to conduct business in a particular state
Term
Avoidance
Definition
method of dealing with risk by avoiding it
Term
Basic Illustration
Definition
A ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and non guaranteed elements
Term
Benificary
Definition
Person who receives the proceeds from a life insurance policy
Term
Binder
Definition
Temp Contract that puts life insurance policy into effect before the premium has been paid
Term
Birthday Rule
Definition
Method for determening primary coverage for a dependent based which parents birthday comes first is the primary
Term
Broker
Definition
person who represents the insured during the process of negotiating the purchase of insurance
Term
Buy Sell Agreement
Definition
A legal contract that detrimes what will happen to the business if owner becomes disabled or dies
Term
Buyers Guide
Definition
Booklet that describes insurance polices and concepts and provides general information to help make correct decision
Term
Cash Value
Definition
The ammount of cash insured is entitled to if surrendered before maturity
Term
Certificate
Definition
Statement that confirms policy has been written and describes converge
Term
Certificate of Authority
Definition
Authorizes compainies to conduct business and what kind of insurance they can conduct ( cannot operate with out this)
Term
Certificate of Insurance
Definition
A legal document that indicates an insurance policy has been issued. States the amount and type of insurance
Term
Claim
Definition
A request for payment from and insurance policy
Term
Coersion
Definition
Unfair trade practice. Agent uses mental or physical force to make a transaction happen
Term
Coinsurance Claim
Definition
Provision that states that the insurer and insured will share losses covered by the policy in the proportion in advance
Term
Commingling
Definition
A practice in which a person in a fiduicuary capacity illeaglly mixes thier funds held in a trust
Term
Commision
Definition
Payment issued to the agent who brokered the sale
Term
Commissioner
Definition
The Chief Exective in the state insuracne is being sold
Term
Concealment
Definition
Withholding of facts that can void contract
Term
Conditional Contract
Definition
Contract in which both parties must follow certain pre agreed guidelines to make contract enforceable
Term
Consideration
Definition
Binding for in a contract that requries something of vaule to be exchanged for the transfer of risk. Considertaion on part of insured is to PAY PREMIUM. Consideration on part of Insurance company is to PAY IN CASE OF LOSS
Term
Consumer Report
Definition
Written/ Oral Statement regarding consumers credit,character, reputation, ECT.
Term
Contract
Definition
Agreement between two parties enforced by law
Term
Contributory
Definition
Group insurance plan that requires employees to pay part of the premium
Term
Controlled Business
Definition
An entity that obtains and possess a license soley writing business on the owner, immediate family relatives employees or employer
Term
Convertible
Definition
policy that can be exchanged for another type of policy by contractual provision without evidence of insurablity
Term
Coordination of Benefits
Definition
Provsion that deterimes who the primary provider if more than one insurance policy is held
Term
Countersigniture
Definition
signing insurance policy by liceneced agent
Term
Coverage
Definition
the inclusion of losses which are covered by policy
Term
Credit Life Insurance
Definition
A special type of coverage written to pay off debt if person dies
Term
Custodial Care
Definition
Care that is rendered to help insured complete daily life activities
Term
Death Benift
Definition
Payment upon death of person who held life insurance
Term
Decreasing term
Definition
Type of policy where the premium decreases each year policy is held
Term
Defamation
Definition
Statement made with intention of harming another
Term
Dependent
Definition
Person who relies on another for support q
Term
Director
Definition
Cheif executive of insureance department
Term
Disclosure
Definition
Act of identifiying the person or business on a policy
Term
Domestic Insurer
Definition
Company who conducts business within state
Term
Domicile of Insurer
Definition
Insurers locations and ability to write insurance within the state
Term
Earned Premium
Definition
Ammount of premium for which the policy has been given
Term
Effective Date
Definition
Date in which insurance takes effect
Term
Employee Retirement Income Securties Act
Definition
The act that stipulates federal standards for private pension plans
Term
endorsement
Definition
For for changing provisions attached to a life insurance policy
Term
Endow
Definition
Reach maturity date so face ammount equals cash vaules
Term
Estoppel
Definition
A legal impedment for denying a fact or restoring a right that has been previously waived
Term
Excess Insurance
Definition
Insurance that pays over the basic policy
Term
Exclusions
Definition
Causes listed in the contract in which policy will not be paid
Term
Expiration
Definition
Date of termination specified in the policy
Term
Express Authority
Definition
Authority given to agent as expressed in the written contract
Term
Extension of Benefits
Definition
Provision that allows coverage to go beyond policys experation date if someone is unable to work or in hospital
Term
Face
Definition
First Page of Policy
Term
Fair Credit Reporting Act
Definition
Fed Law establishing prodcedures that must be followed to ensure the integrity of the credit report
Term
Fiduciary
Definition
An agent or broker who handles funds in a trust capacity
Term
Fixed Annuity
Definition
An annuity that offers fixed payments and a guaranteed interest rate
Term
Flexible Premium
Definition
Allows for variation of premium payments
Term
Foreign insurer
Definition
insurance company insured in another state
Term
Fraternal Benefits Society
Definition
Life or health insurance companies formed to proved insurance for members of an affiliated lodge, Religious organizations with some form of government.
Term
Fraud
Definition
Intentional Misrepresentation or deceit used to get someone to part with something of value
Term
Free Look
Definition
Period of time new policy owner is allowed to inspect life insurance policy and get full refund
Term
Grace Period
Definition
Period of time after premium due date in which premium can be paid
Term
Group Life
Definition
Life insurance provided for members of a group
Term
Hazard
Definition
A circumstance that increases that chance of loss
Term
Hazard,Moral
Definition
effect a persons reputation has on his insurablity
Term
Hazard Morale
Definition
effect a persons indifference on a loss effects their insurabilty
Term
Hazard Physical
Definition
Hazards arising from physical characteristics of individuals
Term
Implied authority
Definition
Authority agent is assumed to have in order to conduct business
Term
Idemify
Definition
Restore insured to condition prior to loss
Term
Insolvent organisation
Definition
a member organistaion unable to pay contractual obilgations and is placed under a final order of liquidation
Term
Insurabilty
Definition
the acceptabily of an applicant
Term
insurable interest
Definition
financial interest in the life of another person, possibilty of losing something of value if insured passed away
Term
Insurance
Definition
Contract in which one party agrees to idemify another party against loss of a specific nature if premium is payed
Term
Insured
Definition
person protected by insurance
Term
Insurer
Definition
Entity the indemnifies against losses
Term
Insuring Clause
Definition
General Statment that identifies the general agreement between insurer and insured
Term
Intentional Injury
Definition
Self intended act to cause harm to ones self ( not covered_
Term
Intermediate Care
Definition
Level of care one step down from nursing care
Term
Investigating Consumer Reports
Definition
Provides information on persons character
Term
Joint life
Definition
single policy designed to cover multiple lives
Term
Juvenile Life
Definition
Insurance policy written on life of minor
Term
Lapse
Definition
Termination of policy if policy has not been paid at end of grace period
Term
Law of large numbers
Definition
Laws of probability for accessing loss
Term
Legal Reserve
Definition
the accounting mesurentents used to measure insurers future obligations to pay policy holders
Term
Level Premium
Definition
Premium that remains level over life of premium
Term
Life Expectancy
Definition
Average number of years left in a persons life
Term
Life Settlement
Definition
Allows policyholder to sell their existing life insurance policy for compesation
Term
Limited Pay Whole Life
Definition
level premium, level guarenteed death benfit till age 100
Term
Liquidation
Definition
Selling assets as a method of rasing capital
Term
Living Benifits rider
Definition
Rider attached to life insurance that provides benfites to terminally ill
Term
Llyods Accacations
Definition
Organizations that provide support to underwriters
Term
Loan Value
Definition
Amount a policy owner can borrow against life insurance policy
Term
Loss
Definition
Reduction of vaule in ones assets
Term
Lump Sum
Definition
Pays entire ammount of life insurance policy at one time
Term
Market Value Adjusted annuity
Definition
A single premium defered annuity that allows contract holder to be locked in at certain rate
Term
Maturity Date
Definition
Date face ammount of life insurance policy becomes payable
Term
Medical Information Bureau
Definition
Info database that stores health histories of people who have applied for insurance in the past
Term
Misrepresntaion
Definition
Lie that can void contract
Term
Mode of Payment
Definition
method of premium payment
Term
Morality Table
Definition
table showing probability of death
Term
Mutual Companies
Definition
Insurance oraganisations that have no capital stock but are owned by policy holders
Term
Non Admitted/ Non Authorized
Definition
Insurance company who does not have certificate of authority
Term
Non Cancellable
Definition
insurance policy that cannot be cancelled
Term
Nonforfiture Values
Definition
Guarenteed Values in a life insurance policy that cannot be taken from insured
Term
Non medical
Definition
Policy insured based on statement of health rather that medical examination
Term
Non Participating Policies
Definition
Insurance does not pay divedends
Term
Non Qualified Plan
Definition
type of plan that may discriminate, not required to be filed with IRS, does not provide tax decuctions
Term
Non Renewal
Definition
termination policy of insurer on renewal date
Term
Non resident agent
Definition
Agent licenced in a state in which they are not a resident
Term
Option
Definition
how one receives policy dividends
Term
Over Insurance
Definition
excessive amount of insurance that would result in overpayment in instance of a loss
Term
Paid Up Insurance
Definition
A preimums have been payed but policy had not matured do to endowment of death
Term
Participating policies
Definition
Insurance companies that pay dividends
Term
Payor Benifit
Definition
Rider found in juvinile policies that waives premiums if the person paying for them is disabled or dies while child is still a minor
Term
Peril
Definition
The cause of possible loss
Term
Permanent Life Insurance
Definition
General term to refer to life insurance policys that are in effect til age 100
Term
Persistancy
Definition
The likelihood of insurance polices being replaced or lapsing
Term
Personal Contract
Definition
Contract between insurance company and insured that agrees to pay insurable interests
Term
Physical Exam and Autopsy
Definition
allows insurer ( at own expense) to have body examied if claim is pending
Term
Policy loan
Definition
Insurer loans all or part of the cash value of the policy
Term
Policy holder
Definition
person in possession of the policy
Term
Policyowner
Definition
Person who can excersise rights on the policy
Term
Preferred Risk
Definition
Insurance classification for those who have a love risk of incurring loss. Premiums will be less
Term
Primary Beneficiary
Definition
First person to receive benefits on policy
Term
Primary Policy
Definition
Fundimental Insurance Policy which comes first when it comes to other policies
Term
Principal Amount
Definition
Full Face Value of a policy
Term
Private Insurance
Definition
Non Governmental insurance
Term
Pro Rata Cancellations
Definition
Termination of an insurance policy with the adjustments of the premium
Term
Proceeds
Definition
The Ammount payable by the insurance company usually when one dies
Term
Producer
Definition
Insurance agent or broker
Term
Pure Protection
Definition
Covers in cases of cash value or disability
Term
Qualified Plan
Definition
A retirement plan that meets the irs guidelines for receiving favorable tax treatment
Term
Rate Service Organization
Definition
Organization formed on behalf of insurers to establish rates with the insurance department on behalf of insurance companies
Term
Rebating
Definition
Any inducement offer included in the sale of insurance products that is not specified in the policy
Term
Reciprocal Exchange
Definition
Unicorperated group of indiviudlas that mutually insure one anther, each assuming a share of the risk
Term
Reciprocity
Definition
A situation where two companies provide the same help or advantages for one another
Term
Reduction
Definition
Lessening the possibility or severity of loss
Term
Reinsurance
Definition
One insurance company agreeing to bail the other company out if premiums are paid
Term
Renewabilty Clause
Definition
Clause that defines insurance company or insureds right to renew coverage
Term
Renewable Term
Definition
Insurance that can be renewed at the end of the policy
Term
Representations
Definition
Statements that are made on an application that are believed to be true
Term
Rescission
Definition
Termination of an insurance contract due to fraud
Term
Retention
Definition
Method of dealing with risk, insured assumes a portion of the risk
Term
Rider
Definition
Supplemental Attachment to the contract
Term
Risk
Definition
Uncertainty of an outcome where two or more scenarios exist
Term
Risk Pure
Definition
Uncertainty of a loss occuring in a situation that can only result in a loss or no change
Term
Risk Retention Group
Definition
A liability insurance company owned by its members that are exposed to the same risks by virtue of being in the same industry
Term
Risk Speculative
Definition
The uncertainty or chance of loss in a situation that involves gain
Term
Risk Standard
Definition
An applicant or insured who has a average probability of loss
Term
Risk Substandard
Definition
An applicant who is insured who has a higher than normal probability of loss
Term
Rollover
Definition
Withdrawing money from a qualified plan and placing it in another qualified plan
Term
Secondary Beneficiary
Definition
Primary beneficiary no longer alive, benefits go to this person
Term
Settlement Options
Definition
Choices available for distribution of proceeds
Term
Sharing
Definition
A method for dealing with risk for a group of individual persons or businesses with the same or similar exposure to loss
Term
Single Premium Whole Life
Definition
pay one time lump sum payment, get level coverage til 100
Term
Speculative Risk
Definition
Uncertainty of incurring a loss that involves either an opportunity for loss or gain
Term
Spendthrift Clause
Definition
A policy that prevents debtors of the beneficiary from collecting the benifts before they are paid out
Term
Standard Provisions
Definition
Requirements by state law that must appear on all insurance polices
Term
Standard Risk
Definition
Applicant to have average risk of loss based on vocation and lifestyle
Term
Stock Companies
Definition
Companies owned by stockholders whose investments provide the capital to run the company
Term
Straight Life
Definition
Basic policy that charges a level annual premium for life time of policy/ annual death benefit
Term
Substandard Risk
Definition
Higher than normal probability of loss
Term
Superintendent
Definition
The head of the state department of insurance
Term
Surrender
Definition
Act of giving up a life insurance policy/ insurer pays the cash value the policy has built up
Term
Term Insurance
Definition
Insurance that provides protection for a certain period of time
Term
Total Disability
Definition
Condtion that does not allow a person to perform any sort of duties
Term
Transfer
Definition
Basic principal of insurance in which the risk of financial loss is assigned to another party
Term
Twisting
Definition
Misrepresting facts in order to get policy holder to switch to a different policy
Term
Unearned Premium
Definition
Portion of premium that has yet to be given
Term
Unilateral Contract
Definition
a contract that leagally binds only one party to contractual obligations after premium is paid
Term
Utmost good faith
Definition
fair and equal bargining by both parties in forming a contract, applicant must fully disclose risk, insurer agrees to be fair with underwriting
Term
Universal Life
Definition
Combination of flexable premium and life insurance
Term
Valued Contract
Definition
Contract that pays a stated amount in event of loss
Term
waiting period
Definition
time between beginning of disability and the start of disability insurance benefits
Term
Waiver
Definition
Voluntary abandonment of a known legal right
Term
Waiver of Cost
Definition
A disability rider found in universal life insurance that waives the cost of the insurance but not the premium
Term
Waiver of Premium
Definition
Continuation of life insurance if insured becomes disabled and cannot pay the premium
Term
Warranty
Definition
material stipulation in contract that if breached would void the coverage
Term
Whole life Insurance
Definition
Insurance that is kept in force for a persons entire life and is paid out upon death
Term
Accident Insurance
Definition
insurance that protects against loss due to accidental bodily harm
Term
Accidental Bodily Injury
Definition
Unplanned unforeseen traumatic injury to the body
Term
Accidental Death and dismemberment
Definition
An insurance policy that pays a specified amount or a specified multiple of the insurance dies or loses multiple limbs
Term
Accidental Death Benefits
Definition
a policy rider that states the cause of death will be analyzed to determine if it complies with the policy of accidental death
Term
Actual Charge
Definition
The Amount a Physician or supplier actually bills for a service or supply
Term
Adhesion
Definition
A contract offered on a take it or leave it basis by the insurer
Term
Admitted Insurer
Definition
An insurance company that is authorized to sell insurance
Term
Adverse Selection
Definition
The tendency of risks with the higher probability of loss to purchase and maintain insurance more ofen than those of lower risks
Term
Ancillary
Definition
Additional miscellaneous services provided by a hospital such as xrays anethisia and lab work. Not hospital room and board
Term
Apparent Authority
Definition
The appearance of authority based on words,actions or deeds of the principal
Term
Approved Amount
Definition
the amount medicare determines to be reasonable that is covered under part B of medicare
Term
Assignment
Definition
A claim to a provider or medical supplier to receive payments from medicare
Term
Basic Hospital Expense Insurance
Definition
Coverage for room and board at hospital for a certain amount of days
Term
Basic Medical Expense Insurance
Definition
Coverage for doctors visit, xrays ect. Limited to specific dollar amount
Term
Benefit Period
Definition
The length of time insurance benefits will be paid for illness or disability or hospital stay
Term
Blanket medical insurance
Definition
policy that covers all medical costs
Term
Boycott
Definition
unfair trade practice in which one party refuses to do busnisess with another until certain demands are met
Term
Cafeteria Plan
Definition
A section of health care benefits in which employee can choose benefits needed
Term
Capital Amount
Definition
a percentage amount paid on the principal of policy if loss of appendage occurs
Term
Carriers
Definition
Organizations that process claims and pay benefits in an insurance policy
Term
Coinsurance
Definition
Agreement between insurer and insured in which both parties agree to pay a portion of potential loss
Term
Comprehensive Policy
Definition
Plan that provides a package of heath care services. Including preventive care, routine physicals and other benefits
Term
Comprehensive major medical
Definition
Combination of basic coverage and major medical that features low deductibles, high maximum benefits and coinsurance
Term
Consideration Clause
Definition
Part of an insurance contract that insures that both parties must give something of value in transfer of risk
Term
COBRA ACT !985
Definition
keeps insurance for 18 months if fired/ dependents 36 months
Term
Custodial Care
Definition
Care that is rendered in order to help insured complete daily activities
Term
Deductable
Definition
portion of claim paid to insurer before any claim is paid out
Term
Disability Income insurance
Definition
Heath insurance that provides periodic payments to replace an insureds income when he or she is injured or ill
Term
Dread (Specified) Disease Policy
Definition
A policy with a high maxium limit that covers certain diseases named in the contract
Term
Dual Choice
Definition
Federal Reqirement for employers with more than 25 people must offer HMO coverage as well as indemify if health carer is offered
Term
Eligibility Period
Definition
A period of time in which and employee may enroll in group health care without having to provided evidence of insurabilty
Term
Elimination Period
Definition
Waiting period that is imposed on insured until disability
Term
Emergency
Definition
Situation that requires treatment within 24 hours
Term
Endodontics
Definition
Root canals
Term
Enrollment Period
Definition
Amount of time employee has to sign up for a group health plan
Term
Estoppel
Definition
A legal impedment to denying a fact or restoring a right that has been previously waived
Term
Excess Charge
Definition
The difference between medicare approved and the actual charge
Term
Explanation of Benifts
Definition
Statement that outlines your coverage
Term
Exposure
Definition
A unit of measure used to determine rates charged for an insurance coverage
Term
Express Authority
Definition
Authority Granted to an agent through a written contract
Term
Extended Care facility
Definition
24 hour nursing care
Term
Extension of Benefits
Definition
Provision that allows benefits to be awarded past the expiration date for employees that are not at work do to disability
Term
Flexible Spending Account
Definition
A salary reduction cafeteria plan that uses employee funds to provide various types of health care benefits
Term
Gatekeeper model
Definition
A model of HMO and PPO organizations that uses the insureds primary care doctor (gatekeeper)as the initial point of contact
Term
Group Disability
Definition
A type of insurance that covers a group of individuals against loss or loss of pay do to accident or illness
Term
Group health insurance
Definition
Health Care provided to members of a group
Term
Health Maintenance Organization HMO
Definition
A prepaid medical service plan in which specified medical service providers contract with HMO to provide service. Focus of HMO is preventative medicine
Term
Health Reimbursement Accounts HRAs
Definition
Plans that allow employers to set aside funds for reimbursing employees for qualified medical expenses
Term
Home Health Agency
Definition
An entity certified by the insured health plan that provides home health care needs
Term
Home Health Agency
Definition
part time nursing or home help. physical therapists, Speech therapy
Term
Home Health Services
Definition
A covered expense under part A of Medicare in which a licensed home health agency provides home health care for the insured
Term
Hospice
Definition
A facility for terminally ill that provides supportive care such as pain relief and symtom mangement
Term
Hospital Confinement Rider
Definition
An optional disability income rider that waives elimination when hospitalized
Term
Income replacement contracts
Definition
Polices that replace a certain percentage of the insureds pure loss of income due to covered accident of sickness
Term
Integrated LTC Rider
Definition
A rider that is added to a Life Insurance Policy to pay long term care benefits
Term
Intermediaries
Definition
Organizations that process inpatient and out patient claims from medical facilities
Term
Intermediate Care
Definition
A level of care that is one step down from nursing. Provided under the supervison of RNs or Doctors
Term
Limited Policies
Definition
Health insurance policies that cover only specific incidents or diseases
Term
Limiting Charge
Definition
Maximum amount a doctor can charge someone on Medicare Facility if Doc does not accept assignment of approved amount
Term
Long Term Disabilty insurance
Definition
insurance that covers individual until age 65
Term
Long Term Heath Care
Definition
care for persons with cronic diseases or illness.
Term
Loss of income insurance
Definition
insurance that pays benefits for those unable to work because of disability
Term
Major Medical
Definition
High deductable/ covers alot
Term
Medical Expense Insurance
Definition
type of insurance that pays benefits for medical, surgical,and hospital costs
Term
Medical Savings Account
Definition
Employer funded account linked to a high deductible medical insurance plan
Term
Medicare
Definition
US government plan for paying certain medical expences
Term
Medicare Supplement insurance
Definition
fills gaps in protection provided by medicare
Term
Mediagap
Definition
Medicare supplement insurance plans that are designed to fill in some gaps on medicare
Term
Morbidity Rate
Definition
A ratio of sickness to well people in a group
Term
Morbidity Table
Definition
A table showing the frequency of sick and healthy people
Term
Multiple Employer Trust
Definition
A group of small employers who do not qualify for group insurance individually. Group together to get insurance
Term
Multiple employer welfare Associations
Definition
An entity of at least two employers other that the dualy admitted insurer. offers employee benefit plan
Term
Notice of Claim
Definition
Provisions that spells out insureds duty in case of loss to notify insurer
Term
Omnibus Budget Reconciliation Act
Definition
Fed law that extends minimum cobra policy of group health care coverage from 18 to 29 months
Term
Over Insurance
Definition
An excessive amount of insurance that would result in over payment on an insurance claim
Term
Parol Evidence Rule
Definition
Rule that states that a contract may not be altered without written consent of both parties
Term
Periodontics
Definition
A specialty of dentisry that deals with tissue around the gums
Term
Preferred Provider Organizations
Definition
An organization of medical pros and hospitals who provide services to an insurance companies clients for a set fee
Term
Presumptive Disability
Definition
A provision that is found in most disability income policy's which specifies the conditions that will automatically supply someone with disability
Term
Probationary Period
Definition
The period of time between the effective date of a health insurance policy and the date of coverage for all conditions beginning
Term
Prosthodontics
Definition
involves the replacement of missing teeth
Term
Pure Risk
Definition
A situation that can only result in loss or no change
Term
Recurrent Disability
Definition
A policy provision that basically takes a reoccurring injury or illness into consideration prior the the period of disability
Term
Service Plans
Definition
Insurance Plans where the health care services rendered are the benefits instead of monetary benefits
Term
Short Rate Cancellation
Definition
Cancelling Policy with a less than proportionate return on premium
Term
Short Term Disability
Definition
covers disabilities of ages 13-26
Term
Subtrogation
Definition
the legal process in which the insurance company seeks recovery of the amount paid to the insured from a third party who may have caused the loss
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