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15 Cards in this Set

  • Front
  • Back
health insurance
a plan for sharing the risk of high medical costs resulting from injury or illness
group health insurance
is issured to a group such as an employer or trade association to cover individuals in the group and sometimes their dependents
COBRA
allows people to leave employment to continue their health insurance under company plan for limited period of time.
Coordination of benefits
a group health insurance provision that specifies how the insurers will share the cost when more than one policy covers the claim
Preferred provider organization
a group of healthcare provdiers who band together to provide health services for set fees.
health manitenance organization
a group plan offering prepaid medical care to its members
Medicare
is government sponsored health insurance for people currently age 65 and older
medicaid
government sponsored health insurance for people with low incomes and limited resources.
Disability insurance
an insurance plan that makes regulary payments to replace income lost when illness or injury prevents the insured from working
Life insurance
insurance that provides funds to the beneficiaries when the insured dies
incontestable clause
provision of a life or health insurance policy that once the policy has been in effect for a stated period of time the insurer may no longer question items on the application in order to deny coverage
rider
a small insurance policy that modifies teh coverage of the main policy
term life insurance
a life insurance policy that remians in effect for a specified period of time.
permanent life insurance
life insurance that remains in effect of the insured'd lifetime and builds cash value
cash value
the savings accumulated in a permanetn life insurance policy that you would recieve if you canceled your policy