Chapter 11 Health Basics Flashcards
Health Basics
period begins at the effective date; affects sickness only; one time
Probationary Period
period begins with the benefit period; accident & sickness; could occur multiple times
Elimination Period
this provision states that if the insured uses the policy at the end of the year, the insured can apply those expenses toward next year’s deductible
Carryover Provision
guarantees the insured the right to renew and maintain coverage BUT does not lock in price
Guaranteed Renewable
the insured has the right to renew and maintain protection at a locked in price that cannot be altered
Noncancellable
policy that is renewable under certain conditions
Conditionally Renewable
health conditions that exist prior to purchase of the policy
Preexisting conditions
after deductible the % shared until the stop loss is reached
Coinsurance
when the insured begins paying 100%
Stop Loss
excludes coverage for a specific impairment
Impairment rider
allows the insured to purchase additional amounts of insurance at predetermined times without proving insurability
Guaranteed insurability rider
rider that pays multiples of the original benefit due to qualifying events
Multiple Indemnity Rider
