Chapter 2: Terms Related to Policies Flashcards
The legal contract between an individual or group and the insurance company is?
The policy.
What does the Policy does?
Gives specific information about the coverage and exclusion.
The cost of the policy is referred to as?
The premium.
What does a Group Policy refers to?
A single policy issued to a group and can cover members of a professional association, labor unions, etc.
What is an Individual Policy?
A single policy that an individual purchases on their own.
What are the Benefits of an Insurance Policy?
The amounts paid by the insurance company for covered health care items and services.
What are the Exclusions of an Insurance Policy?
Anything the insurance company will not cover.
The Exclusions can vary from plan to plan but a typical exclusion is for?
Pre-existing medical conditions.
The policy may pay for Preventive Care such as?
Vaccines, Physicals and screening tests.
