EB Products Flashcards
Accidental Death & Dismemberment
An insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered employee. This is sometimes called a Traditional or Basic plan, and it can be offered on a contributory or non-contributory premium basis.
Administrative Services Only
A service OneAmerica provides to a policyholder for a fee when they have a self-funded short term disability plan. The employer acts as the insurer and bears all the risk for claims. OneAmerica provides administrative services such as processing claims and billing.
Advice to Pay
A service OneAmerica provides to a policyholder for a fee when they have a self-funded short term disability plan. The employer acts as the insurer and bears all the risk for claims. OneAmerica advises the employer on a claimant’s eligibility for disability benefits, as well as the duration of payments to the claimant.
CorePlus Long Term Disability - Core
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. This is typically sold in conjunction with a Plus, or buy-up plan, is usually non-contributory, and offers the employee a modest level of protection.
CorePlus Long Term Disability - Plus
An optional insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. This is sold as a contributory buy-up option in conjunction with a Core plan. The employee must request this coverage and is responsible to pay the premium.
CorePlus Short Term Disability - Core
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a short period of time, usually 26 weeks or less. This is typically sold in conjunction with a Plus, or buy-up plan, is usually non-contributory and offers the employee a modest level of protection.
CorePlus Short Term Disability - Plus
An optional insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a short period of time, usually 26 weeks or less. This is sold as a contributory buy-up option in conjunction with a Core plan. The employee must request this coverage and is responsible to pay the premium.
Dependent Accidental Death & Dismemberment
An insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered spouse or child of an employee. This is sometimes called a Traditional or Basic plan, and it can be offered on a contributory or non-contributory premium basis.
Dependent Term Life
An insurance policy that provides a benefit in the event of the death a covered spouse or child of an employee. This is sometimes called Traditional Dependent Life or Basic Dependent Life, and it can be offered on a contributory or non-contributory premium basis.
Dependent Supplemental Accidental Death & Dismemberment
An optional insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered spouse or child of an employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Dependent Supplemental Term Life
An optional insurance policy that provides a benefit in the event of the death a covered spouse or child of an employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Dependent Voluntary Accidental Death & Dismemberment
An insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered spouse or child of an employee. The employee must request this coverage and is responsible to pay the premium.
Dependent Voluntary Term Life
An optional insurance policy that provides a benefit in the event of the death a covered spouse or child of an employee. The employee must request this coverage and is responsible to pay the premium.
Employee Assistance Program
A voluntary, work-based program that offers free and confidential assessments, short-term counseling, referrals, and follow-up services to employees who have personal and/or work-related problems.
Term Life
An insurance policy that provides a benefit in the event of the death a covered employee. This is sometimes called a Traditional or Basic plan, and it can be offered on a contributory or non-contributory premium basis.
Long Term Disability
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. This is sometimes called a Traditional plan, and it can be offered on a contributory or non-contributory premium basis.
One Lump Sum Disability
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. Unlike Traditional, Voluntary or Worksite plans where benefits are paid out periodically over time, the benefit for this plan is paid all at once.
Supplemental Accidental Death & Dismemberment
An optional insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Supplemental Term Life
An optional insurance policy that provides a benefit in the event of the death a covered employee. It is typically offered on a contributory premium basis. This is an older product and is no longer actively sold.
Short Term Disability
An insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a short period of time, usually 26 weeks or less. This is sometimes called a Traditional plan, and it can be offered on a contributory or non-contributory premium basis.
Universal Life
A type of cash value life insurance, administered by Selman Company (formerly Vision Financial). Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
Voluntary Long Term Disability
An optional insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. The employee must request this coverage and is required to pay the premium. This is an older product and is no longer actively sold. It was replaced with Worksite Long Term Disability.
Voluntary Medium Term Disability
This is not a product, but a plan type that was created for billing purposes in GAIN. This plan type was used for employees who elected a Voluntary Short Term plan that had characteristics of both a short and long term plan, typically a short elimination period and a benefit duration of 52 weeks or more.
Voluntary Short Term Disability
An optional insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a short period of time, usually 26 weeks or less. The employee must request this coverage and is required to pay the premium. This is an older product and is no longer actively sold. It was replaced with Worksite Short Term Disability.
Voluntary Term Accidental Death & Dismemberment
An optional insurance product sold along with a life insurance policy that covers the unintentional death or dismemberment of the covered employee. The employee must request this coverage and is responsible to pay the premium.
Voluntary Term Life
An optional insurance policy that provides a benefit in the event of the death a covered employee. The employee must request this coverage and is responsible to pay the premium.
Voluntary Universal Life
An insurance product created using a combination of product features of Voluntary Term Life and Universal Life. This is an older product and is no longer actively sold.
Worksite Long Term Disability
An optional insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a long period of time. The employee must request this coverage and is required to pay the premium.
Worksite Short Term Disability
An optional insurance policy that protects an employee from loss of income if they are unable to work due to illness, injury, or accident for a short period of time, usually 26 weeks or less. The employee must request this coverage and is required to pay the premium.
