Health Vocab Flashcards
Overinsurance
An excessive amount of insurance that would result in overpayment to the insured in the event of a loss
Noncancellable
A contract of health insurance that the insured has a right to continue in force by payment, as set forth in the contract, for a substantial period of time and that the insurer has no right to change or cancel
Elimination Period
A waiting period imposed on the insured from the onset of disability until benefit payments begin
Disability Income Insurance
Coverage that provides periodic payments to replace an insured’s income when the insured is disabled from an illness or injury
Coinsurance
A cost-sharing arrangement between an insurer and insured in which each pays a percentage of covered expenses.
Deductible
A specific amount of covered expenses that the insured must pay before any costs will be paid by the health plan
Major Medical Insurance
Health insurance that provides coverage for catastrophic losses and features deductibles, coinsurance and high limits of coverage
Long-Term Care (LTC)
Health and social services provided for individuals with chronic diseases or disabilities who require assistance at home or in a nursing home facility
Accidental Death Insurance
A form of health insurance that provides payment if death of the insured results from accident; often combined with dismemberment insurance in a form called Accidental Death and Dismemberment (AD&D)
Hospital Indemnity
A policy that provides a fixes sum for each day of hospital confinement, regardless of medical expenses incurred
Gatekeeper Model
An HMO model that uses the insured’s primary care physician as the initial contact for the insured for medical care and for referrals
Blanket Insurance Contract
A health insurance policy that covers all members of a particular group while they are participating in a specified activity, such as sports teams, campers, or students. All group members are automatically covered without certificates of insurance.
Accident and Sickness Insurance
Insurance against bodily injury, disability or death by accident or accidental means, or expense thereof, or against disability or expense resulting from sickness
Service Plan
An insurance in which benefits are provided to subscribers in the form of services instead of monetary benefits
Primary Policy
An insurance policy which pays first the benefit as specified before the insured may submit a claim to a secondary or excess plan
