Indemnity and Grandfathered Flashcards
Learn the terms to chapter 7.
1
Q
What is an indemnity contract in the context of health insurance?
A
An indemnity contract in health insurance pays policy benefits to the insured at a predetermined, fixed rate, regardless of the actual expenses incurred.
2
Q
What defines a grandfathered health insurance plan under Florida law?
A
A grandfathered health insurance plan is one that is exempt from new laws or regulations, allowing the insured to maintain coverage even after changes to the plan, according to Florida law.
