Knowledge Gap Flashcards
What are the three types of hazards?
Physical, Moral, and Moral
Indemnity Contract
Pays a specified dollar amount as stated in the contract up to the amount of
the actual loss.
reimbursement plans
Valued contract
A contract that pays a specified amount regardless of the actual loss
Subrogation
Insurer, once claim is paid, has legal right to take action against 3rd party cause of loss
Contract of Adhesion
One party writes the contract entirely and the other must adhere to the contract as a take it or leave it basis
Aleatory Contract
The exchange of value is unequal.
Life Insurance
Unilateral Contract
Only one party is legally bound to the contractual obligations
The policyowner can cancel the policy
at any time and for any reason.
Speculative Risk v Pure Risk
Chance of loss v no chance of loss
ADL Stands For
Activities of Daily Living
Fee-for-Service
Provides a separate payment to a healthcare provider for each medical service received by a patient.
Scheduled Payment
A health plan with limits as to what will be paid for covered expenses.
These plans are most associated with covering day to day losses based on a specified or flat dollar amount.
How Long Until SSDI Translates to Medicare
24 months
How Long Until Until Employer Group Plans Transitions End Stage Renal To Medicare?
30 months
Parol Evidence Rule
A written contract may not be altered without the written consent of both
parties.
Periodontics
Services for the treatment of gum problems and disease
