Other Health Insurance Concepts Flashcards
Proof of dependency is required within how many days of the child attaining the maximum age
31 days
Higher frequency of premium payments means
Higher premiums
Coverage that provides benefits for illness, injury or disability resulting from accidents or sickness that occur on or off the job
Occupational coverage
Coverage that only covers claims that result from accidents or sicknesses occurring off the job.
Nonoccupational coverage
Premium payments on personally owned disability insurance income polices are
Nondeductible tax wise by the individual
Disability income benefits are received
Income tax free by the individual
Premiums paid by the employer have what tax benefits
Are deductible as a business expense and are not considered as taxable income to the employee
Benefits received by an employee that are attributable to employer contributions are
Fully taxable to the employee as income
Defined as the inability to perform one or more of the regular duties of ones own occupation or the inability to work on a full time basis, which results in a decrease in the individuals income
Partial disability
Type of disability income policy that provides benefits for loss of income when a person returns to work after a total disability, but is still not able to work as long or at the same level he/she worked before becoming disabled
Residual disability
Residual disability will make up the difference between their
Present earnings and what they were earning prior to disability
The legal process by which an insurance company seeks recovery of the amount paid to the insured from a third party who may have caused the loss.
Subrogation
