Individual and group medical expense policies
COBRA law allows the dependents of deceased or divorced employees to continue their group benefits for up to ____ months.
36
What is Home Health Care?
Part-time care in the home, which includes skilled nursing, therapy treatments, and medically needed care
Following a loss, an insured must provide proof of loss to their insurer within how many days?
Within 90 days after loss or as soon as possible, if incapacitated
True or False: Insurable interest must exist when a life insurance policy is issued.
True
True or False: A conditional contract does not require both parties to satisfy terms before it can be executed.
False
Describe a service plan
Someone who is fully insured under Social Security has _____ quarters of contribution credit
40
A grace period is ____ days and coverage ___ provided during this period.
31, is
What term describes a business that assumes the total risk of potential losses?
Self-insured
Who is a representative of the consumer?
A broker
List the eligible groups for group insurance
Employer-related, trade associations, labor unions, and customer groups
Does Medicare Part A provide outpatient prescription drugs?
NO. only certain inpatient drugs are covered; however, Part D provides prescription drug coverage
For how long may an insurer contest the validity of a claim based on false application information?
For a maximum of 2 years following the issuance of the policy
What is the name of the price paid per unit of coverage?
Rate
Define the term warranty
A statement made by an applicant that is guaranteed to be absolutely true
What is another name for case management?
Utilization review
Part A helps pay inpatient hospital benefits, some skilled nursing, home health care, and hospice benefits.
A cancelable policy
An insurer seeking reinsurance is the ______ insurer, while the insurer assuming the risk is the ________.
ceding, reinsurer
A person in a position of trust, particularly with collected premiums, is referred to as a __________.
fiduciary
What tax-deductible savings account may only be used with a high deductible medical plan?
A medical savings account
What is an alternative to Medicare Parts A and B?
What is the name for the period of time following a policy premium due date?
The grace period
Who do solicitors represent?
Agents
Who develops the language in a unilateral contract?
A unilateral contract is one-sided and written by the insurer.