| TERM |
DEFINITION |
| Accident and Health Insurance |
A type of coverage that pays benefits, sometimes including reimbursement for
loss of income, in case of sickness, accidental death, or accidental injury. |
| Cobra Health Insurance |
COBRA (The Consolidated Omnibus Budget Reconciliation Act). Often used when
an employee loses his/her job to maintain continuous health
insurance coverage. |
| Comprehensive Major Medical Insurance |
A policy designed to give the protection offered by both a basic and a major
medical health insurance policy. It is characterized
by a low deductible amount, a coinsurance feature, and high maximum benefits. |
| Comprehensive Medical Expense Insurance |
A form of health insurance which provides, in
one policy, protection for both basic hospital expense and major medical expense
coverage's. The major medical part of a comprehensive policy is characterized
by a deductible amount, coinsurance, and high maximum benefits. |
| Covered Expenses |
Hospital, medical, and miscellaneous health care expenses incurred by the
insured that entitle him/her to a payment of benefits under a health
insurance policy. Found most often in connection with major medical
plans, the term defines, by either description, reasonableness, or necessity to
specify the type and amount of expense which will be considered in the calculation
of benefits. |
| Health Insurance |
Insurance providing for the payment of benefits as a result of sickness or
injury. Includes various types of insurance such as accident insurance, disability
income insurance, medical expense insurance, accidental death insurance, and dismemberment
insurance. |
| Hospital Expense Insurance |
Health insurance protection against the cost
of hospital care resulting from the illness or injury of the insured person. |
| Hospital Indemnity |
A form of health insurance which provides a
stipulated daily, weekly, or monthly indemnity during hospital confinement. The
indemnity is payable on an unallocated basis without regard to the actual expense
of hospital confinement. |
| Individual Contract |
A contract of health insurance made with an
individual called the policy holder or the insured, which normally covers such
individual and, in certain instances, members of his family. |
| Major Medical Expense Insurance |
A form of health insurance that provides benefits
for most types of medical expense up to a high maximum benefit, such as $250,000
or higher after a substantial deductible, such as $500 or more. Such contracts
may contain internal limits and are normally subject to coinsurance. |
| Major Medical Insurance |
A form of health insurance that provides benefits
for most types of medical expense up to a high maximum benefit, such as $250,000
or higher after a substantial deductible, such as $500 or more. Such contracts
may contain internal limits and are normally subject to coinsurance. |
| Medical Expense Insurance |
A form of health insurance that provides benefits
for expenses incurred for medical care. This form of health
insurance provides benefits for expenses of physicians, hospital, nursing,
and related health services, and supplies. These benefits may be related to actual
expense, specified sums, or services rendered. Such insurance sometimes includes
benefits for prevention and diagnosis as well as treatment. |
| Sickness Insurance |
A form of health insurance providing benefits
for loss resulting from illness or disease. |
| Term Insurance |
Life or health insurance protection during a
limited number of years but expiring without value if the insured survives the
stated period. |
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