Understanding Individual Health Insurance: Terms and Definitions, Quizzes of Credit and Risk Management

Download Understanding Individual Health Insurance: Terms and Definitions and more Quizzes Credit and Risk Management in PDF only on Docsity! TERM 1 who buys individual health insurance DEFINITION 1 unemployedretired workerscollege students TERM 2 major medical insurance DEFINITION 2 designed to pay a high propoertion of the covered expenses of a catastrophic illness or injurybroad coverage, high max limits, a deductible TERM 3 calendar year deductible DEFINITION 3 aggregate deductible that has to be satisfied only once during the calendar year TERM 4 co insurance provision DEFINITION 4 requres the insured to pay a certain percentage of elgibile medical expenses in addition to deductibleto prevent over utilization TERM 5 internal limits DEFINITION 5 only for some types of expenses TERM 6 health savings account DEFINITION 6 a tax exempt account established exclusively for the purpose of paying qualified medical expensesmay withdraw money for medical costhas maximum limits TERM 7 long term care insurance DEFINITION 7 pays a daily or monthly benefit for medical or custodial care received in a nursing facility, in a hospital or at home TERM 8 benefit trigger DEFINITION 8 must be met to receive benefits in a long term car insurance TERM 9 ADLs DEFINITION 9 insured is unable to perform a certain number of activities of daily living TERM 10 substantial supervision DEFINITION 10 when the insured needs to be protected against threats to health and safety because of a service cognitive impairment