Personal Finance Chapter 27 Health and Life Insurance Latest 2024 Rated A+

Personal Finance Chapter 27 Health and Life Insurance Latest 2024 Rated A+ HMO A group plan offering prepaid medical care to its members. Group Insurance Health insurance obtained through employers in which all insured have the same coverage and pay a set premium Stop-Loss Provision An insurance clause that caps or sets a maximum that the insured has to pay during any calendar year. COBRA A law that allows insurance to continue after employment ends. Health Insurance A plan for sharing the risk of high medical costs resulting from injury or illness. Major Medical Coverage Coverage against catastrophic expenses of a serious injury or illness. Temporary Life Insurance A life insurance policy that remains in effect for a specified period of time. Life Insurance Insurance that provides funds to the beneficiaries when the insured dies. Permanent Life Insurance Life insurance that remains in effect for the insured's lifetime and builds a cash value. Disability Insurance An insurance plan that makes payments to replace income lost when illness or injury prevents the insured from working.