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01M
PPO
POS
fee-for-services plan
CHIP
workers compensation
Medigap insurance COBRA pre-existing condition renewability maximum benefit open enrollment period exclusion preauthorization primary care physician Life Insurance beneficiary insurance benefits face value maturity Cash value
A group or individual selected to receive the assets of a person when he/she dies Assets or gain received by having an insurance policy The amount of money payable to a beneficiary as a death benefit when an insured dies The length of time it takes an insurance policy to reach it full value The amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity.
term insurance level term decreasing term renewable term convertible term permanent life whole life insurance limited payment life universal life variable life
A type of insurance that provides coverage for a specific period of time with no investment benefits premiums and death benefits stay the same for the life of the policy premiums stay the same but the benefits decrease over the life of the policy e.g. for home mortgage the insured person can renew the policy without taking a physical the insured person can change the policy from convertible to permanent without taking a physical, tends to be more expensive (also called cash value life insurance) provides coverage the persons entire life and includes an investment component a type of insurance that provides coverage for a whole lifetime and grows in face value as premiums and cash accumulate. coverage for entire life but premiums are higher than whole life because premiums are paid for a set number of years or until a set age allows adjustments of premium, face value, and level of protection premiums are fixed, but face amount varies with investment results