Shared Flashcard Set

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Chap 15-3
n/a
12
Finance
Undergraduate 4
12/07/2011

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Cards

Term
typically contains a deductible that must be satisfied before any benefits are paid
Definition
major medical policy
Term
deductibles in policies sold today are much higher than
Definition
policies sold in previous years
Term
purpose is to eliminate small claims and the high administrative cost of processing small claims - by eliminating small claims, insures can provide high limits and still keep the premiums reasonable
Definition
deductible
Term
most major medical policies have what kind of deductibles?
Definition
calendar-year
Term
an aggregate deductible that has to be satisfied only once during the calendar year
Definition
calendar year deductible
Term
all covered medical expenses incurred by the insured during the caleb year can be applied toward the deductible w/ a
Definition
calendar year deductible
Term
w/ a calendar year deductible, once the deductible is met, no additional deductible has to be satisfied during the
Definition
calendar year
Term
to avoid paying two deductibles in a short time, most plans have a
Definition
carryover provision
Term
means that unreimbursed medical expenses incurred during the last three months of the calendar year and applied to that year's deductible
Definition
carryover provision
Term
if the plan is a family plan, the deductible applies to each
Definition
covered person
Term
w/ a family plan, after a certain number of family members satisfy their individual deductibles, the deductible is waived for the remaining
Definition
family members
Term
a provision that means only one deductible has to be satisfied if two or more family members are injured in a common accident, such as an auto accident
Definition
common accident provision
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