Health Insurance

Words: 2202
Pages: 9
Open Document
PART I
Directions: Using Microsoft® Word to save and submit your work, please provide detailed and elaborate responses to the following questions. Your responses should include examples from the reading assignments.
1. What are the five basic types of health insurance? What are their benefits and limitations?
There are five basic types of health insurance available under group and individual policies. Hospital expense insurance is the most common type of health insurance. This form of health insurance features partial or full payment of hospital bills. There is usually a cap for how much an individual can spend per day and the number of days.
Surgical expense insurance is generally combined with hospital insurance and is responsible for full …show more content…
It protects the policyholder from the higher amounts that accrue due to these more serious occurrences. Major medical is generally used as an add-on to basic health insurance because it can pick up in the areas that are not covered or exceed policy maximum fees. Because of the higher range of benefits and maximums, major medical has a deductible provision that requires the individual to pay the basic amount before the policy kicks in. It also features a coinsurance provision that entails the insured to share expenses above the deductible. The coinsurance is usually a percentage of the fees above the deductible where the insurance company covers only 75-80% and the rest is left for the policyholder to account …show more content…
What is life insurance? What is its purpose and principle?
Life insurance is a promise made by an insurance company to pay out an agreed upon sum of money in the even of the demise of the policyholder. This sum of money is paid to a designated individual or individuals. The purpose of this type of insurance is to reduce the financial burden the dead leave on their family. The principle behind life insurance is indemnity.
12. What are the two types of life insurance companies? Explain the basic features of each type.
The two types of life insurance include participating policies and non-participating policies. A non-participating policy are purchased from stock insurance companies that are owned by shareholders and do not pay out dividends to the consumer. A participating policy is sold by mutual companies and owned by the policyholders; therefore it does pay out dividends.
Though slightly more premium is required when purchasing through a mutual company, part of the premium is paid back in dividends to the policyholders.
13. List some of the important provisions found in most life insurance policies.
Naming of a beneficiary, the grace period, policy reinstatement, non-forfeiture clause, and the suicide clause are some of the provisions found in most life insurance
Show More

Related Documents: Health Insurance

Health Insurance Essay

INSURANCE LAW PROJECT | HEALTH INSURANCE AND REGULATORY ISSUES UNDER IRDA ACT 1999 | Rudresh Pratap Singh Roll No. 49 Semester V RMLNLU | Contents INTRODUCTION 4 The Insurance Regulatory and Development Authority 5 Regulatory issues in the health insurance business 5 It should be the duty of the regulator (IRDA) to ensure that the new entrant in the health insurance sector: 5 II. Regulations Pertaining To Consumer…

Words 3959 - Pages 16

Health Insurance Dbq

FAQ for Insurance Insurance on Loans What is loan insurance? Lenders mostly offer an insurance plan covering the outstanding amount on the loan. This is usually a plan which covers the risk of an unfortunate event in the borrower’s life that may lead to inability on the borrower or his family’s part to repay the loan. These are usually single premium policies taken at the beginning or a later stage as well with coverage equal to the loan outstanding. It is often advisable that borrowers avail of…

Words 700 - Pages 3

Health Insurance Pros

Previously, young adults lost their health insurance before 24 if they were no longer full-time students. Today, however, the Affordable Care Act allows dependents to remain on a parent’s health insurance plan through age 26. Not every young adult has access to health insurance through a parent. Althoughyou may choose to go without, being a healthy “young invincible” isn’t a good enough reason to take this gamble. Avoiding treatment could result in more serious health problems, and a single trip to the…

Words 817 - Pages 4

Managed Health Insurance

What are the key products currently defining the industry, and what makes them stand out? Key products currently defining the health insurance industry include traditional health insurance plans, managed care plans, and specialized coverage, to name a few. Traditional health insurance plans offer broad coverage for medical expenses, including hospitalization, surgeries, doctor visits, prescription drugs, and preventive care. They usually come with a network of healthcare providers and may require…

Words 833 - Pages 4

Health Insurance Portability

The Health Insurance Portability and Act of 1996 is legislation enacted by the federal government to ensure health insurance portability, reduce health care fraud and abuse, guarantee the integrity and confidentiality of health information and improves the operation of health care system. HIPAA Title II, sometimes called Administrative Simplification, has two primary areas of regulation: (1.) the standardization of health-care related electronic transactions; and (2.) the implementation of controls…

Words 321 - Pages 2

Affordable Health Insurance

What is health Insurance The main reason why you need an affordable health insurance is to help you plan ahead in case of unexpected costly emergencies. The only way you can accomplish this is to compare prices from most leading insurance companies and also choosing a health insurance plan that best suits you. Back in the days, getting a cheap health insurance plan was simply unaffordable. But these days, individuals, small groups, families and students can choose a health insurance plan that is…

Words 974 - Pages 4

Health Insurance Portability

The Health Insurance Portability and Accountability Act (HIPAA) was enacted in 1996 to protect employees’ health insurance coverage when they lose or change jobs. It also has provisions that ensure the privacy and confidentiality of identifiable health information. Although, portability and access to health care are integral parts of HIPAA, the section of the Act that addresses the privacy of the patients' information is most relevant to my daily activity at work. According to the HHS web…

Words 684 - Pages 3

Health Insurance Essay

well as efficient for people with health care. There are concerns about Medicare spending are front and center in discussions of how our federal budget deficit. America needs to ensure it maintains a health care safety assuring no one suffers due to lack of essential health care. Obamacare will increase health care costs. The Government has took over drastically on health care. The authorities have empowered with telling the doctors and hospitals that quality health care and what not are the best…

Words 1920 - Pages 8

Obama: Health Insurance and Insurance Companies Essay

· We present the Facts on Obama Care (ObamaCare) / The Health Care for America plan. Our goal is to help you understand the basics of the Obama Care health care plan and bill, so you can decide for yourself what you think of ObamaCare, based on the facts and not the News Radio / TV opinions · · • ObamaCare's goal is to provide affordable health insurance for all US citizens. · • ObamaCare does not replace private insurance, Medicare or Medicaid · • ObamaCare reforms and expands Medicaid in order…

Words 1199 - Pages 5

Health Insurance paper

alternatives. The single precipitating issue that created point-of-service was the HMO practice of permitting no benefits if the HMO primary physician was bypassed. Advantages of the Product • • Primary care physician continues to play a critical role in health care; the presence of the gatekeeper reduces costs by 5-15%. The steerage is consonant with both quality of care and freedom of choice. Typical Goals of the Product The state goals of a large employer with such a plan were as follows: • • • • •…

Words 2121 - Pages 9