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Health insurance part 8 - Missouri Laws & Rules Pertinent to Insurance

Terms in this set (15)

Consolidated Omnibus Budget Reconciliation Act (COBRA)
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102% of the cost to the plan.
what is a free look?
A free look period is the time period when a new life insurance policyholder can terminate the policy without any penalties, such as surrender charge
what is a buyers guide?
ncludes important policy information needed to compare insurance policies from different insurance companies
what are unauthorized entities?
those insurers who are nonadmitted, meaning they have not been approved or authorized to sell insurance in the state
What is notice of replacement?
when a client is contemplating buying a different life insurance policy or annuity contract. in some cases, this may involve discontinuing or changing an existing policy or contract. If so, a replacement is occuring. Fincancial purchases are also considered replacements.

these must be signed by the applicant and broker, with the orginal standard insurance company and a copy left with the applicant.
Medicaid
A federal and state assistance program that pays for health care services for people who cannot afford them.
Medicare
A federal program of health insurance for persons 65 years of age and older
Agent Ethics
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maternity benefits
Health insurance for pregnancy, labor, delivery, and newborn baby care became mandatory in 2014 under the Affordable Care Act.
Group Life Certificate
is a document provided to all members of a group plan that shows the benefits provided under the insurance contract.
Sustainability
argues that insurers are positioned to meet the changing demands of consumers as sustainable practices become key differentiators in an increasingly competitive insurance landscape.
Renewability
enables a policyholder to keep current coverage (though likely at a much higher premium) without having to re-qualify.
Home health care
Provides nursing, therapy, personal care, or housekeeping services in patient's own home
Prohibited Practices
prohibition of favored insurance producer or insurer. A producer or associate may not, directly or indirectly, require as a condition, agreement, or understanding of providing another person a loan, loan extension, credit, sale, property, contract, lease, or service that the other person obtain title insurance of any kind from a particular title insurer or title insurance producer. A title insurer or title insurance producer may not knowingly participate in a plan or transaction prohibited by this section.
Pre-existing condition
a medical condition diagnosed or treated before you join a new insurance plan
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