1. cancer insurance
A very narrow form of health insurance that covers the policyholder in the
event he or she contracts cancer. Policies often exclude skin cancer. Some
policies won't pay for cancer treatments until several years after the policy
was purchased. Consumer groups and insurance regulators have said cancer
insurance policies are more expensive than they're worth, since the insurance
companies pay out a rather small percentage of the premiums they collect.
2. capitation
Method of payment whereby a physician or hospital is paid a fixed amount for
each person in a particular plan regardless of the frequency or type of service
provided.
3. cash value
The amount available in cash upon surrender of a policy before it becomes
payable upon death or maturity.
4. certificate
A statement issued to individuals insured under a group policy, setting forth
the essential provisions relating to their coverage.
5. claim
Notification to an insurance company that payment of an amount is due under
the terms of the policy. A claim is a demand by a person or business who is
seeking to recover for a loss. A claim may be made against an individual. A
claim may also be made against an insurance company, when an insured asks
the insurance company to pay for a loss that may be covered by an insurance
policy.
6. co-insurance
Arrangement by which the insurer and the insured share, in a specific ratio,
payment for losses covered by the policy, after the deductible is met.
7. combination plans
Life insurance policies that combine features of term and whole life policies.
8. comprehensive medical expense insurance
Insurance that provides coverage, in one policy, for basic hospital expense
and major medical expense.
9. computer insurance
Covers computer equipment and peripherals beyond the normal coverage
provided in homeowner's insurance policies. Usually, homeowner's policies
only cover up to between $1,000 and $3,000 in computer equipment. With
more people owning expensive computers and peripherals, and even using
them for home-based businesses, riders and separate policies are becoming
more popular. Some policies are also designed to cover damage and/or theft
of portable equipment, such as laptop computers, and even the costs of data
recovery.
10. consolidate omnibus budget reconciliation act (COBRA)
Requires employers with more than 20 employees to make group health care
coverage available for 18 months, at the employee's expense, to employees
who leave the employer for any reason other than gross misconduct.
11. consideration clause
Stipulation that states the basis on which an insurer issues an insurance
contract.
12. contributory plan
Group plan under which the insured shares in the cost of the plan with the
policyholder.
13. conventional health plan
Plan that provides all benefits and issues certificates containing the insurance
company's guarantees.
14. conversion privilege
Right given to an insured person under a group insurance contract to change
coverage, without evidence of medical insurability, to an individual policy
upon termination of the group coverage. The conditions under which
conversion can be made are defined in the master policy.
15. convertible term insurance
Term insurance that offers the policyholder the option of exchanging it for a
permanent plan of insurance without evidence of insurability.
16. coordination of benefits (COB)
Method of integrating benefits payable under more than one health insurance
plan so that the insured's benefits from all sources do not exceed 100 percent
of allowable medical expenses or eliminate incentives to contain costs.
17. cost containment
Reduction of inefficiencies in the consumption, allocation, or production of
health care services. Inefficiencies can occur when health services are used
inappropriately; when health services could be delivered in less costly
settings; and when the costs could be reduced by using a different
combination of resources.
18. cost index
A way to compare the costs of similar plans of life insurance. A policy with a
smaller index number is generally a better buy than a comparable policy with
a larger index number.
19. covered expenses
Health care charges that an insurer will consider paying under the terms of a
health insurance policy.
20. cost-of-living rider
An option that permits the policyholder to purchase increasing term insurance
coverage. The death proceeds increase by a stated amount each year to
coincide with an estimated increase in the cost of living.
21. credit insurance
Optional coverage that pays off the balance of an outstanding loan in the
event you become disabled, unemployed or die. Exact coverage depends on
the particular policy. Variations include credit life (pays if you die), credit
health or disability (pays if you get sick or become disabled) and credit
unemployment insurance (pays if you involuntarily lose your job). Usually
offered with credit cards, auto loans and mortgages.
22. credit life insurance
Term life insurance issued through a lender or lending agency to cover
payment of a loan, installment purchase or other obligation, in case of death.
23. current assumption whole life insurance
A variation of universal life insurance, this product involves fixed premiums
and fixed death benefits. Its cash value growth depends on market
conditions. If they are favorable and if premiums paid in the policy's first year
are large enough, premiums for one or more years may be reduced to zero.
A very narrow form of health insurance that covers the policyholder in the
event he or she contracts cancer. Policies often exclude skin cancer. Some
policies won't pay for cancer treatments until several years after the policy
was purchased. Consumer groups and insurance regulators have said cancer
insurance policies are more expensive than they're worth, since the insurance
companies pay out a rather small percentage of the premiums they collect.
2. capitation
Method of payment whereby a physician or hospital is paid a fixed amount for
each person in a particular plan regardless of the frequency or type of service
provided.
3. cash value
The amount available in cash upon surrender of a policy before it becomes
payable upon death or maturity.
4. certificate
A statement issued to individuals insured under a group policy, setting forth
the essential provisions relating to their coverage.
5. claim
Notification to an insurance company that payment of an amount is due under
the terms of the policy. A claim is a demand by a person or business who is
seeking to recover for a loss. A claim may be made against an individual. A
claim may also be made against an insurance company, when an insured asks
the insurance company to pay for a loss that may be covered by an insurance
policy.
6. co-insurance
Arrangement by which the insurer and the insured share, in a specific ratio,
payment for losses covered by the policy, after the deductible is met.
7. combination plans
Life insurance policies that combine features of term and whole life policies.
8. comprehensive medical expense insurance
Insurance that provides coverage, in one policy, for basic hospital expense
and major medical expense.
9. computer insurance
Covers computer equipment and peripherals beyond the normal coverage
provided in homeowner's insurance policies. Usually, homeowner's policies
only cover up to between $1,000 and $3,000 in computer equipment. With
more people owning expensive computers and peripherals, and even using
them for home-based businesses, riders and separate policies are becoming
more popular. Some policies are also designed to cover damage and/or theft
of portable equipment, such as laptop computers, and even the costs of data
recovery.
10. consolidate omnibus budget reconciliation act (COBRA)
Requires employers with more than 20 employees to make group health care
coverage available for 18 months, at the employee's expense, to employees
who leave the employer for any reason other than gross misconduct.
11. consideration clause
Stipulation that states the basis on which an insurer issues an insurance
contract.
12. contributory plan
Group plan under which the insured shares in the cost of the plan with the
policyholder.
13. conventional health plan
Plan that provides all benefits and issues certificates containing the insurance
company's guarantees.
14. conversion privilege
Right given to an insured person under a group insurance contract to change
coverage, without evidence of medical insurability, to an individual policy
upon termination of the group coverage. The conditions under which
conversion can be made are defined in the master policy.
15. convertible term insurance
Term insurance that offers the policyholder the option of exchanging it for a
permanent plan of insurance without evidence of insurability.
16. coordination of benefits (COB)
Method of integrating benefits payable under more than one health insurance
plan so that the insured's benefits from all sources do not exceed 100 percent
of allowable medical expenses or eliminate incentives to contain costs.
17. cost containment
Reduction of inefficiencies in the consumption, allocation, or production of
health care services. Inefficiencies can occur when health services are used
inappropriately; when health services could be delivered in less costly
settings; and when the costs could be reduced by using a different
combination of resources.
18. cost index
A way to compare the costs of similar plans of life insurance. A policy with a
smaller index number is generally a better buy than a comparable policy with
a larger index number.
19. covered expenses
Health care charges that an insurer will consider paying under the terms of a
health insurance policy.
20. cost-of-living rider
An option that permits the policyholder to purchase increasing term insurance
coverage. The death proceeds increase by a stated amount each year to
coincide with an estimated increase in the cost of living.
21. credit insurance
Optional coverage that pays off the balance of an outstanding loan in the
event you become disabled, unemployed or die. Exact coverage depends on
the particular policy. Variations include credit life (pays if you die), credit
health or disability (pays if you get sick or become disabled) and credit
unemployment insurance (pays if you involuntarily lose your job). Usually
offered with credit cards, auto loans and mortgages.
22. credit life insurance
Term life insurance issued through a lender or lending agency to cover
payment of a loan, installment purchase or other obligation, in case of death.
23. current assumption whole life insurance
A variation of universal life insurance, this product involves fixed premiums
and fixed death benefits. Its cash value growth depends on market
conditions. If they are favorable and if premiums paid in the policy's first year
are large enough, premiums for one or more years may be reduced to zero.
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