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Gold plan

A health plan that covers a higher percentage of expected healthcare costs.

Bronze plan

A health plan that covers a lower percentage of expected healthcare costs.

Silver plan

A health plan that covers a moderate percentage of expected healthcare costs.

Platinum plan

A health plan that covers the highest percentage of expected healthcare costs.

Guaranteed insurability

Ability to purchase additional insurance coverage without proof of insurability.

Health Reimbursement Account (HRA)

Account that allows employees to pay for qualified medical expenses with pre-tax dollars.

Florida Health Insurance Coverage Continuation Act

Act that requires insurers to offer continued coverage to employees who lose their coverage.

Health Insurance Coverage Continuation Act

Act that requires insurers to offer continued coverage to employees who lose their coverage.

$500 deductible

Amount the insured must pay before insurance coverage starts.

Straight life annuity

Annuity that pays a specific amount for the annuitant's lifetime.

Collateral assignment

Assignment of a life insurance policy as collateral for a loan.

Activities of daily living (ADLs)

Basic self-care tasks, such as bathing and dressing.

Irrevocable beneficiary

Beneficiary of a policy that requires written consent to change.

Revocable beneficiary

Beneficiary who can be changed at any time.

Irrevocable beneficiary

Beneficiary who cannot be changed without written consent.

Primary beneficiary

Beneficiary who receives the death benefit directly from the insurer.

Contingent beneficiary

Beneficiary who receives the death benefit if the primary beneficiary is unable to.

Guaranteed minimum benefit

Benefit paid if the annuitant dies before the principal amount is paid out.

Paid-up nonforfeiture benefit

Benefit that becomes effective if the premium is not paid within 60 days.

Core benefits

Benefits found in all Medicare supplemental policies.

Hospice care

Care provided to terminally-ill individuals in a home-like setting.

Risk classification

Classification of health plans based on the amount of covered costs.

Metal level classification

Classification of health plans into bronze, silver, gold, and platinum based on covered costs.

Grandfathered and nongrandfathered

Classification of health plans under the Affordable Care Act.

Guaranteed and nonguaranteed plans

Classification of health plans under the Affordable Care Act.

Accidental means clause

Clause in a disability income policy that denies coverage if the injury was foreseen.

80/20 coinsurance

Coinsurance where the insurer pays 80% and the insured pays 20% of covered expenses.

Long-term care

Coverage for individuals who require assistance with daily living activities.

Work credits

Credits earned to qualify for Social Security disability benefits.

Effective date

Date when an insurance policy goes into effect.

Blanket dental plan

Dental plan incorporated into a major medical expense plan.

Integrated dental plan

Dental plan that is part of a major medical plan.

Stand-alone dental plan

Dental plan that is separate from a major medical plan.

Supplemental dental plan

Dental plan that provides additional coverage on top of a major medical plan.

Accelerated endowment

Dividend option where the policyowner uses dividends to accelerate the endowment of the policy.

Paid-up option

Dividend option where the policyowner uses dividends to pay up the policy.

One-year term option

Dividend option where the policyowner uses dividends to purchase a one-year term policy.

Paid-up additions

Dividend option where the policyowner uses dividends to purchase additional paid-up insurance.

Notice Regarding Replacement

Document that informs the applicant of the 30-day free-look provision in a replacing policy.

Certificate of Coverage

Document that provides details about the coverage provided by an insurance policy.

Eligible employee

Employee who meets the requirements for small group insurance coverage.

Insurable interest

Financial interest in the life or health of another person.

Income assistance for work-related injury

Financial support for individuals injured while working.

Universal life insurance

Flexible premium life insurance policy with a cash value account.

Medicaid

Government program that provides medical coverage for low-income individuals.

Blanket insurance

Insurance that covers a group of individuals participating in a specific activity.

Authorized insurer

Insurer that meets the state's financial requirements and is approved to transact business.

Fraud

Intentional misrepresentation of material information in an insurance application.

Affordable Care Act

Legislation that classifies health plans based on covered costs.

Life insurance license

License required to sell life insurance policies.

Securities license

License required to sell variable life insurance policies.

Variable life insurance

Life insurance policy that allows for investment in securities.

Whole life policy

Life insurance policy that matures when the insured reaches the age of 100.

Whole life insurance

Life insurance policy that provides coverage for the entire lifetime of the insured.

Group long-term care

Long-term care coverage provided to a group of individuals.

Individual long-term care

Long-term care coverage provided to an individual.

Pre-existing condition

Medical condition that existed before the effective date of coverage.

Home health care services

Medical services provided at home for individuals with health conditions.

Family planning services

Medical services related to contraception and reproductive health.

Disability

Meeting Social Security's definition of total disability.

Rebate

Offer of something of value as an inducement to purchase insurance.

Endorsement to a health policy

Option to add long-term care coverage to a health insurance policy.

Endorsement to a life policy

Option to add long-term care coverage to a life insurance policy.

Cash option

Option to receive annual, nontaxable dividend checks from a life insurance policy.

Free-look provision

Period of time during which the insured can cancel a policy and receive a full refund.

Elimination period

Period of time that must pass before long-term care benefits are paid.

Medicare supplement policies

Policies that provide additional coverage for Medicare beneficiaries.

Major medical policy

Policy that covers significant medical expenses.

Eyeglasses

Prescription lenses used to correct vision.

Time Payment of Claims

Provision that requires prompt payment of claims under a health insurance policy.

Time of Payment of Claims

Provision that requires prompt payment of claims under a health insurance policy.

FINRA registration

Registration required to sell variable life insurance policies.

SEC registration

Registration required to sell variable life insurance policies.

Investigative consumer report

Report that provides additional information about an applicant's background.

Qualified retirement plan

Retirement plan approved by the IRS that provides tax benefits for both employer and employee.

Profit sharing plan

Retirement plan where the employer contributes money when the company shows a profit.

Underwriting sources

Sources used to determine an applicant's insurability.

5 days

Timeframe for an insurer or reporting agency to comply with a consumer's request for additional information concerning an investigative consumer report.

$2,500 loss

Total amount of expenses incurred by the insured.

Appointment transfer

Transfer of an agent's appointment to another person.


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