Consolidated Omnibus Budget Reconciliation Act Of 1985,1986, And 1990 (cobra)
Act that mandates that employers who have at least 26 employees must provide a terminating employee and family members, if residents of employee's household, with health insurance coverage for periods of time ranging from 18 to 36 months after termination. The continued coverages end prior to the 18 to 36 months if:
- employer terminates all group health plans;
- insured qualifies for Medicare;
- insured becomes covered under another group health insurance plan that is not subject to any preexisting conditions;
- required premium payments are not made when due.
The employer cannot require the employee to submit evidence of insurability as a condition for continuing the health insurance coverage, nor can the employee be required to pay more than a premium of 102% of the plan for coverage of same situated individuals.
Popular Insurance Terms
Act in which volunteers of nonprofit organizations and government entities do not incur liability if they are acting within the scope of their volunteer activities, their actions do not ...
Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...
Professional designation conferred by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. In addition to professional business ...
Type Of GUARANTEED INVESTMENTS CONTRACT in which funds for the contract are put in the insurance company's general account ...
Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as ...
Coverage in which one premium payment is made and the policy is fully paid up with no further premiums required. ...
Risk that premiums and reinsurance, as well as other receivable instruments, will not be collected. ...
Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) ...
Same as term Captive Insurance Companies Association (CICA): trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the ...
Have a question or comment?
We're here to help.