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
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Assumption of liability through contractual agreement by one party, thereby eliminating liability on the part of another party. An example is a railroad sidetrack agreement with a ...
difference between the face value of a permanent life insurance policy and its accrued cash value. The pure cost of protection is based on this difference. For example, if the face value ...
Plan under the employee retirement income security act of 1974 (ERISA) for employees who are less than 50% vested. An employee must be permitted to buy back retirement benefits lost because ...
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
Investment risk associated with the possibility that there is a rise in the interest rates after a fixed income security has been purchased resulting in a decline in that security's price. ...
Legislation by a state that taxes out-of-state insurance companies operating in its jurisdiction in the same way that the state's own insurance companies are taxed in the second state. For ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
Have a question or comment?
We're here to help.