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
Life insurance company that sells life insurance and annuities to the faculty and staff of colleges and universities. Its TIAA-CREF Tax-Sheltered Annuity (TSA) uses a traditional fixed ...
Plan in which a public employer (such as a university, state, county, or municipality) sponsors a retirement savings program, named for the section of the Internal Revenue Code that permits ...
Provision in many property insurance policies that excludes coverage for floods and backup from sewers or drains and underground water. Because floods and hurricanes are generally confined ...
Factors influencing the amount of life insurance to purchase, such as marketable skills of spouse, age of children, savings, investments, number of future working years' expectancy, amount ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Same as term Extended Coverage Endorsement: added to an insurance policy or a clause found in an insurance policy that will provide additional coverage for risks to be insured other than ...
Legislation passed in 1988 by the U.S. Congress to facilitate movement of checks through the collection system. As the result of this Act, the Federal Reserve has established rules for the ...
Any of a number of types of surety bonds that the law requires of government contractors, licensed businesses, litigants, fiduciaries, government officials, and others whose performance of ...
Size of the losses used as a factor in calculating premium rates. For example, the U.S. Bureau of Labor Statistics studies the number of days lost by injured employees per million ...
Have a question or comment?
We're here to help.