Health Maintenance Organization (HMO) Act Of 1973
Federal legislation requiring employers with traditional health plans to also provide an HMO to its employees. The act also makes it mandatory for employers to contribute as much to the HMO as they did to their regular plan. The requirement that employers offer an HMO alternative was repealed in 1993. In 1988, the act was amended so that the employer gained greater flexibility in determining its HMO contributions.
Popular Insurance Terms
Practice of a ceding company whereby insurance previously ceded to a re insurer is returned to that ceding company. ...
Insurance policy in force only after the insurance company approves the application. Today, most companies use the insurability conditional premium receipt. ...
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Instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business. ...
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Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
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Termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums must be returned. If ...
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