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 The requirement that employers offer an HMO alternative was repealed in 1993.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
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; ...
Actual price paid for property when acquired, minus depreciation. Original cost less depreciation is used to compute actual cash value, which is often the insurable interest in a property. ...
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Stock life insurance company that sells participating insurance and nonparticipating insurance. ...
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