Major Medical Insurance
Coverage in excess of that provided by a basic hospital medical insurance plan. After the limits of coverage have been exhausted under a basic plan, major medical then covers medical expenses relating to room and board; physician fees; miscellaneous expenses such as bandages, operating room expenses, drugs, X-ray, and fluoroscopic. There may be a lifetime limit. For example, if the lifetime limit is $500,000 and an insured uses $100,000 of coverage in a given year, the lifetime limit would be reduced to $400,000.
Popular Insurance Terms
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Irrevocable trust into which the grantor places assets and receives in turn a fixed amount of income from a fixed annuity (amount of income stipulated at the time the trust is established) ...
Clause in an insurance policy that describes the administration and submission of claims procedure. ...
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