Program enacted in 1965 under Title XVIII of the Social Security Amendments of 1965 to provide medical benefits to those 65 and over. The program has two parts: Part A, Hospital Insurance, and Part B, Supplementary Medical Insurance. Retired workers qualified to receive Social Security benefits, and their dependents, also qualify for the hospital insurance portion. The program is paid for by payroll taxes on employees and covered workers. The supplementary medical insurance provides additional coverage on a voluntary basis for physician services. Those enrolled in the program pay a monthly premium. Coverage is also available to persons under 65 who are disabled and have received Social Security disability benefits for 24 consecutive months.
Popular Insurance Terms
Form that provides insurance coverage for the insured in the event the damage or destruction of non-owned property reduces or terminates the insured's earnings. For example, if the insured ...
Immediate taking-into-account of present interest rates, mortality experience, and expenses in premiums currently charged. This is critical to the formulation of current assumption whole ...
Coverage for an insured in the event that he writes and publishes libelous statements and the injured party brings suit against the insured. ...
Exposures usually excluded from life and health insurance, or subject to a maximum limit if covered. ...
Representative of an insurance company in soliciting and servicing policyholders. An agent's knowledge concerning an insurance transaction is said to be the knowledge of the insurance ...
Method of setting a dollar value on loss suffered by an insured. In some cases, a loss is straightforward, such as the cost of gallbladder surgery. But with burglary of a home or a traffic ...
Insured whose rights against a third party are transferred to an insurance company (the subrosee) according to the process required by the subrogation clause in the policy. ...
Special endorsement to personal automobile policy (pap) covering loss of records, tapes, and other sound equipment caused by an insured peril in an insured automobile. ...
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
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