Mental Health Parity Act Of 1996
Act that prohibits insurance companies, group health plans, and health maintenance organizations from establishing lifetime limits or annual limits on mental health coverage that are lower than the limits on medical coverage. These plans that do not have limits on medical coverage cannot establish limits for mental health coverage. Under this act, the employer is not required to offer mental health or substance abuse benefits. This act applies to those companies with at least 50 employees and became effective for the plan year beginning on or after January 1, 1998.
Popular Insurance Terms
Refusal by an insurance company to underwrite a risk. ...
Type of guaranteed investment contract in which the interest rate credited is tied to an external index such as the United States Treasury Bond Index. ...
In many property insurance policies, a requirement that the insured carry insurance as a percentage of the total monetary value of the insured property. If this percentage is not carried, ...
Approach to derive trend lines that can be applied to rating insured losses. Other methods require substantial preliminary operations to solve systems of equations of several unknowns. The ...
Business involved in buying and selling securities and mutual funds. ...
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Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...
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