State High Risk Pools For The Medically Uninsurable
Definition of "State high risk pools for the medically uninsurable"
State plans that provide health insurance coverage for those who are unable to purchase medical insurance. Coverage is provided by a specially formed nonprofit-making pool comprised of all the health insurance companies doing business in that particular state. The pool offers the insurance coverage to those residents of the state who: have been rejected for health insurance coverage by at least one insurance company; and/or have higher premium payments for a currently insured plan than that required by the pool; and/or have insurance under a rated health insurance policy or have a restrictive rider attached to that policy. The typical lifetime maximum benefits in most states is $500,000 with a $500 deductible. The waiting period in most states is usually six months if the applicant has been treated for a medical problem within six months of the application. Generally, in most states the premium paid by the insured ranges from 125% to 150% of the standard premium rate for that of an individual health insurance policy purchased through a standard carrier.
Popular Insurance Terms
Coverage for the contents of a renter's home or apartment and for liability. Tenant policies are similar to homeowners insurance, except that they do not cover the structure. They do, ...
Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are to be financed, and how employees are to qualify for benefits (vesting requirements). An ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
Aggregate sums, in certain states, to pay claims of insolvent insurance companies. These funds are maintained by contributions of companies operating in a particular state in proportion to ...
Endorsement attached to an insurance policy that eliminates coverage for certain specified perils. ...
Independent agency supported by the insurance industry that tests a variety of materials, products, and devices, such as appliances and electrical equipment, to assure that they meet safety ...
Legal decision wherein proceeds of a life insurance policy on which the decedent's corporation paid the premiums within three years of his or her death are not includable in the decedent's ...
Model state law of the NAIC that requires that the insurance policy contain language that meets a readability test (usually, the Flesch readability test that uses a formula approach to ...
Documents completed by the agent to effect authorization to act on behalf of the company. ...
Have a question or comment?
We're here to help.