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
Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
Same as term Class: group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire plug in the same ...
Changing state of the economy associated with changes in human wants and desires such that losses or gains occur. Dynamic changes are not insurable. ...
Term in pensions; leaving a job before normal retirement age, subject to minimum requirements of age and years of service. There usually is a reduction in the monthly retirement benefit. ...
Insurance under the personal automobile policy (pap) through a named non owner coverage endorsement offering protection for liability, uninsured motorists, and medical payments to a named ...
Structured product designed to meet specific needs of the insured that may involve any of the following funding arrangements: loss portfolio transfers in which the self-insurer transfers ...
Individuals who inherit assets as the result of being named in a will. ...
Entitlement of an employee to benefits immediately upon entering a retirement plan. As benefits are earned, they are credited to the employee's account. These "portable" future benefits can ...
Factors on the application that must be evaluated in order to complete the underwriting process: age; sex; physical condition; personal health history; family health history; financial ...
Have a question or comment?
We're here to help.