Triple Option Plan
Plan that permits the insurance company to administer health care plans that permit the patient to choose from three benefit options at the time of need: indemnity (insurance), HEALTH MAINTENANCE ORGANIZATION (HMO), and PREFERRED PROVIDER organization (PPO). The indemnity plan, even though more costly, would provide the patient with the greatest number of choices among physicians and hospitals. The PPO would allow the patient to have more choices among physicians and hospitals than the HMO and would not require the patient to go through the primary care physician or gatekeeper, as the HMO requires. The HMO would be the lowest cost option (no deductible) but the most restrictive as to the patient's choice.
Popular Insurance Terms
Organization formed to encourage research in insurance and to foster an exchange of ideas and research methodology among the society members. ...
Failure of an insurance company to offer similar insurance coverages at comparable premium rates to all individuals or groups with the same underwriting characteristics. Such discriminatory ...
Set of yield curves in which an interest rate is specified for various maturities such as monthly, quarterly, or annually. The basis of the interest rate can be corporate bond rates, United ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Transit over land. ...
Federal legislation requiring employers with traditional health plans to also provide an HMO to its employees. The act also makes it mandatory for employers to contribute as much to the HMO ...
owner of property has an insurable interest because of the expectation of monetary loss if that property is damaged or destroyed. creditor of an insured has an insurable interest in ...
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