Medigap Insurance (Medicare Supplementary Insurance)
Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of payment for medical expenses incurred but excluded by Medicare's deductibles, by limitations on approval medical charges, by limitations on length and type of care in nursing facilities, and by limitations imposed by various cost-sharing requirements. Most of these policies pay substantially less than 100% of the expenses not covered under Medicare. Insurance companies that sell Medigap policies are required by law to have an open enrollment period of six months for those individuals who first enroll in Medicare Part B at age 65 or older. Insurance companies can, however, exclude preexisting conditions from the data of initial coverage, but for no more than six months. Insurance companies are restricted by the National Association of Insurance Commissioners to the selling of 10 standard Medigap insurance policies. Each policy is mandated to provide a basic amount of benefits.
Popular Insurance Terms
Value of benefit or contribution allocated to an employee under a pension plan; method of determining benefits due a retired employee. Each private pension plan establishes rules for ...
cost of annuity based on expectation of life of the annuitant and the expense and profit loadings of the insurance company. ...
Arrangement, often funded by life insurance, to continue an employee's salary in the form of payments to a beneficiary for a certain period after the employee's death. The employer itself ...
Formula for a given line of insurance used by property and casualty insurance companies to compare losses and loss adjustment expense with premiums. This shows the amount of each premium ...
Amount that the owner of a life insurance policy can borrow at interest from the insurer, up to the cash surrender value. If interest is not paid when due, it is deducted from any remaining ...
Agent with the authority from an insurance company to prepare and to place into business an insurance policy. ...
Expense of recovering property by a salvor. Salvage charges are not provided for in insurance contracts. If the owner and the salvor cannot agree on salvage charges, a court makes a ...
Same as term Calendar Year Experience: paid loss experience for the period of time from January 1 to December 31 of a specified year (not necessarily the current year). ...
Deliberate act or omission. These torts include trespass an individual enters property owned or in the possession of another without permission; conversion an individual exerts control and ...
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