Terminology
Below are a few commonly used "insurance" terms.  We hope that providing a brief definition will aide our website visitors to
better understand these terms.

  • Group Health - Coverage offered to an employer group of 2 or more employees. Coverage would be offered based on
    a minimum contribution by the employer and a percentage of participation by the employees actively employed 30 or
    more hours a week. This coverage is guaranteed to be issued but may have a “rate up” based on group underwriting.

  • Individual Health - Coverage offered to individuals or families that need coverage outside of a group employer. This
    coverage requires underwriting and is not “guaranteed” to be issued. Final approval is based on underwriting of medical
    history, age, height, weight and gender.

  • Indemnity Plan - Indemnity plan benefits are paid on a schedule of benefits and not on a percentage. Scheduled
    benefits means that each procedure has a specific benefit amount associated with it. Indemnity plans usually don’t have
    a lifetime limit of benefits but instead a limit on the schedule of benefits.

  • Cobra - Cobra is the opportunity for you to continue coverage that you may have had through a group employer for a
    period of 18 to 36 months, depending on the “event” that qualifies you to have the Cobra eligibility.

  • Major Medical Insurance - Health Insurance providing benefits up to a high limit for most types of medical expenses
    incurred, subject to a deductible.

  • Supplemental Products - Products in addition to major medical insurance such as cafeteria plans, cancer coverage,
    accident coverage, disability coverage, etc.