Financial Services _Çô Client Services RFC121 Lecture Notes - Life Insurance
Major Provisions in a Health Insurance Policy
▪ Eligibility
▪ age, marital status & dependency requirements
▪ Assigned Benefits
▪ Internal Limits
▪ Co-Payment
▪ the amount the patient pays after deductible
▪ Exclusions & Limitations
▪ Co-ordination of Benefits
▪ Guaranteed Renewable
▪ Cancellation and Termination
Health Insurance Trade-offs
▪ Reimbursement vs. Indemnity
▪ reimbursement policy provides benefits based on actual expenses
your incur
▪ indemnity policy provides specified benefits
▪ Internal Limits vs. Aggregate Limits
▪ internal limits specifies maximum benefits for specific expenses
▪ aggregate policies limit total amount of coverage
▪ Deductible and Co-Insurance
▪ affects cost of policy
▪ Out-of-Pocket Limit
Summary of Learning Objectives
▪ Define life insurance and describe its purpose and principle.
▪ Contract between life insurance company and policyholder under
which the company agrees to pay a specified sum to the beneficiary
upon the insured’s death
▪ Purchased to protect someone who depends on them from the
financial loss caused by their death
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