LOMA 281 Module 2 Lesson 4 Study Questions and Correct Answers
5 views 0 purchase
Course
LOMA 281
Institution
LOMA 281
Medical expense coverage A type of health insurance coverage that provides benefits to pay for the treatment of an insured's illnesses and injuries.
Long-term care (LTC) coverage Health insurance that provides benefits for medical and other services to insureds who need care for an extended period...
LOMA 281 Module 2 Lesson 4 Study
Questions and Correct Answers
Medical expense coverage ✅A type of health insurance coverage that provides
benefits to pay for the treatment of an insured's illnesses and injuries.
Long-term care (LTC) coverage ✅Health insurance that provides benefits for medical
and other services to insureds who need care for an extended period in their own
homes or in a qualified facility.
Disability income coverage ✅Health insurance coverage that provides income
replacement benefits to an insured who is unable to work because of sickness or injury.
Major medical coverage ✅Medical expense insurance coverage that provides
substantial benefits for (1) basic hospital, surgical, and physician expenses, (2)
additional medical services related to illness or injuries, and (3) preventive care. Most
common type.
Exclusions of medical expense coverage ✅Cosmetic surgery (other than required
corrective surgery), Illness or injury during military service or acts of war,
Intentionally self-inflicted injuries, Routine dental treatments, eye exams, and corrective
lenses
Coinsurance ✅An expense participation requirement imposed by many medical
expense plans; the requirement generally is a specified percentage of all allowable
expenses that remain after the insured has paid the deductible and that must be paid by
the insured.
Maximum out-of-pocket provision ✅A major medical expense insurance policy
provision which states that the policy will cover 100 percent of allowable medical
expenses after the insured has paid a specified amount out of pocket to satisfy
deductible and coinsurance requirements. Also known as stop-loss provision.
Affordable Care Act (ACA) ✅In the U.S., a law that requires insurance companies to
accept all applicants for medical expense coverage and restricts insurers from basing
premium rates on preexisting conditions.
Dread disease coverage ✅Supplemental medical expense insurance coverage that
provides benefits in a lump-sum or installments for medical expenses incurred by the
insured who has contracted a specified disease. Also known as critical illness (CI)
coverage.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller twishfrancis. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
