LIMITED BENEFIT PLANS

Card Set Information

Author:
sirinvictus
ID:
305482
Filename:
LIMITED BENEFIT PLANS
Updated:
2015-07-21 11:45:24
Tags:
Benefit Plans
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Description:
Limited Benefit Plans
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  1. Limited Benefit Plans
    Provide limited Benefits for 

    • Accidental Injuries
    • A specific Disease

    Minimum Standards DO NOT apply to limited benefit policies
  2. Accidental Death and Dismemberment
    • Limited coverage policy 
    • Only pays in the even of loss by an accident
    • Can be sold as "stand alone" bust are usually added to other policies as a rider
  3. Accidental Death and Dismemberment Cont..
    Two Types 

    Principal Sum: Lump Sum Payment

    • Death must occur within 90 days of the accident
    • Lost of two(2) "primary parts" arm, leg, hand, or foot
    • Loss of Speech
    • Loss of Eyesight
    • Loss of Hearing

    Capital Sum: lump sum payment

    • Loss of 1 primanry part
    • Loss of hearing in one ear
    • Loss of sight in one eye
    • Usually hald the amount of the principal sum
  4. Exclusions
    • suicide
    • sickness
    • self-inflicted injuries
    • criminal activities
  5. Taxation
    TAX FREE
  6. Blanket Accidental Death & Dismemberment
    • Provides a single amount of insurance on a group of people
    • Does not list the names of the insureds

    ex: SUMMER CAMPS
  7. Specific Disease (aka Critical Illness Insurance)
    Limited coverage that pays only for specifically named diseases such as a cancer or heart. 

    Exclusions: EVERYTHING ELSE
  8. Hospital Confinement Indemnity Coverage
    "Hospital Income"

    Pays specific daily benefit amount while the insured is confined to the hospital.

    • Benefits paid on a daily benefit amount 
    • Paid directly to the insured 
    • Benefits are in addition to the medical expense insurance coverage
    • Office visits would not be covered

    • Coverage does not replace medical expense insurance. 
    • Helps pay for the deductible, coinsurance or other out-of-pocket expenses such as meals, hotel, and other travel expenses

    Does not have a Deductible

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