What type of policy pays benefits to policyholder covered under a hospital expense policy?
Asked by: Leonor Thiel | Last update: February 11, 2022Score: 4.5/5 (12 votes)
Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? When benefits are paid to a policyowner covered under a Hospital Expense policy, the policy is known as reimbursement.
What does the hospitalization expense portion cover?
The hospitalization expense of a Basic Medical Expense policy pays for hospital room and board. The provision in a Major Medical policy that requires the insurance company pay only part of a loss and the insured to pay the balance is known as coinsurance.
Which of the following is the reimbursement of benefits for the treatment of a beneficiaries?
Which of the following is the reimbursement of benefits for the treatment of a beneficiary's injuries caused by a third party? "Subrogation". Subrogation is the right for an insurer to pursue a third party that caused an insurance loss to the insured.
How are benefit payments from individually owned medical expense policies?
How are benefit payments from individually-owned medical expense policies treated for tax purposes? Benefit payments from an individually-owned medical expense policy are exempt from income taxation. COBRA is a Federal law and cannot be altered by any state jurisdiction.
Which of the following types of policies pays a benefit if the insured goes blind?
Accidental Death and Dismemberment Insurance. Also known as AD&D, this type of insurance pays out if the insured dies, becomes blind or is dismembered (loses a limb) in a covered accident.
What Is Benefits Of Having A Health Insurance Policy ? Empire Insurance Law
What kind of life policy either pays the face?
Endowment insurance provides for the payment of the face amount to your beneficiary if death occurs within a specific period of time such as twenty years, or, if at the end of the specific period you are still alive, for the payment of the face amount to you.
In what part of an insurance policy are policy benefits found?
Policy benefits can be found in the policy brochure or the policy wordings. The policy brochure will have all the benefits listed in short and the policy wordings will 13 answers · 0 votes: A broad description of the benefits is found in the section that is generically called the (7)…
What is a Section 125 benefit plan?
A cafeteria plan, also known as a section 125 plan, is a written plan that offers employees a choice between receiving their compensation in cash or as part of an employee benefit. ... Employer contributions toward an employee's cafeteria-plan benefits are not taxed.
Can a C Corp pay health insurance premiums for owners only?
C corporation health insurance deductions can be taken for health plan premiums paid for shareholders, employees, and their families, no matter how large or small the corporation may be.
Which of the following types of organizations are prepaid group health?
A Health Maintenance Organization (HMO) is a prepaid group health plan, where members pay in advance for the services of participating physicians and hospitals that have agreements.
Under which of the following circumstances will the benefit under Cobra?
Under which of the following circumstances will the benefits under COBRA continuation coverage end? One of the disqualifying events that can result in the termination of continuing coverage under COBRA is when the employer terminates all group health plans.
When an insurance company sends a policy to the insured with an attached application the element?
When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called the? Entire Contract provision. An insured must notify an insurer of a medical claim within how many days after an accident? 20.
Which of the following reimburses its insured for covered medical expenses?
Which of the following organizations reimburses its insureds for covered medical expenses? Health maintenance organizations. Blue Cross/Blue Shield. ... MSAs are also designed to cover routine medical expenses; they are not meant to provide catastrophic coverage.
Which of the following services is not covered under a hospitalization expense policy?
Which of the following services is NOT covered under a hospitalization expense policy? Surgeon's fees. (While an insured is hospitalized, the hospitalization expense coverage includes benefits for the cost of all of these services EXCEPT a surgeon's fees.) S wants to open a tax-exempt Health Savings Account.
What policies provide medical expense coverage for specific kinds of illnesses?
What type of policy would only provide coverage for specific types of illnesses (cancer, stroke, etc)? Dread Disease insurance. Dread disease insurance provides benefits for ONLY specific types of illness such as cancer or stroke.
What is a medical expense policy?
Basic Medical Expense policies offer coverage for standard hospital, surgical, and physician expenses. ... Major Medical Expense policies are for covering expenses that take over when the limits of a basic insurance plan have been exhausted. This typically involves more catastrophic situations over basic injury or illness.
Can a C Corp pay health insurance premiums for owners 2019?
C Corporations
The C Corporation, regardless of size, can deduct the premiums paid for health insurance for the owner, spouse and children. They do have one additional benefit.
Can a small business owner deduct health insurance premiums?
Like larger companies, small businesses are typically able to deduct some of their health insurance-related expenses from their federal business taxes. Expenses that might qualify for these deductions may include: Monthly premiums.
Is S-corp shareholder health insurance subject to FUTA?
The health insurance premiums paid on behalf of more-than-2% S corporation shareholder-employees are deductible and reportable by the S corporation as wages, the payments are included in the shareholder's wages for income tax purposes, and the benefits are not subject to Social Security or Medicare (FICA) or ...
What is erisa status?
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.
What is 403b plan?
A 403(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations and certain ministers. A 403(b) plan allows employees to contribute some of their salary to the plan.
What are employee fringe benefits?
Consequently, a “fringe benefit” is to be understood as a benefit that an employee receives, but which does not form part of the employee's primary remuneration package (i.e. an employee's salary cash value).
Which provision of a life insurance policy states the insurers duty to pay benefits upon the death of the insured and to whom the benefits will be paid?
he insurer's obligation to pay a death benefit upon an approved death claim While a life policy is in force, the insuring clause states the insurer's obligation is to pay the death benefit to the beneficiary when a death claim is approved.
Which type of rider will waive the premium on a child's life insurance policy if the parent paying?
Payor Benefit Rider A rider may be added to the policy of a juvenile stating that if the payor (the one paying the premium) dies or becomes totally disabled prior to the juvenile's reaching majority, the subsequent premiums due are automatically waived.
How are premiums paid by the insured for personally owned disability income insurance?
how are premiums paid by the insured for personally owned disability income insurance treated for tax purposes? premiums paid for personal disability income insurance are NOT tax-deductible by the individual insured, but the disability benefits are tax-free to the recipient.