Insurance Definitions

Bonding in Insurance

Bonding in Insurance

Bonding is a method of protecting the government, individuals or companies against loss through the dishonesty of others or the failure of others to fulfill certain contracts or obligations. Such bonds are issued by surety companies and insurance companies. Types of bonds include fidelity bonds, surety bonds, bail bonds, and…

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Blue Cross and Blue Shield

Blue Cross and Blue Shield

Blue Cross and Blue Shield are the names and symbols used by a number of local, nonprofit organizations in the United States that finance health care insurance coverage. These organizations are called Blue Cross and Blue Shield plans. People who subscribe to a Blue Cross and Blue Shield plan make…

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National Consumers League

National Consumers League

National Consumers League is an organization founded in 1899 to develop a sense of responsibility for the promotion of safety, health, and economic welfare of consumers and workers. The league worked for child labor laws, the elimination of sweatshops, the 8-hour day for women, social insurance, and national health insurance…

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Flexible Spending Account

Flexible Spending Account

Flexible spending account, sometimes called an FSA, is a special savings account that can be used to pay medical bills and other health-related expenses. Many companies that provide health insurance for employees also offer FSA’s. Employees can use FSA funds for most health expenses not paid for by insurance. Such…

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Foresters, Independent Order of

Foresters, Independent Order of

Foresters, Independent Order of, is a fraternal benefit society that sells life insurance and other financial products to its members. Other benefits include competitive scholarships, medical assistance, and disaster relief. The organization also sponsors social activities, such as bowling leagues and golf tournaments. Members live in the United States, Canada,…

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Patient Protection and Affordable Care Act

Patient Protection and Affordable Care Act

Patient Protection and Affordable Care Act is a major health insurance reform law that was passed by the United States Congress in 2010. The law seeks to improve Americans’ health coverage by expanding access to public health plans, by requiring individuals to purchase private insurance, and by reforming various practices…

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Medicare

Medicare

Medicare is a United States government health insurance program that covers nearly all people age 65 or older. It also covers certain people with kidney disease and people who have received Social Security disability benefits or Railroad Retirement Board disability benefits for a minimum of two years. Medicare is managed…

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