Key Concepts
Annually Renewable Term - (ART) Provides coverage for one year and allows the policyowner to renew coverage each year without evidence of insurability.
Blanket Life Insurance - Covers a number of individuals who are exposed to the same hazards, such as members of an athletic team.
Enrollment Period - Period during which new employees can sign up for coverage under a group insurance plan.
Experience Rating - Review of the previous year's claims experience for a group insurance contract in order to establish premiums for the next period.
Group Ordinary - Insurance that provides coverage for a group of persons, usually employees of a company, under one master contract.
Master Policy - Issued to the employer under a group plan; contains all the insuring clauses defining employee benefits.
Multiple Employer Trusts - (MET) Several small groups of individuals that need life and health insurance but do not qualify for true group insurance band together under state trust laws to purchase insurance at a more favorable rate.
Multiple Employer Welfare Arrangements - (MEWA) An employee welfare benefit plan or other arrangement that is established or maintained to provide one or more of various insurance benefits (including health insurance) to the employees of two or more employers. Similar to a MET with the exception that in a MEWA, a number of employers pool their risks and self-insure.
Probationary Period - Specified number of days after an insurance policy's issue date during which coverage is not afforded for sickness.
Familiarize yourself with the Key Concepts in the Florida study manual, Unit 10.
