Guaranteed amount available to the insured on surrender of a life insurance policy based on a table of guaranteed values scaled to the number of years in which the policy is in force.

Specific period (3 to 6 months) in which patients who are insured in prepaid health plans are eligible for Medicaid regardless of their actual eligibility for Medicaid. A state may apply to the Centers for Medicare and Medicaid Services (CMS) for a waiver to have this put into its contracts.

Life insurance policy amendment that allows the policyholder to buy additional insurance of the same type as that provided in the original policy. The amount is specified in the policy and may be purchased at specific premium rates and at certain times without new evidence of insurability. Also called policy purchase rider .

Mechanism of funding for a retirement plan in which an insurance company accepts a single deposit from a sponsor of the plan for a certain time period and retains the deposit at a specific interest rate. At the end of the time period the deposited funds, with interest, are returned to the plan sponsor who may reinvest the plan assets with the insurance company or another party. Also called guaranteed income contract or guaranteed interest contract .

1. Provision in an employer’s health plan that acceptance and coverage be offered to any employee of the company. 2. Legal requirement that an insurance company accept all individuals who apply for coverage. 3. Insurance coverage offered on a one-time basis that does not require that the individual give evidence of insurability. In some plans, it guarantees renewal of the coverage as long as the applicant pays the premium.

Rights an individual has in certain situations when insurance companies are required by law to sell or offer a Medigap policy. In such situations, an insurance company cannot deny insurance coverage or place conditions on a policy but must cover the individual for all preexisting conditions and cannot charge more for a policy because of past or present health problems. Also called Medigap protections .