Member Month refers to the period of time during which an insurance policyholder's membership dues are paid. This term is typically used in relation to group health insurance plans, as it allows the insurer to determine the amount of the policyholder's monthly premium. How long is term life insurance? Term life insurance is one type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. If the policyholder dies during the term of the policy, the beneficiaries will receive a death benefit. If the policyholder does not die during the term of the policy, the policy will simply expire and the policyholder will not receive any death benefit.
What is another term used to refer to the policyholder? The "policyholder" is the person or entity who owns the insurance policy. The policyholder is the one who pays the premiums and is the named insured on the policy. The policyholder is also the one who is entitled to receive the benefits of the policy, such as the death benefit or the cash value of the policy. What does member is termed mean? A member is termed means that their membership in the organization has come to an end. This could be for a number of reasons, such as reaching the end of their term of office, resigning, or being removed from their position. What does cob stand for in medical insurance terms? COB stands for "coordination of benefits." This term is used to describe how medical insurance benefits are coordinated when an individual has coverage through more than one plan. For example, if an individual has health insurance through both their employer and their spouse's employer, coordination of benefits would determine which plan is the primary payer and which plan would provide secondary coverage. What happens when term life insurance expires? When a term life insurance policy expires, the coverage ends and the insured is no longer protected. The insured may be able to renew the policy for another term, but will likely have to undergo medical underwriting again. If the insured is still healthy, they may be able to obtain coverage at a lower premium than the original policy. If the insured is no longer healthy, they may not be able to obtain coverage at all.