lifetime cap

(redirected from Lifetime Caps)

Lifetime Cap

The maximum interest rate on an adjustable rate loan that may be charged over the total repayment period. For example, a loan may be made at 5% with a 7% lifetime cap, meaning the interest rate cannot rise above 7%.

lifetime cap

See life-of-loan cap.

References in periodicals archive ?
Regulations on health insurance, limiting insurers' ability to impose lifetime caps on coverage or exclude customers who have pre-existing illnesses, will remain.
Lifetime caps on coverage are banned, and individuals are no longer denied coverage because of pre-existing conditions and are not discriminated against on their premiums based on gender.
It does expand insurance coverage and eliminate lifetime caps, as well as promise payment for moving those uninsured into private insurance programs.
Some of these provisions include prohibiting insurance careers from rejecting coverage due to pre-existing conditions, requiting inclusion of women's preventive services in new coverage, eliminating lifetime caps, expanding coverage to young adults 26 and under on their parents' plans, and establishing the 80/20 role--no more than 20 percent of your premium dollars can be spent on administration.
Insurance companies can no longer place lifetime caps on coverage or withdraw coverage because of a simple mistake on their application form.
This decision protects important improvements, such as ending coverage denials due to preexisting conditions and lifetime caps on insurance and allowing the 2.
Similarly, the lifetime caps on coverage are gone, ensuring that people who need extensive medical care have full coverage.
For years, Americans with lifetime caps imposed on their health insurance benefits have had to live with the fear that if an illness or accident happened, they could max out their health coverage when they needed it most," Sebelius said.
Not subjected to federal law restricting annual or lifetime caps
Consumers will not be at risk of losing benefits due to costly treatments; lifetime caps on insurance coverage are banned; annual caps on coverage are restricted.
No Lifetime Limits on Coverage: Prohibits all health plans from placing lifetime caps on coverage.
Ford told NCR that for people in the disability community, key health care market reform provisions in the currently approved House and Senate bills are those that prohibit annual or lifetime caps on coverage and prevent insurers from discriminating against people with preexisting conditions.