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FACT: The MacArthur Amendment explicitly maintains protections for pre-existing conditions. NO STATE, under ANY circumstances, may ever obtain a waiver for guaranteed issue of coverage, guaranteed renewability of coverage, or the prohibition on denying coverage due to pre-existing conditions. The amendment specifically clarifies that its provisions cannot be construed as allowing insurers to limit coverage for those with pre-existing conditions. All of these protections will remain the law.
Transacted: A sale has transpired when a contract is signed by both parties. From a salesperson’s perspective, the fulfillment of the contract is the responsibility of other parts of the organization, and the salesperson can now focus on the next opportunity. In the case of early-stage start-ups, however, frequently the person that sells is also involved in fulfilling the contract. A signed contract can be booked as revenue from an accounting perspective.
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