Consolidated Omnibus Budget Reconciliation Act (COBRA) at Legal Glossary

What is it? A federal law requiring that employers offer employees -- and their spouses and dependents -- continuing insurance coverage if their work hours are cut or they lose their job for any reason other than gross misconduct. Courts are still in the process of determining the meaning of gross misconduct, but its clearly more serious than poor performance or judgment. COBRA also makes an ex-spouse and children eligible to receive group rate health insurance provided by the other ex-spouses employer for three years following a divorce.

Law Definition Added By: Alyssa

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Other Similar Legal Terms:

Law Terms POD is See pay-on-death designation.

Law Terms infraction is A minor violation of the law that is punishable only by a fine--for example, a traffic or parking ticket. Not all vehicle-related violations are infractions, however--refusing to identify oneself when involved in an accident is a misdemeanor in some states.

Law Terms secured debt is A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

Law Terms pot trust is A trust for children in which the trustee decides how to spend money on each child, taking money out of the trust to meet each childs specific needs. One important advantage of a pot trust over separate trusts is that it allows the trustee to provide for one childs unforeseen need, such as a medical emergency. But a pot trust can also make the trustees life difficult by requiring choices about disbursing funds to the various children. A pot trust ends when the youngest child reaches a certain age, usually 18 or 21.

Law Terms jus naturale is Latin for natural law. This is a system of legal principles ostensibly derived from universal divine truths.