Accidental Death Insurance
Insurance that provides coverage in the event of death due to accidental injuries. The insured receives a sum specified by the contract. Usually used in combo with dismemberment insurance.
Certificates of Coverage
AKA Certificate of Insurance. Serves as proof of insurance. Outlines benefits. Outlines provisions.
Claim
Written request by an insured party for their insurance company to pay for an incurred loss.
Collision Coverage
The part of an automobile insurance policy that covers damage to a vehicle caused by an impact with another vehicle.
Comprehensive Coverage
The part of an automobile insurance policy that covers damage to a vehicle caused by miscellaneous hazards other than collision.
Convertible Term Insurance
Term life insurance coverage that can be converted into permanent life insurance upon the policy's expiration. The insured generally cannot be denied permanent coverage or charged an additional premium because of health problems.
Copayment
Partial payment of medical costs that individual participants may be required to make based on their health insurance policy.
Covered Expenses
Medically-related expenses. Such as surgery, medicines, hospitalization, ambulance service, and X-rays.
Deductible
Amount that must be paid out of pocket by the insured for covered losses.
Disability Insurance
AKA Disability Income Insurance. Provides income benefits to the insured if they become ill or can no longer work.
Dismemberment Insurance
Provides payment when the insured loses a limb or the sight in their eyes.
Flood Insurance
Insurance that provides coverage for losses resulting from a flood. Not included in a standard homeowners policy. Depending on the community where you live, you may be eligible to have federal flood insurance through The National Flood Insurance Act.
Group Insurance
Covers a group of people who are affiliated in some way.
Individual Policy
Insurance policy that provides coverage for an individual person as opposed to a group policy.
Hazard
Circumstances that increases the likelihood or probable severity of a loss.
Liability insurance
Coverage for sums due to bodily injuries or property damage or financial losses caused to other people.
Life Insurance
Legal contract between an insurance company and the insured to provide protection against adverse financial consequences at the death of the owner in the form of payment to a beneficiary.
Long-Term Care Insurance
Pays benefits if the insured needs long-term medical care in a location other than a traditional hospital.
Mobile Home Insurance
Coverage similar to a homeowners insurance policy. Covers property and liability.
Personal Liability Insurance
Covers financial losses you suffer when you accidentally cause damages to others or their property.
Premium
Payment required to maintain an insurance policy.
Renters Insurance
Insurance for tenants. Typically consisting of two components: liability and personal property coverage.
Self-Insurance
Protects against loss by assigning a sum of your own money instead of using a conventional insurance policy.
Term Life Insurance
A form of life insurance which provides coverage for a specific time period. Does not build in cash value.
Universal Life Insurance
Permanent cash value life insurance that provides life insurance protection and a savings component with a guaranteed minimum rate of return. Insured receives additional return when the insurance company's investments make gains. Insured may adjust both your premium payments and the amount of your insurance coverage.
Underwriting
Process insurance companies uses to calculate the risk of insuring an applicant and an appropriate life insurance premium.
Vision Care Insurance
Providing for expenses relating to regular eye care. |
