Insurance Glossary

Featured Insurance Term: Non-Participating Whole Life Insurance - A Whole Life insurance plan in which the terms are set at the beginning of the contract and cannot be adjusted afterward. A non-participating Whole Life plan does not pay dividends.

More Insurance Terms

A

• ABS - Anti-Lock Braking System. A...
• Absolute Assignment - Transferring rights and ownership...
• Accelerated Benefits - Also known as "Accelerated...
• Accident Forgiveness - An endorsement or rider...
• Accidental Death and Dismemberment - A form of life/disability...
• Actual Cash Value - The depreciated or "market-value"...
• Additional Living Expenses - ALE. A provision of...
• Adjustable Life Insurance - A life insurance policy...
• Adjuster - An employee or independent...
• All Perils - Also known as "Open...
• Anti-Theft Device - Any device or system...
• Appraisal - An evaluation of the...
• At-Fault Party - In an auto accident,...

B

• Beneficiary - The person, estate, charity,...
• Binder - A policy contract that...
• Blanket Coverage - A "blanket" provides coverage...
• Bodily Injury Liability - Covers the at-fault insured...
• Builders Risk Insurance - A supplemental insurance that...

C

• Cash Surrender Value - Also known as "Cash...
• Cash Value - A permanent life insurance...
• Catastrophe - A natural "Act of...
• Certificate of Financial Responsibility - A document (SR-22, FR-44,...
• Claim - A request made by...
• CLUE Report - Comprehensive Loss Underwriting Exchange...
• COBRA - Consolidated Omnibus Budget Reconciliation...
• Coinsurance - Some types of health...
• Collateral Assignment - A temporary transfer of...
• Collision Coverage - Physical damage coverage to...
• Competitive Auto Repair Parts - When repairs are made...
• Comprehensive Coverage - The other part of...
• Compulsory Auto Insurance - By state law, the...
• Consumer Directed Health Care - A concept that includes...
• Contingent Beneficiary - Should the named beneficiary...
• Continuous Coverage - Maintaining coverage by renewing...
• Convertible Term Insurance - A term life insurance...
• Copayment - A relatively lesser fee...
• Covered Person - Any individual covered by...
• Credit Life Insurance - Coverage for borrowers, such...

D

• Death Benefit - Payment upon the death...
• Declarations Page - The page of an...
• Declined Risk Class - Those whose condition is...
• Decreasing Term Life Insurance - The death benefit of...
• Deductible - The pre-determined amount of...
• Defensive Driver Credit - Some auto insurance companies...
• Depreciation - The lessening value of...
• Diminution of Value - The loss of value...
• Disability - With health insurance, when...
• Disability Income Insurance - Coverage that pays a...
• Double Indemnity Benefit - Also known as "Accidental...
• Drive-Other-Car Endorsement - In addition to coverage...
• Driver Training Discount - Some States and companies...

E

• Earthquake Insurance - Provides coverage to a...
• Economic Loss - The total amount lost...
• Effective Date - Also known as "Inception...
• Emergency Road Service Coverage - Provides roadside assistance in...
• Endorsement - Also known as a...
• Endowment Insurance - A type of life...
• Excess and Surplus Lines - Specialty market companies that,...
• Exclusions - Terms under which insurance...
• Expiration Date - The date from which...
• Extended Replacement Cost Coverage - Supplements home replacement cost...

F

• Face Amount - The amount payable to...
• Fair Access to Insurance Requirement Plans - FAIR. Homeowners whose homes...
• Family Benefit Coverage - An optional supplement to...
• Fire and Allied Lines - Insurance that covers direct...
• Flood Insurance - Purchased separately from a...
• Floodplain - An area of land...
• Free Look - During the first 10-30...

G

• Gap Insurance - In the case of...
• Good Student Discount - A credit offered by...
• Group Life Insurance - Life insurance provided through...

H

• HIPAA - Health Insurance Portability and...
• HMO - Health Maintenance Organization. A...
• Home Health - Health care for a...
• Homeowners Insurance - Standard homeowners insurance is...

I

• Increasing Term Life Insurance - Over the life of...
• Indemnity - The restoration of an...
• Indemnity Health Plan - A health insurance plan...
• Independent Practice Associations - Independent Practice Associations (IPAs)...
• Inflation Guard Clause - If this clause is...
• Insurable Interest - The insurance principle that...
• Insured - A person (or entity)...

L

• Lifetime Maximum Benefit - The pre-determined amount of...
• Long Term Care - A health plan usually...
• Loss of Use - Covers "Additional Living Expenses."...

M

• Managed Care - Refers to a variety...
• Maximum Dollar Limit - The specific amount outlined...
• Mechanical Breakdown Insurance - Type of auto insurance...
• Medicaid - Health care assistance funded...
• Medical Payments - Terms that refers to...
• Medicare - A federal government program...
• Medicare Supplement - Also known as "Medigap."...
• Motor Vehicle Record - MVR. Each licensed driver...
• Multi-Car Discount - A credit offered to...

N

• Named Perils - In a named peril...
• No-Fault - A type of auto...
• Non-Participating Whole Life Insurance - A Whole Life insurance...
• Noncancellable Health Insurance - Also know as a...

O

• Occupational Accident - An accident that occurs...
• Open-Ended HMO - This type of HMO...
• Ordinance or Law Coverage - An endorsement to a...
• Ordinary Life Insurance - Also called "Continuous Premium...
• Other Structures - When dealing with home...
• Out-of-Network Provider - A health care provider...

P

• Passive Restraint System - A system in the...
• Peril - Any event that results...
• Permanent Life Insurance - A type of life...
• Personal Liability Insurance - Coverage for legal defense...
• Personal Property - In a standard homeowners...
• PIP - Personal Injury Protection (PIP)...
• PPO - Preferred Provider Organizations. A...
• Pre-existing Condition - Group and individual health...
• Primary Care Provider - Within a managed care...
• Primary Use - The main purpose for...
• Property Damage Liability - Type of auto insurance...

R

• Rental Reimbursement - A type of auto...
• Replacement Cost - The cost required to...

S

• Schedule - An endorsement to property...
• Settlement Options - Refers to the choices...
• Spendthrift Trust Clause - A provision in a...
• Subrogation - The right of the...

T

• Term Life Insurance - Life insurance that expires...
• Title Insurance - Coverage that provides protection...
• Total Loss - A vehicle (or property)...

U

• Uninsured/Underinsured Motorists Coverage - A type of auto...
• Universal Life Insurance - A flexible, permanent, adjustable...

V

• Variable Life Insurance - Similar to Universal Life...
• VIN - Vehicle Identification Number. Every...

W

• Whole Life Insurance - A permanent life insurance...
• Workers Compensation - State law usually requires...