Cash value which is transferred from one life insurance policy to...
Insurance Glossary
A good way to save money on insurance-or anything, for that matter-is to close the information gap between you and the experts. We're not suggesting you get your broker's license before you buy an insurance policy, but it's wise to get to know the essential words and phrases of the trade.
Below you'll find some key terms, which are organized by insurance type.
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Life insurance benefits made available to policyholders before...
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Also called "Double Indemnity," accidental death benefit is a life...
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A method of loss reimbursement for damage caused by an item...
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Highly trained insurance professionals who evaluate claims risk...
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The extent to which the value of property, possessions, securities...
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A life insurance plan that allows you to vary your coverage based...
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A type of life insurance policy that...
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A person hired by an insurance company to...
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Any insurance company licensed and authorized to sell insurance in...
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An insurance company representative who helps individuals,...
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A type of insurance policy that covers claims from any peril...
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Evolved from the AMBAC Insurance Corporation in 1985, the American...
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Also known as the "net amount at risk" or NAR, this term refers to...
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The person who receives the benefits of an annuity or pension....
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To begin pulling income from an annuity.
When it's time to...
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An insurance-like, financial contract that guarantees a series of...
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A survey that helps determine a property's insurable value or the...
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An expert trained to accurately evaluate the worth of certain...
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Material or monetary resources owned by an individual or...
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Insurance pools available nationwide which provide auto insurance...
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A situation that presents a high likelihood of loss.
If you...
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Requests for monetary compensation filed by auto insurance...
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A term which refers to a list of assets,...
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Covers physical injury and death caused others by the driver...
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Financial security designed to protect everyone on the road—...
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The coordination of health and medical...
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A tax-sheltered savings account that's part of a permanent life...
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Damage or loss resulting from an accident...
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A type of insurance coverage that...
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An amount specified by your insurance...
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Pays for physical damage to the insured person's car when it...
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Insurance designed to protect businesses...
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An insurance company which either...
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Pays for automobile damage resulting from anything but collision...
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A prearranged, specific amount of money a policyholder pays for...
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Usually related to life insurance, cost indices reveal the true...
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The geographical area in which you may...
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The amount of money your beneficiaries...
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The part of a property or liability policy that lists personal...
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The amount of money an insured person must pay out of pocket...
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The amount of risk you assume when opting for certain policy...
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The process of coordinating and managing...
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Premium refunds given policyholders by...
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Provides protection from shaking and cracking that can destroy...
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Provisions addressed in an insurance policy that eliminate or...
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The percentage of insurance premiums used...
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Insures movable property, covering losses wherever they occur....
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Protects against damage due to flooding in a disaster.
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Protects the assets of a person or...
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The period of time following an...
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Life insurance policies with fixed and invariable premiums, cash...
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Pays the full cost of replacing or repairing a damaged or...
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A tax-advantaged medical savings account which accumulates funds...
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Compensation that offsets a casualty or...
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An insurance salesperson who works...
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Additional income, or profit, that...
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Auto insurance that pays for bodily injury (BI) or property damage...
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Home insurance protection that guards homeowners and members of...
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The practice of reducing an insurer...
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A health care system which attempts to enhance the quality and...
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Sometimes called "MedPay," medical payments coverage...
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An index which calculates the difference between the costs paid by...
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Auto insurance provision, instituted state by state, that allows...
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Insurance contracts that pay the policyholder dividends over time...
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A specific risk or cause of loss covered by an insurance policy....
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Refers to property and casualty...
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Covers medical expenses, lost wages and other damages that result...
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A type of health insurance policy that offers participants the...
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A managed-care insurance plan that provides medical services to...
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The amount charged by an insurance company, usually either...
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The difference between what you pay for a life insurance policy...
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Often mandatory, a type of liability insurance that pays for harm...
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A set charge pledged by an insurance company for insuring someone...
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Insurance purchased by an insurer on...
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Keeping an active insurance policy in place by meeting the terms...
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Insurance that covers the insured's dwelling or damaged personal...
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The funds or assets an insurance company...
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A form attached to an insurance policy that alters the policy's...
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The process businesses go through that...
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A list of items "scheduled" or covered under a home insurance...
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A place you can sell life insurance...
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The financial stability of an insurance...
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A category of auto insurance made up of...
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A type of specialized self-insurance that...
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The practice by an insurance company of...
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The financial cushion an insurance...
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A method of comparing the costs of cash value life insurance that...
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Insurance protection that lasts a...
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An extra layer of coverage purchased as...
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Covers you when you're involved in an accident with another driver...
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A type of insurance policy that protects...
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A life insurance policy designed to...
