Insurance
Protecting what you've built.
Insurance is how you keep one bad day from undoing years of work. These terms make premiums, deductibles, and coverage types clear so you can protect your income and your family without overpaying.
All Insurance terms(46)
- Actual Cash ValueA claim payout method that reimburses what an item is worth today, after subtracting for age and wear.
- ActuaryA specialist who uses statistics to estimate risk and help set insurance prices.
- Auto InsuranceCoverage for your vehicle that can pay for accidents, theft, and damage you cause to others while driving.
- Balance BillingWhen an out-of-network provider bills you for the gap between their charge and what your insurer paid.
- Cash ValueThe savings portion of a permanent life policy that grows over time and can be borrowed against or withdrawn.
- ClaimA formal request you file with your insurer to be paid for a covered loss or medical expense.
- COBRAA law that lets you keep your employer health plan for a limited time after leaving a job, usually at full cost.
- CoinsuranceThe share of a covered cost you pay as a percentage after meeting your deductible, with insurance covering the rest.
- Collision CoverageAuto insurance that pays to repair or replace your car after a crash, regardless of who was at fault.
- Comprehensive CoverageAuto insurance that pays for damage to your car from non-collision events like theft, fire, hail, or falling objects.
- CopayA fixed dollar amount you pay for a specific service, like a doctor visit, at the time you receive it.
- Coverage LimitThe most an insurance policy will pay for a covered loss, above which you cover the rest yourself.
- Death BenefitThe lump sum an insurer pays your beneficiaries when you die, as named in your life insurance policy.
- DeductibleThe amount you pay out of pocket for covered costs before your insurance starts chipping in.
- DepreciationThe loss in an item's value over time due to age and use, which insurers factor into some claim payouts.
- Disability InsuranceCoverage that replaces part of your income if an injury or illness keeps you from working.
- Dwelling CoverageThe part of a home policy that pays to repair or rebuild the physical structure of your house after covered damage.
- Elimination PeriodThe waiting time between when a disability begins and when your benefit payments actually start.
- ExclusionA situation or item a policy specifically does not cover, spelled out so you know where your protection stops.
- Explanation of BenefitsA statement from your insurer showing what a service cost, what they paid, and what you may owe, though it is not a bill.
- HMOA health plan that keeps costs lower by requiring you to use a set network of providers and get referrals for specialists.
- Homeowners InsuranceCoverage that protects your house and belongings against damage and covers you if someone is hurt on your property.
- HSA-Eligible PlanA high-deductible health plan that lets you pair it with a tax-advantaged health savings account.
- In-NetworkProviders who have a contract with your insurer, meaning you pay less when you use them.
- Insurance AdjusterThe insurance professional who investigates a claim and decides how much the insurer will pay.
- Liability CoverageInsurance that pays for injuries or property damage you cause to others and helps cover legal costs.
- Long-Term Care InsuranceCoverage that helps pay for extended care like nursing homes or in-home help when you can no longer care for yourself.
- Long-Term DisabilityInsurance that replaces part of your income for years or until retirement if you cannot work due to a lasting condition.
- NetworkThe group of doctors, hospitals, and providers an insurer contracts with to offer care at negotiated rates.
- Open EnrollmentThe yearly window when you can sign up for or change your health insurance without needing a special reason.
- Out-of-NetworkProviders without a contract with your insurer, which usually means higher costs or no coverage at all.
- Out-of-Pocket MaximumThe most you will pay for covered care in a year, after which insurance covers eligible costs fully.
- PolicyThe written contract between you and an insurer that spells out what is covered, for how much, and under what terms.
- PPOA health plan that lets you see any provider and skip referrals, with lower costs when you stay in network.
- PremiumThe regular payment you make to keep an insurance policy active, usually billed monthly, quarterly, or yearly.
- Primary Care PhysicianThe main doctor who manages your everyday health care and, in some plans, refers you to specialists.
- Renters InsuranceAffordable coverage that protects a tenant's belongings and provides liability protection inside a rented home.
- Replacement CostA claim payout method that pays what it costs to buy a new equivalent item, without deducting for wear.
- RiderAn optional add-on to a policy that expands or customizes your coverage, usually for an extra cost.
- Risk PoolA large group of policyholders whose combined premiums cover the losses of the few who file claims.
- Short-Term DisabilityInsurance that replaces a portion of your income for a few weeks or months while you recover from illness or injury.
- Surrender ChargeA fee for pulling money out of a permanent life policy or annuity early, usually shrinking over time.
- Term Life InsuranceLife coverage that lasts a set number of years and pays a benefit only if you die during that term.
- Umbrella PolicyExtra liability coverage that kicks in when a claim exceeds the limits of your home or auto insurance.
- UnderwritingThe process an insurer uses to assess your risk and decide whether to cover you and at what price.
- Whole Life InsurancePermanent life coverage that lasts your entire life and builds a savings component known as cash value.