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Glossary of Insurance Terms

A

ACA Insurance

Accidental Bodily Injury

Actual Cash Value (ACV)

Actuary

Adjuster

Agent

All-Risk

Annuity

Assignment

At-Fault State

Auto Insurance

B

Behavioral Condition

Beneficiary

Benefit Schedule

Bilateral Condition

Bodily Injury (BI)

Body System

Broker

Business Insurance

C

Cash Surrender Value

Cash Value (CV)

Claim

Class Rating

Coinsurance

Collision

Comprehensive Coverage

Condo Insurance

Copayments

Commercial Insurance

Commission

Congenital Condition

Cost Sharing

Coverage

Crop Insurance

D

Death Benefit

Deductible

Dental Insurance

Depreciation

Directors and Officers Liability

Disability

Disability Income

Disaster Insurance

Discount

Domestic Insurer

E

Earthquake Insurance

Employers Liability

Employment Practices Liability Insurance (EPLI)

Endorsement

Endowment Policy

EPO (Exclusive Provider Organization)

Errors and Omissions Liability (E&O)

Event Cancellation Insurance

Excess Workers Compensation

Exchange

Exclusions

F

Face Amount

Farmowners Insurance

Federal Poverty Level (FPL)

Flood Insurance

Foreign Insurer

Free Look Period

G

GAP Insurance

General Liability

Grace Period

Gross Premium

Guaranteed Insurability

H

HDHP (High-Deductible Health Plan)

Health Insurance

Hereditary Condition

HMO (Health Maintenance Organization)

Homeowners Insurance

Hospital Indemnity Insurance

Hull Insurance

I

Identity Theft Insurance

Index Annuity

Inland Marine

Insurable Interest

Insurance

Insured

Insurer

Installment Payment Plan

Interest Income Option

J

Joint-Life Annuity

K

Key Person Insurance

Kidnap and Ransom Insurance

L

Landlord Insurance

Lapse

Level Premium

Liability

Life Income Option

Life Insurance

Life Settlement

Limit

Liquor Liability Insurance

Living Benefit

Long Term Care (LTC)

Loss of Use Insurance

Lump Sum

M

Major Medical

Marketplace

Mechanical Breakdown Insurance

Medical Malpractice

Medicare

Medicare Advantage

Medigap

MOOP

Mortgage Insurance

N

Named Insured

Named Peril

No-Fault State

Nonadmitted Insurer

Nonrenewal

Notice of Claim

O

Ocean Marine

Open Enrollment Period (OEP)

Out-of-Pocket Maximum

Owner Occupied

P

Package Policy

Peril

Permanent Life

Pet Diagnostics

Pet Health Conditions

Pet Insurance

Policy

Policyholder

POS (Point of Service) Health Plan

PPO (Preferred Provider Organization)

Pre Existing Conditions

Premium

Premium Financing

Prescription Drug Formulary

Primary Insurance

Product Liability

Proof of Loss

Property Damage (PD)

Provider Network

Provisions

Public Adjuster

Q

Qualified High-Deductible Health Plan

Quote

R

Rate

Rebate

Reconstruction Cost

Reinsurance

Renewable Term Insurance

Renters Insurance

Replacement Cost Value (RCV)

Residential Insurance

Rider

S

Salvage

Self-Insurance

Short-Term Medical

Single Premium

SOAP Notes

Special Enrollment Period (SEP)

Specified Disease Insurance

State of Domicile

Subsidy

Subrogation

Surplus Insurance

T

Term

Title Insurance

Total Loss

U

Underinsured

Underinsured Motorist Coverage

Underwriting

V

Variable Life Insurance

Viatical Settlement

Vision Insurance

W

Waiting Period

Warranty

Whole Life

Workers’ Compensation