A
- Accident Insurance
- Insurance that pays benefits if an insured suffers accidental bodily injury or death.
- Accident Only
- A policy or rider that pays benefits only when death or injury results from an accident.
- Accidental Death & Dismemberment (AD&D)
- A policy or rider that pays for accidental death or certain severe injuries, such as loss of a limb, sight, or hearing.
- Accumulation Period
- The accumulation period is the time when money is being contributed and grows in an annuity or other eligible account.
- Actual Cash Value
- Actual cash value is generally the item’s value at the time of loss, often reflecting depreciation. In life insurance contexts, cash value usually refers to policy value rather than actual cash value.
- Actuary
- An actuary uses statistics and probability to measure risk and help insurers set premiums.
- Affordable Care Act (ACA)
- The Affordable Care Act is a federal law enacted in 2010 that expanded access to health coverage, created Marketplace plans, and increased consumer protections.
- Annual Statement
- An annual statement is a yearly summary of policy activity, including premiums, charges, credits, and values.
- Annuitant
- An annuitant is the person whose life expectancy is used to determine annuity payout terms.
- Annuity
- An annuity is an insurance contract designed to accumulate money and later provide income, often with tax-deferred growth.
- Assisted Living Care
- Assisted living care provides housing and support services for people who need help with daily activities but do not require full-time nursing care.
B
- Beneficiary
- A beneficiary is the person or entity named to receive policy proceeds after a valid claim is paid.
- Broker
- A broker is a licensed professional who helps clients shop for and place insurance coverage.
- Broker Dealer (BD)
- A broker-dealer is a firm or individual that buys and sells securities for clients or for its own account.
- Brokerage General Agency (BGA)
- A BGA is an independent insurance marketing organization that supports brokers with products, case design, and carrier access.
- Business Owner’s Policy (BOP)
- A BOP bundles key business coverages, usually property and liability insurance, into one package.
- Buy-Sell Agreement
- A buy-sell agreement is a legal contract that sets rules for transferring a business owner’s share after death, disability, retirement, or departure.
C
- Captive Agent
- A captive agent represents one insurance company or one group of affiliated companies.
- Chartered Life Underwriter (CLU)
- A CLU is a professional designation awarded to individuals with advanced education in life insurance and estate planning.
- Claim
- A claim is a request for payment or benefits under an insurance policy after a covered event.
- Commission
- Commission is the compensation paid to an agent or broker for selling or servicing an insurance product.
- Copay
- A copay is a fixed amount a health plan member pays for a covered service or prescription.
- Credit Risk
- Credit risk is the possibility that a borrower will fail to repay a debt as agreed.
- Critical Illness Insurance
- Critical illness insurance pays a lump-sum benefit if the insured is diagnosed with a covered serious illness or undergoes a covered procedure.
D
- Date of Issue
- The date of issue is the date the insurer officially issues the policy.
- Deductible
- A deductible is the amount the insured must pay out of pocket before the insurer starts paying covered costs.
- Deferred Annuity
- A deferred annuity is an annuity in which income payments begin at a future date rather than immediately.
- Dental Insurance
- Dental insurance helps cover certain dental services, such as exams, cleanings, fillings, and other covered treatment.
- Dental Maintenance Organization (DMO)
- A DMO is a dental plan that typically uses a provider network and often features low costs with no deductibles or annual maximums.
- Disability Income
- Disability income insurance replaces part of a person’s income when illness or injury prevents them from working.
- Disability Insurance
- Disability insurance provides benefits when an insured loses income because of a covered sickness or accident.
E
- Effective Date
- The effective date is the date coverage begins under the policy.
- Employers Liability
- Employers liability insurance protects employers against certain employee injury or illness claims not covered by workers’ compensation.
- ERISA (Employee Retirement Income Security Act of 1974)
- ERISA is the federal law that sets minimum standards for many private employer retirement and health benefit plans.
- Errors and Omissions Liability (E&O)
- E&O insurance helps protect professionals against claims alleging negligence, mistakes, or failure to perform services properly.
F
- Fidelity Bond
- A fidelity bond protects a business against losses caused by dishonest or fraudulent acts by employees.
- Field Marketing Organization (FMO)
- An FMO supports independent insurance agents with product access, training, contracting, and back-office services.
- Final Expense Coverage
- Final expense coverage is a small permanent life insurance policy often used to help pay funeral and burial costs.
- Financial Advisor
- A financial advisor helps clients with investments, financial strategies, and long-term planning.
- Financial Planner
- A financial planner helps clients set financial goals and build plans for budgeting, saving, retirement, and risk management.
- Financial Statement
- A financial statement summarizes income, expenses, assets, and liabilities for an individual or business.
- Fixed Annuity
- A fixed annuity credits a guaranteed interest rate for a stated period and may later provide guaranteed income.
G
- Group Annuity
- A group annuity is an annuity contract issued for multiple participants, often through an employer plan.
- Group Benefits
- Group benefits are employer-sponsored insurance offerings such as medical, dental, vision, life, or disability coverage.
- Group Dental Insurance
- Group dental insurance is employer-sponsored dental coverage offered to eligible employees.
- Group Disability Insurance
- Group disability insurance provides income protection to employees who cannot work because of illness or injury.
- Group Health
- Group health insurance covers a group of eligible people, typically employees of a business.
- Group Insurance
- Group insurance is coverage issued to a group under one master policy, often through an employer or association.
- Group Life Insurance
- Group life insurance is life insurance provided to eligible members of a group, commonly employees.
- Group Vision Insurance
- Group vision insurance helps cover eye exams, glasses, contact lenses, and other eligible vision care expenses.
- Guaranteed Issue
- Guaranteed issue means an insurer must offer coverage regardless of health status or certain other factors.
H
- Health Insurance
- Health insurance helps pay for covered medical expenses caused by illness or injury.
- Health Insurance Portability and Accountability Act (HIPAA)
- HIPAA is a federal law that helps protect the privacy and security of personal health information.
- Health Maintenance Organization (HMO)
- An HMO is a health plan that usually requires members to use a network and get referrals before seeing specialists.
I
- Immediate Annuity
- An immediate annuity begins paying income shortly after the premium is paid, often within 12 months.
- Independent Agent
- An independent agent represents multiple insurance companies and can compare options for clients.
- Index Annuity
- An index annuity credits interest based in part on the performance of a market index, subject to policy limits and terms.
- Individual Health
- Individual health insurance is coverage purchased by a person directly rather than through an employer.
- Individual Retirement Account (IRA)
- An IRA is a tax-advantaged account used to save for retirement.
- Individual Retirement Annuity
- An individual retirement annuity is an annuity contract used for retirement savings under IRA rules.
- Insurability
- Insurability is a person’s acceptability for coverage based on underwriting factors such as health, age, and risk profile.
- Insurance Agent
- An insurance agent is a licensed person who sells or negotiates insurance on behalf of an insurer.
- Insurance Broker
- An insurance broker is a licensed professional who helps clients find coverage from one or more insurers.
- Insurance
- Insurance is a contract that provides financial protection or reimbursement for covered losses.
- Insured
- The insured is the person or property covered under the policy.
- Insurer
- The insurer is the company that underwrites the risk and issues the policy.
- Investment Advisor
- An investment advisor is a person or firm that provides investment advice for a fee.
- Investment Advisory Representative (IAR)
- An IAR is an individual who works for an advisory firm and gives investment advice to clients.
K
- Key Persons Insurance
- Key persons insurance protects a business against financial loss if a critical owner or employee dies.
- Keyman Insurance
- Keyman insurance is another term for key person insurance.
L
- Lapse
- A lapse occurs when a policy terminates because required premiums were not paid.
- Liability
- Liability is a legal obligation or responsibility, often involving payment for loss or damage.
- Life Insurance
- Life insurance pays a benefit to beneficiaries when the insured dies, as long as the policy is in force.
- Life Settlements
- A life settlement occurs when a policyowner sells an existing life insurance policy to a third party for more than the cash surrender value but less than the death benefit.
- Living Benefits Rider
- A living benefits rider allows access to part of the death benefit during the insured’s lifetime if certain conditions are met.
- Long Term Care (LTC)
- Long-term care insurance helps cover services such as home care, assisted living, or nursing facility care for people with chronic conditions.
M
- Mandated Benefits
- Mandated benefits are health plan benefits that state or federal law requires certain policies to include.
- Medicaid
- Medicaid is a joint federal-state program that provides health coverage to eligible low-income individuals and families.
- Medicare Advantage Plan
- A Medicare Advantage Plan is a private health plan that provides Medicare-covered benefits as an alternative to Original Medicare.
- Medicare Part D
- Medicare Part D provides prescription drug coverage through Medicare-approved plans.
- Medicare Supplement
- Medicare Supplement insurance helps pay certain out-of-pocket costs not covered by Original Medicare.
- Medicare
- Medicare is the federal health insurance program for people age 65 and older and certain younger people with disabilities.
- Morbidity Risk
- Morbidity risk is the likelihood that a person will become ill or disabled.
- Morbidity Table
- A morbidity table is a statistical chart showing the probability of illness or disability at various ages.
- Multi-Year Guaranteed Annuity (MYGA)
- A MYGA is a fixed annuity that guarantees an interest rate for a set number of years.
N
- Named Insured
- The named insured is the person or entity specifically listed on the policy as covered.
- National Association of Insurance Commissioners (NAIC)
- The NAIC is the organization that supports state insurance regulators and helps develop model standards and guidance.
- Non-Participating Whole Life
- Non-participating whole life is whole life insurance that provides guaranteed values but does not pay dividends.
P
- Participating Whole Life
- Participating whole life is whole life insurance that may pay non-guaranteed dividends in addition to guaranteed policy values.
- Permanent Life Insurance
- Permanent life insurance is designed to provide lifelong coverage as long as required premiums are paid.
- Policy Period
- The policy period is the span of time during which the policy provides coverage.
- Policy
- A policy is the written contract that sets out the terms, benefits, exclusions, and conditions of insurance.
- Preferred Provider Organization (PPO)
- A PPO is a health plan that lets members use a network of providers and usually see specialists without referrals.
R
- Registered Investment Advisor (RIA)
- A registered investment advisor is a firm or person registered to provide investment advice, often for a fee.
- Rider
- A rider is an optional policy provision that adds, limits, or changes coverage.
- Risk Assessments
- Risk assessment is the process of evaluating the likelihood and severity of potential loss.
- Roth IRA
- A Roth IRA is a retirement account funded with after-tax money that allows qualified tax-free withdrawals.
S
- Short Term Disability
- Short-term disability insurance replaces part of income during a temporary disability, often for a few months up to about two years.
- Short Term Medical
- Short-term medical coverage provides temporary health insurance for people between longer-term plans.
- Short Term Health Insurance (STM)
- Short-term health insurance is temporary coverage intended to fill a brief gap in health insurance, subject to coverage limitations.
- Surrender Charge
- A surrender charge is a fee charged when a policyholder withdraws or cancels a policy or annuity early.
T
- Term
- A term is the length of time a policy remains in force.
- Term Insurance
- Term insurance provides life insurance coverage for a specified period rather than for life.
- Travel Coverage
- Travel coverage helps protect against certain losses that may occur while traveling.
- Travel Insurance
- Travel insurance covers certain trip-related risks, such as cancellations, medical emergencies, delays, or lost baggage.
U
- Underwriter
- An underwriter evaluates applications and decides whether to accept risk and on what terms.
- Underwriting Risk
- Underwriting risk is the chance that an insurer misjudges the level of risk when issuing coverage.
- Underwriting
- Underwriting is the process of reviewing risk factors to determine eligibility, pricing, and policy terms.
- Universal Life Insurance
- Universal life insurance is a form of permanent life insurance that offers flexible premiums and cash value growth.
V
- Variable Annuity
- A variable annuity is an annuity in which value and returns depend on the performance of investment subaccounts.
- Variable Life Insurance
- Variable life insurance is permanent life insurance with cash value invested in separate accounts, so policy values can fluctuate.
- Variable Universal Life (VUL)
- VUL is permanent life insurance that combines flexible premiums with investment-based cash value options.
- Viatical Settlement
- A viatical settlement is the sale of a life insurance policy by a terminally ill insured to a third party for immediate cash.
- Vision Insurance
- Vision insurance helps cover routine eye care, eye exams, glasses, contacts, and other eligible vision expenses.
W
- Whole Life Insurance
- Whole life insurance is a type of permanent life insurance that offers a guaranteed death benefit, fixed premiums, and cash value growth
No terms match that search.