C

Calorie – A

Carbohydrate –

D

Deductible – The yearly amount an insured must pay out-of-pocket before insurance coverage begins.

Declarations – Any person directly financially relying on insured. Usually includes spouse and unmarried children.

E

Endorsement – The date when insurance coverage begins.

Exclusion – Any medical or health care services not covered by an insurance plan.

F

Fire Insurance – A savings account in which income can be deposited tax-free for health care expenses. At the end of the year, any unused funds in an FSA are forfeited.

Flood Insurance – The list of all covered prescription drugs.

G

Generic Drug – Duplicates of brand-name drugs made after the patent expires of the company who developed the drug. Typically, generic drugs are much less expensive than brand-name drugs. And they're just as safe and effective.

Guaranteed Replacement Cost Estimator – Health insurance coverage offered for employees of a business.

H

Homeowner policy – Health plan options provided by an automated quoting service, an agent, or an insurance company.

Hazards – A managed care plan in which members must receive care from the network of doctors, hospitals, and other care providers. They must also choose a Primary Care Physician (PCP) from the network to be their "first-line-of-defense" doctor, and to provide referrals to specialist care.

I

Indemnity Health Plan – See Fee For Service (FFS) plan.

Individual Health Insurance – A health plan purchased by an individual from an insurance company, not through an employer. Individual coverage can include your spouse and dependent children.

Insured – An account to save money for retirement. Funds from an IRA can be moved to a Health Savings Account (HSA).

Insurer – Any health care professional that agrees with a health plan to discount their medical services in exchange for patient referrals.

L

Liability – A specified limit on the benefits paid for a certain medical cost.

Liability Insurance – Care intended to nurse a patient back to health over an extended period of time. Can include unskilled care, skilled nursing care, and custodial care.

M

Mobile Home Insurance – Insurance that provides coverage for major and catastrophic medical care.

Mortgage Insurance – A type of health insurance that creates an agreement with a "network" of doctors, hospitals, and other care providers. The health plan provides patient referrals in exchange for discounted medical services.

N

Named Insured – The group of doctors, physicians, hospitals, clinics, and specialists that agree with a health plan to discount their medical services in exchange for patient referrals.

Non-Renewal – The group of doctors, physicians, hospitals, clinics, and specialists that agree with a health plan to discount their medical services in exchange for patient referrals.

O

Occupanty – The maximum amount of health care costs that an insured must pay out of their own pocket per year. After the out-of-pocket max is met, the plan will cover 100% of any remaining costs for the year.

Other Structure – Care that does not require a patient to stay overnight in a medical facility.

P

Peril – A managed care plan that combines the benefits of a Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO). Like an HMO, POS plans require members choose a Primary Care Physician (PCP). Like a PPO, they provide coverage with any in or out-of-network health care providers.

Personal Property – Approval by a health care professional to be admitted into a medical facility.

Q

Quotes – Insurance plan options provided by an automated quoting service, an agent, or an insurance company.

Quick Assets – Insurance plan options provided by an automated quoting service, an agent, or an insurance company.

R

Rate – An addition or exclusion included on an insurance policy.

Renewal – An insurance company's chance of loss. Also refers to the chance of an individual becoming ill or having an accident.

S

Schedule – An illness or injury that prevents an employee from working for a period of time.

Sinkhole – An insurance plan that provides insurance coverage for a designated period of time — usually between one month and one year. Many individuals who purchase short-term coverage include recent college graduates and people in-between jobs.

T

Tenants Policy – Health plans that provide coverage for people while during a trip to another country.

Total Loss – Health plans that provide coverage for people while during a trip to another country.

U

Umbrella Liability Insurance – An insurance professional that determines the premiums for applicants.

Underwriter – The process in which an insurance company or underwriter determines the amount the premiums will be for applicants.

W

Water Damage – Also known as the elimination period, it refers to the temporary amount of time an insured will not be covered for certain health care costs.

Wind Policy – An additional insurance policy that can be purchased. It waives premiums for a period of time if the insured becomes totally disabled and cannot make monthly payments.