| A | B |
|---|
| Accidental Death Benefit | In a life insurance policy, an additional amount payable to the beneficiary, should death occur due to an accident |
| Agent | individual who sells and services insurance policies |
| Benefit Period | the number of days for which benefits are paid to the named insured and his or her dependents. |
| Claim | A demand made by the insured, or beneficiary, for payment of the benefits as provided by the policy. |
| Coverage | The scope of protection provided under an insurance policy |
| Convertible | Term life insurance coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination |
| Death Benefit | The limit of insurance or the amount of benefit that will be paid in the event of the death of a covered person |
| Elimination Period | The time which must pass after filing a claim before policyholder can collect insurance benefits. |
| Grace Period | The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force |
| Living Benefits | This feature allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die |
| Term Life insurance | pays your beneficiary a pre‐determined amount if you die within a specified period of time (term), but coverage exists only if you die within a specified time period |
| Whole Life insurance: | A life insurance contract with fixed premiums that has both an insurance and an investment component. |
| Universal Life Insurance | type of flexible permanent life insurance offering the low‐cost protection of Term Life insurance as well as a savings element (like Whole Life insurance) which is invested to provide a cash value buildup. |
| Prescription drug benefit | Some policies offer a drug benefit that will provide prescription drugs for nominal co‐payments by the insured. |
| Wellness program | Some health insurance policies provide programs and assistance designed to keep me healthy and even lower my cost if I participate |
| Dependent coverage | insurance for spouse and children |
| specialist careg | medical treatment by somone other than a family practice physician |
| pre-existing condition | a medical condition that is excluded from coverage by an insurance company because the condition was believed to exist prior to the individual obtaining a policy from the particular insurance company. |
| risk class | grouping of insured with a similar level of risk |
| surrender charge | fee charged to a policy holder with a life insurance or annuity is surrendered for the cash value. |
