Reference

A formal request by a policyholder to an insurance company for payment or coverage based on the terms of the policy.

The percentage of costs for a covered service that a policyholder pays after they have met their deductible.

Auto insurance that pays for damage to the policyholder's vehicle resulting from a crash with another car or a fixed object.

The part of an insurance policy that summarizes key details like the policyholder's name, coverage limits, premium costs, and effective dates.

A fundamental insurance principle where the insurer provides compensation to restore the policyholder to their financial state before the loss occurred.

The termination of an insurance policy's coverage because the policyholder failed to pay the required premiums within the allowed time.

Insurance that protects the policyholder if they are legally responsible for causing injury to others or damaging their property.

Provisions in a life insurance policy that allow the policyholder to receive a portion of the death benefit while they are still alive, often for critical illnesses.

Coverage that pays for additional living expenses if a policyholder is forced to live elsewhere while their home is being repaired after a loss.

The most a policyholder will have to pay for covered services in a plan year before the insurance company pays 100% of the costs.

The person or organization that owns an insurance policy and has the right to make changes or file claims.

The retroactive cancellation of an insurance policy, usually due to the policyholder providing false or hidden information on an application.

A clause in a health insurance policy that limits the total amount of money a policyholder has to pay out-of-pocket in a year.

The process where an insurance company seeks reimbursement from a third party who was responsible for a loss they already paid to the policyholder.

A provision that allows the policyholder to stop paying premiums while remaining covered if they become seriously ill or disabled.