Insurance Definitions

Annuities

This type of policy or contract pays a retirement income for life or for a specified period of time.

Hospital Income or Indemnity

This type of policy that pays a stated amount per week or month directly to the insured while the insured is hospitalized without reference to expenses actually incurred. It is a great policy because it is intended to replace income lost when the insured is hospitalized.

Life Insurance

This term simply means the insurance pays a specified amount upon the death of the insured's estate or to a beneficiary.

Long-Term Care (LTC) Policy

This type of policy provides a monthly benefit for constant care of a medical condition if an insured has to be cared for at a nursing home or at-home healthcare facilities for periods of uncertain long term duration. Care such as help in performing normal activities of daily living.

Major Medical Insurance

This type of health insurance provides benefits for most types of medical expenses incurred up to a high maximum limit or providing unlimited lifetime benefits. These types of contracts may contain internal limits and a coinsurance or percentage participation provision and a deductible. Complete coverage it pays expenses incurred both in and out of the hospital.

Family Plan Policy

This type of policy protects the entire family with one plan normally insured with a combination of permanent and term insurance. All paid with a single premium.

Medicare Supplement

This type of policy refers to a variety of health insurance plans designed to cover expenses not covered by Medicare. Which is also called Medigap.

Whole Life Insurance

This type of policy is Permanent Life insurance on which premiums are paid for during the entire lifetime of the insured Accidental Death & Dismemberment This type of policy usually states if the insured dies or is injured under certain conditions, the insurer, will pay an amount of the stated indemnity will increase by a stipulated amount, such as double or triple indemnity. Dismemberment this is usually stated in the policy as an additional benefit that if any loss, or loss of use, of specific members of the body resulting from accidental bodily injury.

Endowment Policy

This type of policy is a permanent life plan for which premiums are paid for a limited number of years. If the insured is alive at the end of this premium-paying, the insured receives the face amount of the policy then or at a later date. If the insured dies before maturity of the policy, the beneficiary receives the proceeds.

Dental Coverage

This type of policy provides the insured benefits for routine examinations, procedures, preventive care, and regular dental check-ups.

Disability Income

This type of policy provides a specified, periodic income replacement, the insured will receive a monthly income if he or she becomes unable to work as a result of an illness or accidental injury.

Cancer Coverage

This type of policy provides protection against added expenses associated with cancer and hospital intensive care (ICU) confinement. Regardless of any other medical coverage, you may have this policy will pay you the benefits.

Critical Illness (CI)

This type of policy pays a lump-sum benefit for a specific condition and any other listed conditions covered in the policy. Payment is made immediately once the insured is diagnosed with a critical illness that is specified in the policy which is usually a heart attack, stroke, or life treating cancer.
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