Waiting Period
The period of time between the beginning of a disability and the date benefits begin.

Policy Owner
The person who has the right to exercise the rights and privileges in the policy contract. Such person may or may not be the insured, depending on policy ownership and assignment, if any.

Whole Life Insurance
Cash value life insurance which combines protection against premature death with a savings account. Premiums are at fixed rates and guaranteed and remain the same throughout the life of the policy.

Liability Limits
The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy, similar to limit of liability.

No-Fault
Auto insurance coverage which pays for each driver’s own injuries, despite who was responsible for the accident. No-fault coverage varies with each state.

Credit Life Insurance
Life insurance coverage on a borrower designed to repay the balance of a loan if the borrower dies before the loan is paid off. It can also be offered as an option for credit cards and auto loans.

Term Insurance
Life insurance that covers the policyholder for a specific period of time, the “term” specified in the policy. It pays a benefit to a beneficiary only if the insured dies within that specified period of time. Term life policies are renewable.

Term
Relating to a contract of health insurance that makes no provision for renewal or termination other than by expiration of the policy term. Life insurance issued for a term of years, after which it expires without value.

Flood Insurance
Flood damage coverage is available from the federal government but is sold by licensed insurance agents. Flood coverage is often excluded under homeowners policies. However, flood damage is covered under the comprehensive portion of a car insurance policy.

Group Insurance
Insurance policy or health services contract covering a group of employees (and often their dependents) under a single contract issued to an employer or other group by an HCSC, HMO or other insurer.