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# Glossary of Insurance Terms

- Elimination Period - The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as a "waiting period."
- 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. If a premium is paid during the grace period, the premium is considered to have been paid on time. In Universal Life policies, it typically provides for coverage to remain in force for 60 days following the date cash value becomes insufficient to support the payment of monthly insurance costs.
- Health Maintenance Organization (HMO) - Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals and clinics. Emphasis is on preventative medicine, and members must use contracted health-care providers.
- Indemnity - Restoration to the victim of a loss by payment, repair or replacement.
- Insurable Interest - Interest in property such that loss or destruction of the property could cause a financial loss.
- Living Benefits - This feature allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die. Such circumstances include terminal or catastrophic illness, the need for long-term care, or confinement to a nursing home. Also known as "accelerated death benefits."
- Noncancellable - Contract terms, including costs that can never be changed.
- Out-of-Pocket Limit - A predetermined amount of money that an individual must pay before insurance will pay 100% for an individual's health-care expenses.
- Point-of-Service Plan â€?A health insurance policy that allows the employee to choose between in-network and out-of-network care each time medical treatment is needed.
- Policy - The written contract effecting insurance, or the certificate thereof, and including all clause, riders, endorsements, and papers attached thereto and made a part thereof.
- Pre-Existing Condition - A coverage limitation included in many health policies which states that certain physical or mental conditions, either previously diagnosed or which would normally be expected to require treatment prior to issue, will not be covered under the new policy for a specified period of time.
- Preferred Provider Organization (PPO) - Network of medical providers who charge on a fee-for-service basis, but are paid on a negotiated, discounted fee schedule.
- Umbrella Policy - Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.
- Underwriting - The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify.

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