Health Plan
A generic term referring to a specific benefit package offered by an insurer.

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.

Extended Coverage
A clause added to an insurance policy that provides additional coverage for risks not covered in a basic policy.

Catastrophe Deductible
A percentage or amount that a homeowner must pay before the insurance policy goes into effect following a major natural disaster.

Co-Insurance
In health insurance, it is a provision that the insured and the carrier share losses in agreed proportion. Also known as percentage participation.

Age Limits
The ages below or above which the insurance company will not issue a given policy or renew a policy in force.

Lapse
Termination of a policy because of failure to pay the premium.

Policyholder
Literally, the person who has possession of the policy.

Participating Provider
A provider who has contracted with a health care service contractor, HMO, PPO, IPA or other managed care organization to provide health care.

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.