Accident: the unexpected or unforeseen event that results in a loss of property, life or causes injury.

Agent (exclusive): those working for one insurance company or provider who work on a salary and commission basis.

Agent (independent): individuals that work for the client (person to be insured) instead of any one insurance provider.

Application: paperwork used to complete an insurance contract.

Beneficiary: the person who will benefit from the death of an insurance policy holder.

Carrier: the insurance company that "carries" the insurance.

Claim: the request for payment per an insurance plan's contract.

Claimant: the person who seeks reimbursement for a particular loss.

Co-Payment: the portion of a medical bill not paid by the insurer.

COBRA: federal law that mandates continuation of insurance coverage for up to 18 months for exiting employees.

Comprehensive Personal Liability Policy: insurance plan to cover everyday activities outside the home.

Coverage: total protection provided by a plan.

Deductible: amount to be paid by policyholder prior to any insurance policy benefits being issued.

Disability Insurance: health insurance that pays a monthly income to a disabled policyholder.

Guaranteed Renewable Policy: a policy good for the duration of the specified policy as long as premiums are paid.

Health Insurance: insurance to help pay the costs of hospital or medical care.

Insurance: mitigation of risk through a mutually beneficial agreement between an individual and large insurance group.

Insured: the party who is to receive benefits upon a loss.

Life Insurance: policy whereby a payment is made to a beneficiary upon the insured's death.

Long-Term Care Insurance: a policy that covers the costs of nursing facility or in-home care.

Policy: an insurance contract.

Policy Period: the period by which the policy is effective.

Policy Period: the period by which the policy is effective.

Pre-Existing Conditions: a physical condition that existed prior to the beginning of a new policy.

Premium: payments that keep a policy current.

Term Insurance: temporary life insurance good for a specified amount of time.

Underwriter: the trained person who evaluates risks and determines rates and coverage based on that information.

Universal Life Insurance: the combination of life insurance and a savings account that earns a money market rate.

Whole Life Insurance: life insurance that pays out to a beneficiary upon the death of the insured.