Know the language
Benefit
The payment or service available when the policy’s conditions are met.
Beneficiary
A person or entity designated to receive a benefit, commonly under life insurance.
Certificate
A document describing an insured person’s coverage under a group policy.
Coinsurance
A share of eligible costs paid according to the plan’s percentage rules.
Copayment
A stated amount you pay for an eligible service under a plan.
Deductible
An amount you may need to pay before specified plan benefits apply.
Elimination period
A waiting interval, often in disability coverage, before benefits may begin.
Exclusion
A circumstance, condition or service the policy does not cover.
Guaranteed issue
An enrollment arrangement with specified eligibility rules that may not require individual medical underwriting. It is not a promise that every applicant or claim qualifies.
Network
Providers participating under a particular plan’s arrangements.
Portability
The ability to continue certain coverage after an employment change, subject to the policy’s rules.
Premium
The amount paid to keep an insurance policy in force.
Rider
An addition or amendment that changes specified policy provisions or benefits.
Underwriting
The insurer’s process for evaluating an application and determining eligibility or terms.
Waiting period
A period during which some benefits may not yet be available. The exact meaning depends on the policy.
Your policy has the final word
These are general explanations. A policy may define a term more narrowly or use different wording. Always read the definitions in the specific policy or certificate you are considering.