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.

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.

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.

Key Person Insurance
Life or health insurance of a key member of a company whose services are integral to the continuing success of a business and whose death or disability could cause the company significant financial losses.

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

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.

Comprehensive Coverage
Coverage that pays for damage to or the loss of your vehicle from causes other than collision.

Open Enrollment
A period of time when eligible subscribers may enroll in, or transfer between available programs providing health care coverage.

Pro Rata
Distribution of the amount of insurance in one policy, among the several objects or places covered, in proportion to their value or to the amounts shown. The distribution of liability among the several insurance companies having policies on the risk.