Waiting Period
The period of time between the beginning of a disability and the date benefits begin.

Deductible
The part of the insured's expenses or loss that must be paid before insurance coverage begins.

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

Fire Insurance
Coverage that protects property against losses due to fire or lightning. Such coverage is usually included in homeowners or commercial multiple peril policies.

Pre-Existing Condition
A condition of health or physical condition that existed before the policy was issued.

Group Insurance
Insurance policy or health services contract covering a group of employees (and often their dependents) under a single contract issued to an employer or other group by an HCSC, HMO or other insurer.

Replacement Cost
Insurance which pays the amount needed to replace damaged personal property or home property without deducting for depreciation.

Good Driver Plan
A rating program offered by some insurance companies that reduces your premium if you have had no accidents or traffic violations within a specified time period.

Major Medical Insurance
A type of health insurance that provides benefits for most types of medical expenses incurred up to a high limit, subject to a large deductible.

Lapsed Policy
A policy that has terminated for non-payment of premiums.