Insurance Tools

Helpful Links and Tools

Here are some common links that you may find useful. They include auto insurance links and information on insurance. Many of these resources are free and are a great place to start researching policies and coverage.

We always recommend speaking with a registered insurance agent about the best options for you. Every situation requires different coverage and products. Give us a call to meet with one of our agents to discuss the best options for you. We offer a full range of products from auto insurance to complex products such as business insurance.

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Common Insurance Terms and Definitions

ACCIDENTAL DEATH BENEFIT: An extra benefit, which generally equals the face amount of the policy, payable in addition to other benefits in the event of death as the result of an accident.
ACCIDENTAL DEATH & DISMEMBERMENT (AD&D): A policy or a provision in a policy which pays a specific benefit if the insured dies, loses eyesight or loses two limbs as the result of an accident. A lesser amount is payable for the loss of one eye, arm, hand, leg or foot.
ACCIDENT AND HEALTH (A&H): Insurance against loss due to sickness or bodily injury. May be referred to as “disability”.
ACTIVELY AT WORK REQUIREMENT: A policy requirement that the insured must have worked thirty or more hours per week for one or more months prior to the effective date of the insurance in order to qualify for the insurance coverage.
ADJUDICATION: The process of determining the validity of a claim for insurance benefits and establishing the amount payable under the claim.
BENEFICIARY: The party that will receive the benefits from an insurance policy.
BENEFITS: The financial payment and/or other service provided to insureds under the terms of an insurance policy/certificate. An example would be the benefits listed under a life insurance policy.
CERTIFICATE OF INSURANCE: The document issued to the insured individual by the insurance company under a group policy.
CLAIM: A written request made by the insured, or the insured’s beneficiary, for payment of the benefits provided by the policy/certificate.
CLAIMANT: An individual covered by an insurance policy who files a claim for a loss covered by the policy.
CONTESTABLE PERIOD: A period, usually two years, following the effective date of the insurance during which a misrepresentation made by the insured in an application for insurance may be used as a reason to deny a claim.
COVERAGE: The scope of the protection provided under a policy/certificate of insurance.
COVERED LOSS: Illness, injury, death, property loss, involuntary unemployment or any other situation or loss for which an insurance company will pay benefits under a policy/certificate when such event occurs.
CREDIT ACCIDENT & HEALTH (A&H) INSURANCE: Another term for credit disability insurance.
CREDIT DISABILITY INSURANCE: Insurance purchased in conjunction with a credit obligation that provides a benefit in the event of covered disability during the term of coverage.
CREDIT INSURANCE: Insurance to cover payment of a loan, installment purchase, or other credit obligation in the event of a covered loss. This coverage generally must be purchased at the time of the lending transaction.
CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE (IUI): Insurance purchased in conjunction with a credit obligation that generally protects an individual by making a stated number of benefit payments on the insured’s credit obligation if the insured is involuntarily unemployed as a result of layoff, general strike, termination of employment, unionized labor dispute or a lockout.
DISABILITY INSURANCE: A form of accident and health insurance that provides a benefit in the event of total disability during the term of coverage.
EFFECTIVE DATE (of Coverage): The day insurance coverage begins.
ELIGIBILITY REQUIREMENT: A condition within an insurance policy that an individual must meet in order to qualify for coverage.
ELIMINATION PERIOD: In a disability or IUI policy, the specified time period a claimant must remain disabled or unemployed before any benefits are payable. Also called the waiting period.
FEATURE: A characteristic of a product.
GROSS COVERAGE: Credit insurance plans that insure the gross indebtedness of the credit obligation.
GROSS INDEBTEDNESS: The total amount owed under a credit obligation. It includes principal and interest.
GROUP (MASTER) POLICY: A single insurance policy, issued to an entity, that provides coverage for a group of people. In the case of credit insurance, the group is defined as borrowers obtaining credit from the lender. The insured borrower is enrolled in the group and receives a certificate of insurance as evidence of insurance.
GUARANTEED RENEWABLE: A provision in a contract that guarantees the insured the right to continue coverage by the timely payment of premiums as set forth in the policy/certificate.
INDIVIDUAL INSURANCE POLICY: An insurance contract directly between the insurance company and the person insured. The insured receives an individual policy as evidence of insurance.
INSURABLE NEEDS: Risks individuals have which are associated with premature death, disability, property damage or loss, or involuntary unemployment and which can be managed with the appropriate insurance products.
INSURANCE: Protection against the risk of loss. It is the practice by which an individual secures financial compensation for a specified loss, by transferring this risk of loss to an insurer. The insurer agrees, for a premium, to assume the losses suffered by the insured.
INSURANCE GAP: The difference between the insurance an individual currently has through work or other sources and their insurable needs.
INSURANCE POLICY: The contract between an insurer and an insured.
INSURED: The individual(s) whom the insurer agrees to indemnify for losses, provide benefits, or render services.
INSURER: The insurance company that is underwriting the policy.
INVOLUNTARY UNEMPLOYMENT: An event beyond the control of the employee that results in the termination of current employment. Examples include layoff, firing, lockout or strike.
JOINT CREDIT INSURANCE COVERAGE: A credit insurance policy insuring two individuals who are both obligated under the credit obligation.
LENDER-PLACED COVERAGE: Insurance obtained by the lender to protect the lender’s interest in collateral used to secure a loan when the customer fails to maintain or provide proof of outside coverage. The cost of the insurance is generally added to the customer’s credit obligation.
MONTHLY BENEFIT: An amount paid monthly during the continued disability or unemployment of the insured. Also called monthly indemnity benefit.
NET COVERAGE: Insurance protection based on the amount financed or the principal amount of the loan.
POLICYHOLDER: The individual or entity who is the owner of an insurance policy.
PRE-EXISTING CONDITION: An impairment for which the insured has received treatment or diagnosis prior to the effective date of the insurance.
PREMIUM: The price of insurance protection for a specified risk and for a specified period of time.
PRIMARY BORROWER: The first-named borrower on a credit obligation.
RENEWABLE TERM LIFE INSURANCE: Term Life Insurance that automatically renews at the beginning of a new term of coverage. The coverage remains in force as long as the insured pays the insurance premium due.
REVIEW PERIOD: A period of time (usually 30 days) during which the policyholder/member may examine a newly issued insurance certificate, policy or plan and surrender it in exchange for a full refund of premium/fee if not satisfied for any reason.
SINGLE CREDIT INSURANCE COVERAGE: A credit insurance policy insuring an individual who is the primary borrower under a credit obligation.
SINGLE PREMIUM POLICY: An insurance policy paid for in one single premium in advance rather than periodic premium payments made over a period of time.
TERM INSURANCE: A type of life insurance policy that provides protection only for a specified period of time.
TERM OF COVERAGE: The length of time insurance coverage is scheduled to be in force, normally expressed in months.
UNDERINSURED: When the applicant’s insurable needs are not met by their existing coverages.
UNDERWRITING: In ordinary life insurance, the process of obtaining information from an applicant and determining whether the applicant qualifies as a standard risk, must pay additional surcharges, or is declined. In credit insurance, the process is far more limited and could be better described as screening. Risks are either accepted or rejected.
UNDERWRITING QUESTION: A question used to determine whether an applicant for insurance fulfills an underwriting condition.