Glossary — Learn Insurance Terms and Phrases

Here are some terms that get thrown around whenever people are talking about insurance. There are some very basic ones — and some pretty advanced ones. Look around — hopefully it will give you a better sense of what the insurance companies are talking about.

  1. ALL
  2. A
  3. B
  4. C
  5. D
  6. E
  7. F
  8. G
  9. H
  10. I
  11. J
  12. K
  13. L
  14. M
  15. N
  16. O
  17. P
  18. Q
  19. R
  20. S
  21. T
  22. U
  23. V
  24. W
  25. X
  26. Y
  27. Z

Beneficiary

In life insurance, the person — or entity — who gets the money after you die

Benefit Period

The longest period of a time a disability or Long Term Care policy will pay you benefits

Benefits

All the things your health, disability or Long Term Care insurance plan covers.

Brand Name Drugs

A drug manufactured by a pharmaceutical company that’s chosen to patent the drug’s formula and register its brand name.  These patents run for 17 years before the drug can be marketed by a generic drug company at a much lower cost to consumers.

Bronze / Silver / Gold / Platinum / Minimum Coverage aka Metallic Tiers

Post Obamacare, all health insurance companies have to offer the same metallic tiers.  You can purchase these plans directly from the insurance company OR from your state exchange – but always contact an experienced broker to help you figure it out!  All companies have to offer these policies without a lot of differences (which might vary slightly from state to state).  So when shopping for new plans,  it’s only about the company and their reputation, doctor network and drug formulary.

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