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

Care-giver

In Long Term Care insurance, the key person (usually a relative) overseeing and providing the care for you if you are incapacitated

Cash Value

In a Whole Life life insurance policy, the money you would be paid if you cancel your Whole Life policy; you can also borrow against the Cash Value

Chronic Care

Care for an illness continuing over a long period of time or recurring frequently

Claim

When you go to see an in-network doctor, they submit your medical bills (a claim for benefits) to the insurance company.   Or if you see an out-of-network doctor you submit the claim yourself (if you’re on a PPO).  Once received, the insurance company pays its portion and you might get an invoice from the doctor for the balance.

Co-insurance

Think about the term… what does “co” anything mean (think “co-worker” for example)?  Sharing!  You’re sharing costs with the insurance company.

Co-pay

What you pay for your medical expenses

COBRA

COBRA is short for the Consolidated Omnibus Budget Reconciliation Act.  It is a federal law that allows people to continue benefits for a period of time after group health coverage ends. COBRA applies after a job loss, reduction in hours, death or divorce. The person usually pays the entire premium plus two percent.

Covered California

Part of the health care reform law, Covered California is the state’s health insurance Exchange/Marketplace where individuals and small businesses can compare and buy health insurance.  The Insurance Mom is here to help you make the right decision!

Custodial Care

In Long Term Care insurance, services that can be given safely and reasonably by a non-medical person, designed mainly to assist with ADLs, including bathing, eating, dressing and other routine activities

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