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

Death panels

Don’t exist!   A politician warned that Obamacare would have death panels deciding if sick or elderly people would be allowed to get insurance or letting them die. This wasn’t ever a provision of the ACA.

Deductible

The medical expenses you are responsible for before your health insurance plan helps you

Disability

In Disability insurance, your physical or mental inability to perform the major duties of your occupation because of sickness or injury

Drug List (aka Formulary)

Used by insurance companies, a pre-approved list of preferred, commonly prescribed prescription drugs. These drugs are chosen by a team of doctors and pharmacists because of the drugs’ clinical superiority, safety, ease of use and cost (but mostly costs!).

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