Get Health Insurance Glossary

Insurance Vocabulary termmeaningpolicyRead everything very carefully before signing any insurance policy.policyholdern. the person to whom an insurance policy is issuedTo maximize their profits, insurers will minimize payments to policyholders.premiumn. a payment, usually monthly, yearly etc, for an insurance policy38 more rows

Let's begin with one of the basic terms of insurance, insurance itself. Insurance is a legal contract between two people, the insurer and the insured. If any uncertain event happens, the insurance company promises to pay for the insured's losses. It might be the policyholder's death or property damage or destruction.

Premium - The payment, or one of the periodic payments, a policyowner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly.

Deductible—the amount of money you must pay each year to cover eligible medical expenses before your insurance policy starts paying. Dependent—any individual, either spouse or child, that is covered by the primary insured customer's plan. Drug formulary—a list of prescription medications covered by your plan.

Policyholder: Also known as the policy owner, this is the person who owns the policy. The policyholder is the one who buys the insurance and pays regular premiums. 2. Life Assured: This refers to the person for whom the insurance is bought.

Medical terminology refers to the words and language used specifically in the medical and health fields. The proper definition describes medical terminology as language used to describe anatomical structures, procedures, conditions, processes and treatments in the medical field.

Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in a term policy and the policy is active, then a death benefit will be paid.