Deductible
The deductible is the amount you agree to pay on each loss before your insurance company pays.

Cancellation
Termination of contract of insurance in force by voluntary act of the insurance company or insured, effected in accordance with provisions in the contract or by mutual agreement.

Auto Insurance Premium
The price of auto insurance coverage based on the frequency and cost of potential accidents, thefts and other losses. Prices vary between companies.

Liability Limits
The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy, similar to limit of liability.

Flood Insurance
Flood damage coverage is available from the federal government but is sold by licensed insurance agents. Flood coverage is often excluded under homeowners policies. However, flood damage is covered under the comprehensive portion of a car insurance policy.

Open Enrollment
A period of time when eligible subscribers may enroll in, or transfer between available programs providing health care coverage.

Universal Life Insurance
A flexible premium policy that combines protection against premature death with a cash value account that earns a money market rate of interest. Death benefits can be altered during the life of the policy within limits, generally subject to a medical examination. Once funds accumulate in the cash value account, the premium can be paid at any time but the policy will lapse if there isn’t enough money to cover annual mortality charges and administrative costs.

Participating Provider
A provider who has contracted with a health care service contractor, HMO, PPO, IPA or other managed care organization to provide health care.

Fire Insurance
Coverage that protects property against losses due to fire or lightning. Such coverage is usually included in homeowners or commercial multiple peril policies.

Co-Payment
A co-payment is a patient's share of a health-care bill. It usually is a small amount - $5 or $10 per office visit.