Glossary of Insurance terms:

1. Premium: The amount of money you pay to an insurance company in exchange for coverage.

2. Deductible: The initial out-of-pocket amount you must pay before your insurance coverage kicks in.

3. Policyholder: The person who holds an insurance policy and is covered by its terms.

4. Policy: A contract between the insurance company and the policyholder that outlines the terms and conditions of coverage.

5. Coverage: The scope of protection and benefits provided by an insurance policy.

6. Claim: A formal request to the insurance company for payment or coverage for a specific loss or damage.

7. Beneficiary: The person or entity designated to receive the proceeds of an insurance policy, typically in life insurance.

8. Underwriting: The process by which an insurance company evaluates and assesses an applicant's risk and eligibility for coverage.

9. Agent: A licensed individual or entity authorized to sell insurance policies on behalf of an insurance company.

10. Broker: An intermediary who assists clients in finding and purchasing insurance policies from various companies.

11. Exclusion: Specific situations, conditions, or items not covered by an insurance policy.

12. Endorsement (Rider): A document that modifies or adds specific terms, conditions, or coverage to an existing insurance policy.

13. Premium Rate: The cost of insurance per unit of coverage, often expressed as a monthly or annual rate.

14. Liability Insurance: Coverage that pays for damages or injuries you are legally responsible for, such as in auto or homeowners' insurance.

15. Collision Coverage: Insurance that pays for damage to your vehicle resulting from a collision, typically in auto insurance.

16. Comprehensive Coverage: Insurance that covers damages to your vehicle from non-collision events, like theft or natural disasters.

17. Copayment (Copay): A fixed amount you pay for healthcare services, such as doctor visits or prescription medications.

18. Coinsurance: The percentage of covered healthcare costs you are responsible for after meeting your deductible.

19. Grace Period: A brief period after a premium due date during which the policy remains in force.

20. Lapse: The termination of an insurance policy due to non-payment of premiums.

21. No-Fault Insurance: Auto insurance that pays for your injuries and damages, regardless of who caused the accident.

22. Term Life Insurance: Life insurance that provides coverage for a specified term, typically 10, 20, or 30 years.

23. Whole Life Insurance: Permanent life insurance that provides lifelong coverage and includes a cash value component.

24. Claim Adjuster: An individual responsible for evaluating and settling insurance claims.

25. Actuary: A professional who uses statistical data to assess risk and calculate insurance premiums.

26. Risk Pooling: The practice of spreading risk among multiple policyholders to reduce the financial impact of individual claims.

27. Salvage Value: The estimated value of damaged or destroyed property, which may be subtracted from a claim settlement.

28. Subrogation: The process by which an insurer seeks reimbursement from a third party for a claim it has paid.

29. Waiting Period: The time between purchasing an insurance policy and when coverage begins.

30. Adjusted Basis: The cost of an asset after accounting for depreciation, which can impact an insurance claim.

31. Peril: A specific risk or cause of loss that is insured against in an insurance policy.

32. Reinsurance: A practice where an insurer transfers some of its risk to another insurance company.

33. Risk Assessment: The process of evaluating potential risks and determining appropriate coverage.

34. Policy Limit: The maximum amount an insurance policy will pay for a covered loss.

35. Floater Insurance: A policy extension that provides coverage for specific valuable items, like jewelry or artwork.

36. Incontestability Clause: A provision that limits the timeframe during which an insurance company can dispute a policy's validity.

37. Pre-Existing Condition: A medical condition or illness that existed before obtaining health insurance.

38. Health Savings Account (HSA): A tax-advantaged account for individuals with high-deductible health plans to save for qualified medical expenses.

39. Depreciation: The reduction in the value of an asset over time, which can affect insurance claim payouts.

40. Premium Tax Credit: A subsidy provided under the Affordable Care Act (ACA) to help lower-income individuals afford health insurance premiums in the Health Insurance Marketplace.

This glossary covers key insurance terms, but the insurance industry has many specialized terms. Always consult your policy or an insurance professional for specific details related to your coverage.