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insurance Glossary
Explore clear, concise definitions for insurance terms. Each entry is written for fast comprehension and quick reference.
Featured insurance Terms
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Actual Cash Value (ACV)
The cost to replace property minus depreciation.
Actuary
A business professional who deals with the measurement and management of risk and uncertainty.
Annuity
A financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.
Coinsurance
The percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible.
Collision Coverage
Auto insurance that covers damage to your vehicle from a collision with another car or object.
Comprehensive Coverage
Auto insurance that covers damage to your vehicle from non-collision events (theft, fire, hail, vandalism).
Actual Cash Value (ACV)
The cost to replace property minus depreciation.
Actuary
A business professional who deals with the measurement and management of risk and uncertainty.
Annuity
A financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.
Coinsurance
The percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible.
Collision Coverage
Auto insurance that covers damage to your vehicle from a collision with another car or object.
Comprehensive Coverage
Auto insurance that covers damage to your vehicle from non-collision events (theft, fire, hail, vandalism).
Copay (Copayment)
A fixed amount ($20, for example) you pay for a covered health care service after you've paid your deductible.
HMO (Health Maintenance Organization)
A type of health insurance plan that usually limits coverage to care from doctors who work for or contract with the HMO.
HSA (Health Savings Account)
A tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP).