Gap Insurance
An auto insurance option that covers the difference between a car’s actual cash value when it is stolen or crashed and the amount the consumer needs to pay the lease or finance company. It is Mostly used for leased cars.

Loss
Any diminution of quantity, quality or value of property. With reference to policies of indemnity, this term means a valid claim for recovery thereunder. In its application to liability policies, the term refers to payments made on behalf of the insured.

Deductible
The amount of losses a policyholder pays. Either a specific dollar amount, a percentage of the claim amount, or a specified amount of time that must expire before benefits are paid.

Pro Rata
Distribution of the amount of insurance in one policy, among the several objects or places covered, in proportion to their value or to the amounts shown. The distribution of liability among the several insurance companies having policies on the risk.

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

Underwriter
A person trained in evaluating risks and determining what rates and coverages that will be used for them.

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

Comprehensive Coverage
Coverage that pays for damage to or the loss of your vehicle from causes other than collision.

Co-Insurance
In health insurance, it is a provision that the insured and the carrier share losses in agreed proportion. Also known as percentage participation.

Endowment Insurance
A form of life insurance payable to the insured if living at the end of the endowment period or to a beneficiary if the insured dies before the endowment date.