Insurance Dictionary

Insurances can be complicated already without the specific insurance related words. But insurers using words and phrases which makes it even more difficult to understand what is covered and what not. The "insurance dictionary" below shall be a helpful tool to understand your policy better. In case any word or phrases are missing we are happy to include it; just contact CIC.

 

 A     B     C     D     E     F     G     H     I     J     K     L     M     N     O     P     Q     R     S     T     U     V     W     X     Y     Z

A

 

Accident - an unforeseen incident which was unintended and usually unwanted, caused by underestimated, unrecognised, or misjudged risk

Acceptance / Conditions of Acceptance – the terms under which the insurer accepts the insurance contract with the applicant after reviewing the information provided during the application process

Accident Insurance (Accidental Death and Dismemberment Insurance) – in an unfortunate and unexpected event which happened unintentionally and resulting in damaging property or bodily injury, the insured will receive a financial compensation for the loss. The financial compensation by the insurer is usually a direct payment which the insured can spend for whatever means necessary. Such insurance is not a replacement for a proper health insurance, but can work as an additional financial safety net in combination with a health insurance

Agreement – in insurance can be another word for terms & condition or your acknowledgement of the insurance contract

Alternative Therapies / Complementary medicine – medically proven not standard therapies performed through licensed therapists, such as for example Chiropractic, Acupuncture, Chinese medicine and more which may be covered by an insurer

Anniversary Date / Renewal Date - the date your insurance contract needs to be reviewed and perhaps extended. Many insurance contracts have a period of one year, but some like short term medical insurances for example can have shorter terms.

Appliances (Aid's) / Durable Medical Equipment – prescribed medical equipment or items needed for support or to help with the healing process after a surgery or sickness. Such items are usually prescribed by a medical professional and without insurances may not accept for reimbursement

Applicable Law - the law under which jurisdiction the insurance contract has been written and which laws are applicable. Usually the applicable laws are the ones where the insurance company is registered. If its a local contract within the country the insured live at, then the applicable law is usually the one of that country. If the insurance company is based elsewhere then the laws of that country are usually applicable.

Application form - to get insured an application form needs to be filled out. Without, no insurer can insure an applicant. For any type of insurance the insurance company has to review the personal information as well as further information / questions in regards to the particular insurance type applied. Such questions can be related to the medical history (medical insurance) or type of business and business related questions for example (for any type of business insurances).

Arbitration – Information about your rights and what you can do in case a dispute with your insurance company needs to be solved before taking the next step of bringing the case to the court

Area of Coverage / Zone of Coverage / Geographic Cover Area - is the area your insurance contract covers you within the limits of your insurance plan. A local area of coverage for example will only cover the country or maximum the region where the insured person living at. A worldwide plan on the other hand will provide cover globally. Such area of cover shouldn't not be confound with "emergency out of area cover".

B

 

Benefits (Schedule) – the coverage details you can expect from your insurance contract

Birth Defect (condition) – also known as congenital defect or disorder. Such condition exists from the birth, doesn't matter if it has been discovered at birth or later on in life and can result in disabilities, but doesn't have to be

Business Interruption Insurance - covers the loss of income that a business suffers after a disaster while its facility is either closed because of the disaster or in the process of being rebuilt after it. A property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned

 

C

Cargo Insurance - covers the loss or damage of the cargo / goods while shipped / posted to a third party. Also, any transport or cargo which is transferred, acquired, or held between the points of origin and final destination can be within the insurance parameter

Certificate / Insurance Certificate – most important document; proof of cover including the information of sum insured, duration of cover and the insurance / member number

Check-up / Routine check-up – a physical examination without symptoms or other medically necessary reasons on a regular basis (usually annually) to check for any signs of irregularities, or early symptoms of diseases, so that treatments can start before its “too late”

Childbirth costs / Maternity benefits / Pregnancy cover – costs related to pregnancy included pre- & postnatal treatments and check-ups, but also the delivery as well as Maternity complications including childbirth complications. Insurance plans have usually limitations implemented for such benefits. Moreover, there are usually coverage differences between Maternity complications and Childbirth complications. C-Sections which fall under Childbirth complications may only be covered if medically necessary and some insurers place limitations on this particular benefit as well

Chronic Conditions – sicknesses, diseases, injuries which need regular treatments or check-ups. The definition of when a condition become chronic varies slightly from insurer to insurer, but generally speaking if something needs to be treated regularly over a period of 6 months then it is chronic. Some insurer have limitations for the coverage of chronic conditions or do not cover them at all and it is important to know it before signing up

Claim – request of reimbursement for costs occurred which should be covered under the insurance policy

Claims Reimbursement / Reimbursement – pay out of the covered amount according to the policy wording. If the amount does not fit the original sum claimed, then a complaint can be filed to check if the insurer made any mistake or to get further explanation

Clinic – medical facility usually for Outpatient treatments (general practitioner, general doctors & specialists) or maximum day-patient surgeries, but not for hospitalizations (over night stays)

Complaint – something isn't right? Then you have always the official right to send your appeal for checking the case to your insurer or insurance provider. The address to whom you might send your complaint to can usually be found in the policy wording. Alternatively your broker may help as well to get in touch with the correct department or can even solve the issue for you

Complementary medicine / Alternative Therapies – medically proven not standard therapies performed through licensed therapists, such as for example Chiropractic, Acupuncture, Chinese medicine and more which may be covered by an insurer

Conditions of Acceptance / Acceptance – the terms under which the insurer accepts the insurance contract with the applicant after reviewing the information provided during the application process

Congenital defect (conditions) – also known as birth defect or congenital disorder. Such condition exists from the birth, doesn't matter if it has been discovered at birth or later on in life and can result in disabilities, but doesn't have to be

Cooling-off period – the period where the client can decide to withdraw from the contract without any reasons

Country of Expatriate or Destination – it's the country the insured person plan to live at or spend most of the time during the year. This doesn't has to be the country of permanent residence, but in most cases it is

Country of Nationality / Home Country – it's the country one holds a passport. This can be the country where the insured has been born, but doesn't has to be

Country of Residence – it's the country where the insured is eligible to live legally and holds a permanent residency. This is usually the country someone live permanently but doesn't has to be

Coverage – the things the insurer pays for / you are covered for. Every insurance plan is different and provides a variety of benefits. Even though most insurance plans within the same insurance field provide similar cover in general, the differences can still be significant

Covered Person / Insured Person – are the person or the people named in the insurance certificate who are eligible to claim any covered benefits. The policyholder on the other hand can be the main insured person, but doesn't has to be

CPME - Continued Personal Medical Exclusions is an underwriting term used by some insurer as an option in addition to full medical underwriting or moratorium terms, for people with existing insurance wishing to switch to another insurer. Such terms usually come along with a premium loading to ensure that previous medical conditions covered under the previous insurance are continuously covered

D

 

Day-patient / Day-hospitalization – any condition treated at a hospital which is serious enough to be investigated, treated or observed for several ours, but not needed to be hospitalized overnight. Such treatment may covered under hospitalization medical insurances, but depends on the actual case

Declaration – usually used when applying for an insurance; the applicant needs to notify any circumstances which may have an effect on the required insurance, such as for example pre-existing conditions (health insurance), smoker / non-smoker (life insurance), occupation (accident insurance), previous damages (home insurance), previous law suits (legal insurance) ... and so on …

Dental – related to coverage for dental treatments at a licensed dentist

Dependent – any family member (spouse or kids) of the insured person who may also enrolled into the insurance plan

Diagnosis – is the identification of the underlying cause for a patients condition; identifying the disease / illness

Diagnostic Test – in order to identify the underlying cause certain test may needed to diagnose the actual condition

Durable Medical Equipment / Medical Equipment - prescribed medical equipment or items needed for support or to help with the healing process after a surgery or sickness. Such items are usually prescribed by a medical professional and without insurances may not accept for reimbursement

Duration – is the period of your insurance; most contracts have a one year duration, but policies for things like short term travel can have a different duration

E

Education / Study Insurance – in some countries available for parents to “save up” for their children's education. At the end it's a type of saving plan or part of a life insurance with a lump sum pay out at the end of the contract

Effective Date (Entry Date) – is the day the insurance starts and cover is in place, so that the insured could claim according to the terms & conditions of the policy

 

Eligibility for Coverage – explains the circumstances under which one can apply for the insurance and can be covered; such as age restrictions, location or nationality for example

Emergency – a critical situation which poses an immediate threat to ones health, life or can also be property or the environment. Such situations usually need urgent actions to prevent further damage. Insurers need to be informed about an emergency asap through the insured, a relative, friend or whoever involved (hospital for example)

Emergency Dental – any accidents happen to the teeth / mouth which needs immediate treatment

Emergency Treatments – any treatments related to an emergency, usually within 24 hours after the situation occurred

Employers Liability Insurance - cover any liability that might be imposed on an employer if an employee is injured in the course of his or her employment. Employers Liability Insurance is compulsory in China and one part of the social insurance, unless the only employee is the owner of the company. To buy an additional private employee liability insurance make sense if the employer want insure their employees with an better coverage in compare to their social insurance. This because the social insurance has only very basic coverage. On the other hand it could work as well to buy this additional coverage only for some of the key employees or manager level to provide them better employee benefits

Enrolment – procedure to apply or register someone for the insurance

Equipment Breakdown Insurance - insures against accidental physical damage to boilers, equipment or machinery

Erection All Risk Insurance – insurance for constructions, assembly, or installations

Evacuation / Medical Evacuation – a transportation provided in case of an emergency to a suitable medical facilities, if it is medically necessary. Such transportation can be by air, ship or road ambulance depending on the situation and the insurance policy

Excluded Benefits - any circumstances which won't be covered by the insurance policy

Excluded Risks - any circumstances which won't be covered by the insurance policy

Exclusions – any circumstances which won't be covered by the insurance policy

Expat Insurance – any type of insurance for people living abroad (outside their home country or country of birth). Most common known are Expat Medical or Health Insurances, but other insurance types available as well such as Life, Accident or Personal Liability Insurance for example

Expatriate / Expat – any person who live in country abroad which is not their home country or country of birth

F

 

Fidelity Insurance - is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees

Frequency of Payment / Payment Frequency - insurance premiums have to be paid in advance fully for the period of the insurance (annual if the contract is one year). However, for long-term insurances some providers allow semi-annual, quarterly or even monthly payments also; even though those optional payment frequencies usually come with additional fees

Full Medical Underwriting – a type of medical underwriting for which the applicant needs to fill out a full medical history questionnaire. The answers in the questionnaire will be used to assess the risk to be able to provide an offer

G

 

Geographic Cover Area / Zones of Coverage / Area of Coverage - is the area your insurance contract covers you within the limits of your insurance plan. A local area of coverage for example will only cover the country or maximum the region where the insured person living at. A worldwide plan on the other hand will provide cover globally. Such area of cover shouldn't not be confound with "emergency out of area cover"

Group Insurance – if several people (usually employees) insured within an organisation, then this can be done under a group insurance for any type of insurance. The advantages are usually lower prices, but can also be better benefits

H

 

Health / Medical Insurance – any type of insurance which covers medical bills in the event of accidents or illness. The base of any health insurance is Inpatient or Hospitalization cover. In addition, insurance plans can be as comprehensive as including Outpatient, Maternity, Dental, Optical, Hearing & Worldwide Medical Assistance, evacuation & repatriation. An insurance which pays out a lump sum in an insured event (critical illness insurances for example) are not medical insurances!

Home Country / Country of Nationality – it's the country one holds a passport. This can be the country where the insured has been born, but doesn't has to be

Hospital – a facility equipped with medical devices to perform medical procedures in order to provide health care for patients with overnight stay capacities (clinics are usually only able to provide day-patient procedures for minor health care problems). Only licensed hospitals authorised by local governments are covered by insurers

Hospital Cash Benefit – is usually a lump-sum pay-out from the insurer to the insured if no claim has been made for an Inpatient stay. However, it can also be an additional benefit on top of hospital coverage, depending on the insurance policy

Hospitalization / Inpatient – when a patient (an insured person) needs to stay over night in a hospital; admitted to the hospital

I

 

Individual Private Medical Insurance (IPMI) – a medical or health insurance type for individuals and families which pays medical bills from doctors, therapists, clinics and hospitals, usually for the use of private care at private facilities in order to receive better care including private or semi-private room type for example when hospitalized

In-Network – usually a term within medical insurances where the insured person can go to see only particular doctors, clinics and hospitals to be covered fully. If treated out of the network co-payments may apply. Such In- & Out of Network types of insurances are more commonly known in certain regions and countries like the USA for instance

Inpatient / Hospitalization - when a patient (the insured person) needs to stay over night in a hospital; admitted to the hospital

Inpatient Direct Settlement (Direct Billing) – if the insurance provider pays the bill directly to the hospital instead of asking the client to pay and claim. Such arrangements for hospital direct settlemts can usually be made for high costs cases even if the insurance provider does not have any direct billing arrangements in place with the particular hospital. However, the insurer needs to be informed in advance or in an emergency situation asap

Insurance Certificate – most important document; proof of cover including the information of sum insured, duration of cover and the insurance / member number

Insurance Plan – is the scheme of benefits an insurance provider has to offer. Usually insurance providers have several plans in their portfolio to meet the different clients expectations and budget. For medical insurance for example staring with a low budget Inpatient only plan, to a plan including Outpatient, up to the top all-in plan

Insurance Premium / Insurance Rate – the price or costs of the insurance, which can be an annual, semi-annual, quarterly or monthly contribution; different payment frequencies may result into additional fees

Insurance Provider / Provider of Insurance – is the administrator of an insurance product, which does not need to be the insurer but can be. Most insurance products nowadays are operated by third parties like assurance brokerages who do all the administration work; some even including claims handling and underwriting

Insurance Type – different risk need different insurances; for medical bills a medical insurance is needed – for the household a home content insurance would be the necessary insurance

Insured Event – any incident covered by the insurance policy; the event needs to be happened within the duration of the policy and covered according to the terms & conditions of the policy

Insured Person / Covered Person - is the person or are the people named in the insurance certificate who are eligible to claim any covered benefits. The policyholder on the other hand can be an insured person, but doesn't has to be

Insurer / Insurance Company – is the company who takes the actual risk of the insurance product (apart from outsourcing the risk partially to re-insurers). The administrator of an insurance policy does not automatically needs to be the actual insurer

J

L

K

 
 
 

Level of Cover – different insurance types provide different plan types with different insurance sum. A car insurance for instance can cover just the mandatory part to protect others, but can also insure the own car which is a much higher level of cover. A medical insurance on the other hand could just protect one when admitted to the hospital, but can also cover things like Outpatient, Dental, check-ups, or Maternity care

Life Insurance (Term Life / Whole of Life) – there are several types of life insurances available, which either fall under the category term life or whole of life insurance. Life insurances pay a lump sum in case of the insured event (usually death of the insured). Some policies provide additional benefits, but the main purpose is to provide compensation to protect the obligee (in most cases to protect the family) financially

Lifetime limits – a limit once reached the insurer won't pay anymore; doesn't matter if the insured still pays the premium regularly. Even such lifetime limits are usually very high, there is still a risk of reaching it, which means the insured may end up paying out of pocket; even though a valid insurance is in place. Therefore, it is always better to get insurances with annual limits rather than lifetime limits, if there is a choice … but a lifetime limit insurance is still better than no insurance

Limitations – benefits with restrictions

Long Term Care Insurance – a type of insurance which covers long-term costs for the insured in case long-term (open end) care is needed. Long-term care in this context means after been released from the hospital, or caused by sickness without hospitalization and regular care is needed through a nurse at home or a care facility

M

Main Insured Person / Primary Insured Member - is usually the policy holder, but doesn't has to be (different insurer use different terminology). Any insured person named in the insurance certificate is eligible to claim covered benefits under the insurance plan

 

Maternity Benefits / Childbirth costs / Pregnancy cover – costs related to pregnancy included pre- & postnatal treatments and check-ups, but also the delivery as well as Maternity complications including childbirth complications. Insurance plans have usually limitations implemented for such benefits. Moreover, there are usually coverage differences between Maternity complications and Childbirth complications. C-Sections which fall under Childbirth complications may only be covered if medically necessary and some insurers place limitations on this particular benefit as well

Medical Condition – anything for which treatments through a medical practitioner or medical related professional is needed in order to heal, stop spreading, or stop worsening

Medical Equipment / Durable Medical Equipment – prescribed medical equipment or items needed for support or to help with the healing process after a surgery or sickness. Such items are usually prescribed by a medical professional and without insurances may not accept for reimbursement

Medical Evacuation / Evacuation - a transportation provided in case of an emergency to a suitable medical facilities, if it is medically necessary. Such transportation can be by air, ship or road ambulance depending on the situation and the insurance policy

MHD - Medical History Disregarded Underwriting terms - it's a type of medical insurance underwriting term where medical history questions do not need to be answered and all previous medical conditions are covered. Such terms are usually only provided within group medical insurance plans of 20 or more employees (varies from insurer to insurer)

Medical / Health Insurance – any type of insurance which covers medical bills in the event of accidents or illness. The base of any medical insurance is Inpatient or Hospitalization cover. In addition, insurance plans can be as comprehensive as including Outpatient, Maternity, Dental, Optical, Hearing & worldwide medical assistance, evacuation & repatriation. An insurance which pays out a lump sum in an insured event (critical illness insurances for example) are not medical insurances!

Medically Necessary – any treatment which is really necessary in order to heal, spreading, or stop worsening a condition

Medical Practitioner / Physician – it's basically a doctor, medical doctor or physician who practice medicine as a health profession

Medical Provider – it's basically a clinic or hospital where medical treatments such as surgeries can be performed

Medical Treatment – any work a physician or medical doctor performs on a patient to heal, stop spreading, or stop worsening a medical condition, sickness / illness

Methods of Payment / Payment Methods - there are always options; most insurers offer bank wire transfers and payments by credit card. In addition, some products can be paid through direct debit from the clients bank account (usually within SEPA finance system)

Moratorium Underwriting – it's a type of medical insurance underwriting term where a cross the board waiting period of usually 24 months applies for all pre-existing conditions. During the application process no medical questions or only about severe medical conditions need to be answered. However, the waiting period is not fixed but a rolling period which always starts again if a condition needs treatments or even just shows symptoms. Therefore, chronic conditions may never be covered under moratorium underwriting terms

 

N

Newborn / Infant insurance cover – a baby which needs to be covered with the day of birth. Some insurer accept babies without further requirements if a parent has been covered for a certain period of time already; others have certain requirements to be fulfilled in order to accept a newborn (such as full medical underwriting)

O

 

Out of Network – if medical treatments received out of an insurers hospital & clinic network then they may not reimburse for the claim at all or just a certain percentage. Not all medical insurances are network based and it depends on area / country as well as insurance provider

Outpatient – minor medical treatments which do not require to stay overnight in the hospital. These can be a doctor consultation or a prescribed therapy like physiotherapy or chiropractic for example, but also prescribed medication within a doctors consultation

Outpatient Direct Billing – a direct settlement of an Outpatient treatment through the insurer which does not require any payment through the insured

Outpatient Surgery – usually minor surgeries, but sometimes also more complex operations which however do not require to stay overnight at the hospital

Overall Annual Limit – is the maximal amount an insurance company pays under a valid insurance plan per year

P

 

Palliative Care – according to the WHO (World Health Organization) WHO) any chronic or life threatening illness should be treated with "an approach that improves the quality of life of patients and their families facing the problems associated with life-threatening illness, through the prevention and relief of suffering by means of early identification and impeccable assessment and treatment of pain and other problems, physical, psychosocial, and spiritual.”

Pandemic Insurance - can be a part of Business Interruption Insurance, if included and is usually purchased by business to reduce financial risk when closing business due to a pandemic event

Payment Frequency / Frequency of Payment – insurance premiums have to be paid in advance fully for the period of the insurance (annual if the contract is one year). However, for long-term insurances some providers allow semi-annual, quarterly or even monthly payments also; even though those optional payment frequencies usually come with additional fees

Payment Methods / Methods of Payment – there are always options; most insurers offer bank wire transfers and payments by credit card. In addition, some products can be paid through direct debit from the clients bank account (usually within SEPA finance system)

Period of Cover (of insurance) – is the time frame or period the insurance is valid. Most insurances are valid for a year, but depending on the type of insurance policy. For instance, a travel insurance will only be valid for the duration of the trip

Personal Liability Insurance – also a “third party insurance” to protect the insured against a third party for financial losses or financial risk as a result of liabilities the insured has to bear through a law suit or similar valid claims, because of any damages caused by the insured. However, not every damage caused by the insured can be covered though through such insurance. Also the range of benefits can vary significant from country to country where such policies are available

Physician / Medical Practitioner – it's basically a doctor, medical doctor or physician who practice medicine as a health profession

Plan Type / Insurance Plan - is the scheme of benefits an insurance provider has to offer. Usually insurance providers have several plans in their portfolio to meet the different clients expectations and budget. For medical insurance for example staring with a low budget Inpatient only plan, to a plan including Outpatient, up to the top all-in plan

Policyholder (Plan-holder) – is the purchaser of the insurance and in most cases the main insured person. However, the purchaser or policyholder for that matter does not need to be an insured person under the insurance policy. Best example is when a parent purchases an insurance for their child; the parent is the policyholder – the child the insured, or a company purchases a policy for their employees; the company is the policyholder – the employees the insured

Premium / Insurance Premium / Rate – the price or costs of the insurance, which can be an annual, semi-annual, quarterly or monthly contribution; different payment frequencies may result into additional fees

Pre-Authorisation / Prior Approval / Pre-Certification – any major treatment such as surgeries need to be confirmed and acknowledged in writing by the insurance company before performed. Any violation of such pre-authorisation requirement may result in a decline of the claim or additional co-payments. Exceptions are accidents where the insurance company needs to be informed asap (usually within 48 hours after the accident)

Pre-existing Conditions – any medical condition existed before signing up / starting with the insurance. It does not matter if the condition is still present or needs to be treated at the time of application; even a fully recovered medical condition is still a pre-existing condition in terms of medical insurance

Primary Insured Member (Principle Member) / Main Insured Person - is usually the policy holder, but doesn't has to be (different insurer use different terminology). Any insured person named in the insurance certificate is eligible to claim covered benefits under the insurance plan

Product Liability Insurance - Manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. This insurance may pay for injuries or damages caused by the product

Property All Risk insurance - provides protection against most risks to property, such as fire, theft and some weather damage. Property is insured in two main ways – open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft

Provider of Insurance / Insurance Provider – is the administrator of an insurance product, which does not need to be the insurer but can be. Most insurance products nowadays are operated by third parties like assurance brokerages who do all the administration work; some even including claims handling and underwriting

Psychiatric Treatment – treatment given by a Psychiatric medical doctor (which Psychologist are not), which can include medication prescribed by the Psychiatrist and usually treats more severe mental illnesses, but can also just be talk therapy

Psychotherapy Treatment – treatment given by a Psychologist (which is not a medical doctor, but trained with a university degree in the field of mental health issues) and focuses on milder mental illnesses with talk therapy and can't prescribe medication

Public Liability Insurance - is a part of the general insurance system of risk financing to protect the insured from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event the company is sued for claims that come within the coverage of the policy. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract

Q

 

Quarterly payments (Payment Methods / Frequency) – most insurance plans can be paid on a quarterly bases (every 3 months), for which most insurance providers charge an additional fee in comparison to annual payments

R

 

Rate (Premium) / Insurance Premium – the price or costs of the insurance, which can be an annual, semi-annual, quarterly or monthly contribution; different payment frequencies may result into additional fees

Reasonable and Customary Charges – insurance claim costs; especially for medical treatments have to be within the usual average cost they occurred. If a claim is higher than what is considered reasonable and customary then the insurer may cut some percentages and does not reimburse the full amount

Rehabilitation – is a process usually after a hospital treatment / surgery to restore the insuredshealth through therapy & training for a certain period of time (couple of weeks; sometimes months)

Reimbursement / Claims Reimbursement - pay out of the covered amount according to the policy wording. If the amount does not fit the original sum claimed, then a complaint can be filed to check if the insurer made any mistake or to get further explanation

Renewal Date / Anniversary Date - the date your insurance contract needs to be reviewed and perhaps extended. Many insurance contracts have a period of one year, but some like short term medical insurances for example can have shorter terms

Repatriation – arranging the return of the insured to his home country or place of origin (country of residence). Depending on the insurance type, insurers may repatriate back to ones home country or place of origin or the insured can choose

Routine check-up / Check-up – a physical examination without symptoms or other medically necessary reasons on a regular basis (usually annually) to check for any signs of irregularities, or early symptoms of diseases, so that treatments can start before its “too late”

S

 

Social Security Scheme – unlike Universal Healthcare a Social Security System or Scheme does not only provide protection for health related services, but also other important social aspect types such as long-term care, pension, jobless benefits, employer liability / accident insurance

Start Date / Entry or Effective Date - is the day the insurance starts and cover is in place, so that the insured could claim according to the terms & conditions of the policy

Student (Medical) Insurance - a health insurance type specially designed and priced for students within a particular country, but can also include other benefits other than health related

Study / Education Insurance – in some countries available for parents to “save up” for their children's education. At the end it's a type of saving plan or part of a live insurance with a lump sum pay out at the end of the contract

Suspension of Coverage / Termination of Coverage – are the reasons for which an insurance policy may be discontinued and a very important point within the terms & conditions. It clarifies the rights to cancel the policy not only for the insured, but also for the insurer, such as maximum age for example

T

 

Term Life Insurance – is a risk insurance for a certain period (can be 5, 10, 20 or even just 1 or also 30 or more years) for the purpose of protecting someone financially in case the insured person deceases within the contractual period. Such policies do not pay money back and a pay out is only made in case of the insured event

Terminal Condition – an illness or disease which is to be expected not to be cured and may result in death in the near future

Terminal Diagnosis - is the identification of the underlying cause for a patients terminal condition

Termination of Coverage / Suspension of Coverage - are the reasons for which an insurance policy may be discontinued and a very important point within the terms & conditions. It clarifies the rights to cancel the policy not only for the insured, but also for the insurer, such as maximum age for example

Terms & Conditions – are your “small prints” and the actual wording of the insurance policy which matters and has value in case of a dispute … therefore, read it; especially the exclusions!

Travel Health / Travel Medical Insurance – type of medical insurance which is only valid for the period of travellers or a maximum of up to 5 years (depending on the insurer). Such policies are no permanent solution for people living abroad long-term, since cover will cease eventually, but can be great alternatives for certain limited period of time

Travel Insurance – are insurances to protect someone's travels for many purposes. The focus of such policies are usually not on medical benefits (which can be included anyway), but on personal belongings, travel inconveniences such as flight delays or cancellations, emergency assistances, but also personal liability cover

Treatment / Medical Treatment – any work a physician or medical doctor performs on a patient to heal, stop spreading, or stop worsening a medical condition, sickness / illness

Type of insurance – different risk need different insurances; for medical bills a medical insurance is needed – for the household a home content insurance would be the necessary insurance

U

 

Underwriting – is the risk evaluation for the insurance company when taking on the risk, based on the information provided during the application process

Universal Healthcare Insurance – is usually a state or government scheme for providing access to medical care for all their citizens when and wherever they need it

V

 

Vaccination coverage – coverage usually within medical insurance providing benefits to get vaccinated for certain diseases. These can be purely for travel purposes, but also for not travel related illnesses and there are differences for children and adults depending on the policy

W

 

Waiting Period – a time-frame which has to pass before benefits are claimable and payable through the insurance. In case an insured event happens during a waiting period no costs occurred during that period will be paid out; only if some parts of treatments performed for example after fulfilling the waiting period then the insurer might cover those

Whole of Life Insurance – is a life insurance with the main purpose of saving money rather than insuring the risk of a life; there will definitely be a pay out either to the insured when reaching a certain contractual time has been reached (20 years for example) or in case of the insured event

Zones of Coverage / Area of Coverage / Geographic Area - is the area your insurance contract covers you within the limits of your insurance plan. A local area of coverage for example will only cover the country or maximum the region where the insured person living at. A worldwide plan on the other hand will provide cover globally. Such area of cover shouldn't not be confound with "emergency out of area cover"

Z

Y

X