Lapse
Termination of a policy because of failure to pay the premium.

Deductible
The part of the insured's expenses or loss that must be paid before insurance coverage begins.

Health Maintenance Organization
A legal entity in the state that provides health care in a geographic area, and which accepts responsibility to provide directly or by contract an agreed-upon set of health services to a defined, voluntarily-enrolled group of individuals.

Term Insurance
Life insurance that covers the policyholder for a specific period of time, the “term” specified in the policy. It pays a benefit to a beneficiary only if the insured dies within that specified period of time. Term life policies are renewable.

Group Insurance
Insurance policy or health services contract covering a group of employees (and often their dependents) under a single contract issued to an employer or other group by an HCSC, HMO or other insurer.

Personal Injury Protection
This is a mandatory no fault coverage for automobile insurance providing benefits including, but not limited to, medical expenses, loss of income resulting from an automobile accident, and essential services.

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.

Additional Initial Claim
An additional unemployment claim filed after a break in unemployment claims, which results from an intervening employment period within the benefit year.

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.

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