Glossary of Insurance Terms

Commercial Truck Insurance - Offers insurance for trucks of all sizes including, pick-up trucks, tractor-trailer trucks, and straight trucks.

Errors & Omissions Insurance - Offers insurance to a variety of vocations that need to be protected for carelessness and/or oversight that result in injury (personal and bodily), and/or property damage.

Family health Insurance - Offers insurance for your husband/wife, kids, and/or other dependents. Plans of this kind are usually provided through your employer or private health insurance paid separately by the individual. They come in the form of group health insurance.

Impaired Life Annuity - Offers insurance, which will give a much higher pension income to those who have been diagnosed with a disease that shortens their life span. It offers more then a standard annuity.

Individual Health Insurance - Offers insurance for an individual to be able to cover medical expenses.

Lifetime Income Annuity - Offers insurance that guarantees payment, whether fixed or variable, at a future time, usually after retirement. Payment will begin right after a single premium is paid.

Long term Disability Insurance - Offers insurance when a person becomes injured or ill and cannot work. It guarantees the insured income payments on a monthly basis. The payments continue as long as the person is disabled. Payments are usually stopped after the age of 65.

Short Term Disability Insurance - Offers insurance when a person becomes injured or ill and cannot work. It guarantees the insured income payments on a monthly basis. Payments are temporary, if necessary person can receive long-term disability insurance if the injury or illness persists.

Single Premium Annuity - Offers insurance that guarantees payment, whether fixed or variable, at a future time, usually after retirement. It is established by making one lump sum.

Single Premium Deferred Annuity - Offers insurance that guarantees payment, whether fixed or variable, at a future time, usually after retirement. Under this insurance, after one payment is made the annuity is paid up and no further payments are needed.

Small Business Health Insurance - Offers health insurance that is paid for by the employer. It offers coverage for business owners, their employees and their spouses and dependents.

Worker's Compensation Insurance - Offers insurance that pays an employee benefits because of an injury, disability, or in the case of a death, it pays benefits to the employees family.


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