Total Loss
When the cost to repair a vehicle approaches or exceeds the vehicle's actual cash value.

Collision Coverage
Pays for damage to your vehicle when it collides with another vehicle or object, or if it overturns.

Policyholder
Literally, the person who has possession of the policy.

Renters Insurance
A form of insurance that covers a renter’s posessions against perils such as fire, theft, windstorm, explosion, vandalism, and others. It also provides personal liability coverage for damage the renter or family members cause to other people in addition to other things that standard homeowners policies cover.

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.

Policy Owner
The person who has the right to exercise the rights and privileges in the policy contract. Such person may or may not be the insured, depending on policy ownership and assignment, if any.

Co-Payment
A co-payment is a patient's share of a health-care bill. It usually is a small amount - $5 or $10 per office visit.

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.

Policy
The contract form issued by the company to explain the coverage provided. It is a legal document.

Whole Life Insurance
Cash value life insurance which combines protection against premature death with a savings account. Premiums are at fixed rates and guaranteed and remain the same throughout the life of the policy.