Carrier:The insurance company offering a health plan.
Cash and Savings:Total you have in cash, checking accounts, savings accounts or other accounts that can be used to help cover expenses.
Cash Surrender Value:The amount available to a policy owner when a life insurance policy is terminated for a reason other than the insured's death.
Certificate of Insurance:The printed description of the benefits and coverage provisions forming the contract between the carrier and the customer. Discloses what it covered, what is not, and dollar limits.
Children's Education Expenses:Monthly expenses for your children's education expenses. If your children have not yet entered college, and have no other educational expenses, leave this amount at zero and enter an amount in the college fund entry fields in the total expenses at death section.
Claim:A request by an individual (or his or her provider) to an individual's insurance company for the insurance company to pay for services obtained from a health care professional.
Co-Insurance:Co-insurance refers to money that an individual is required to pay for services, after a deductible has been paid. In some health care plans, co-insurance is called "co-payment." Co-insurance is often specified by a percentage. For example, the individual pays 20% toward the charges for a service and the carrier pays 80%.
Contestable Clause (or Incontestable Clause):A provision in a life insurance policy that states the time (called the contestable period) during which a policy may be contested or voided by the insurer based on misrepresentations contained in the application or medical examination. By law, the maximum contestable period is two years.
Contract (Policy):The basic written agreement between the insurer and the policy owner or contract owner (sometimes referred to as "contract holder").
Conversion:A policy provision that states that the policy may be exchanged for another life insurance policy under certain circumstances, typically without further underwriting requirements. For instance, term life insurance can be converted to whole life or, in some cases, another form of permanent life insurance.
Co-Payment:Co-payment is a predetermined (flat) fee that an individual pays for health care services, in addition to what the insurance covers. For example, some carriers require a $10 "co-payment" for each office visit, regardless of the type or level of services provided during the visit. Co-payments are not usually specified by percentages.
COBRA:Federal legislation that lets you, if you work for an insured employer group of 20 or more employees, continue to purchase health insurance for up to 18 months if you lose your job or your coverage is otherwise terminated. For more information, visit the Department of Labor.
College Fund for Children:Amounts you wish to provide your surviving children to cover future college expenses.
Credit for Prior Coverage:This is something that may or may not apply when you switch employers or insurance plans. A pre-existing condition waiting period met under while you were under an employer's (qualifying) coverage can be honored by your new plan, if any interruption in the coverage between the two plans meets state guidelines.
Current Life Insurance Coverage:Total amount of life insurance coverage you currently have for yourself.
