✅  TOP 25 INSURANCE TERMS 

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1. Accidental Death & Dismemberment (AD&D)
   Pays a benefit if the insured dies or suffers serious injury (e.g. loss of limb or eyesight) due to an accident, separate from traditional life insurance.

2. Beneficiary
   The person or entity designated to receive the insurance payout (death benefit) upon the insured’s death.

3. Cash Value
   The savings component of certain permanent life insurance policies (like whole life or universal life) that grows tax-deferred.

4. Convertible Term Insurance
   Allows you to convert a term life policy into a permanent policy without providing new medical evidence.

5. Disability Benefit Period
   The length of time you will receive disability income benefits while you're unable to work — can range from 2 years to age 65 or longer.

6. Emergency Medical Coverage (Travel)
   A key part of travel insurance that pays for medical treatment if you fall ill or are injured while outside your home province or country.

7. Evidence of Insurability (EOI)
   Medical and/or financial documentation required to qualify for certain insurance policies or coverage amounts.

8. Exclusions
   Specific situations or conditions that are not covered by your insurance policy.

9. Group Insurance
   Coverage provided by an employer or association to its members, often at lower rates than individual policies. Commonly includes life, disability, and health benefits.

10. Guaranteed Issue Insurance
    Life insurance that does not require a medical exam, often with limited benefits and a waiting period. Typically used by those with health concerns.

11. Life Insurance
    A policy that pays a tax-free lump sum to your beneficiaries upon your death. It can be term (temporary) or permanent (lifelong).

12. Living Benefits
    Insurance benefits paid to the insured while they are still alive — common in critical illness and some disability policies.

13. Non-Medical Life Insurance
    A type of life insurance that offers coverage without requiring a medical exam, often based on a simple questionnaire.

14. Own Occupation Coverage
    A disability insurance clause that pays benefits if you're unable to work in your specific job, even if you could work in another occupation.

15. Policyholder
    The individual or organization that owns the insurance policy and is responsible for paying the premium.

16. Premium
    The amount you pay (monthly, quarterly, or annually) to keep your insurance policy active.

17. Renewable Term Insurance
    Term life insurance that allows you to renew your policy at the end of each term without new medical underwriting, usually at a higher premium.

18. Return of Premium (ROP)
    An optional rider that refunds some or all of your premiums if you don’t make a claim over the policy term.

19. Survivor Benefit
    A payout made to the beneficiaries after the insured passes away, sometimes including continued income for a spouse or dependent.

20. Term Conversion
    The option to switch from a term life insurance policy to a permanent one (like whole or universal life) without medical evidence.

21. Travel Insurance
    Covers unexpected costs while travelling, such as medical emergencies, trip cancellations, and lost baggage.

22. Trip Cancellation Insurance
    Covers prepaid, non-refundable travel expenses if you have to cancel your trip for a covered reason (e.g. illness, job loss).

23. Trip Interruption Insurance
    Provides coverage if your trip is interrupted or delayed after it has started, often covering return flights or unused accommodations.

24. Underwriting
    The process insurers use to assess risk and determine your eligibility, premiums, and policy terms based on your health and lifestyle.

25. Waiting Period (Elimination Period)
    The time between when a claim is made and when benefit payments begin (common in disability and critical illness policies).