The Maryland Insurance Administration has shared video content called "Word of the Day" to help explain insurance terms. Please click on a word below to watch the video or visit our YouTube playlist for a complete library of video content. For a complete glossary of insurance terms and definitions that are commonly used in the insurance business, visit the National Association of Insurance Commissioners (NAIC), click here.  ​

Word of the Day List:​​

A

Actual Cash Value (ACV)
Accident Only Insurance​

Accidental Death and Dismemberment​

Accumulation Period

Actuary​

Additional Insured

Administrative Costs (in health insurance)  

Administrative Expenses

Admitted Company​

​ALE - Additional Living Expense​

Alien Company

Allowable Amount

Annual Statement

Annuitant​

Annuity​​

Appeal​

Appraisal

Arbitration

Authorized Company​

B

Bail Bond​

Bail Bondsman​

Balance Billing

Beneficiary

Benefits
Blanket Coverage​

Bodily Injury Liability Coverage​
Bonded and Insured​

Broker​

Business Interruption​​

C

Cancellation​
Cancer Insurance​

Cash Surrender Value​

Cash Value

Catastrophic Health Plans

Certificate of Insurance

Claim

CLUE Report

Co-insurance

Collision Coverage

Commercial Package Policy​
Commissions​

Complications of Pregnancy

Comprehensive Coverage

Concurrent Causation 

Contestable Period

Coordination of Benefits

Copayment

Cost of Insurance (COI)​

Cost Sharing

Coverage for a basement under an NFIP flood insurance policy

Coverage under an NFIP flood insurance policy

Critical Illness Insurance​

D

Death Benefit 

Declarations Page

Deductible

Diagnosis Code

Durable Medical Equipment (DME)​

E

Earned Premium​

Effective Date

Emergency Medical Condition

Emergency Medical Transportation

Emergency Room Care

Employer or organization sponsored health plans

Endorsement​

Excluded driver

Excluded Services

Exclusions

Explanation of benefits

F

Face Amount​
First-Party Insurance​

Flood
Full Coverage​

G

Gatekeeping

Guaranteed Issue

Guaranty Fund​

H

Habilitation Services

Health Care Provider

​Health Plan Formulary​​​

Health Reimbursement Arrangement (HRA)

Health Savings Account (HSA) 

High Deductible Plans

HMO - Health Maintenance Organization

Hospice Services

Hospital Outpatient Care

Hospitalization

I

Incontestability Provision​
Increased Cost of Compliance

Indemnity​

Independent Adjuster​ 

In-network Coinsurance

In-network Copayment

In-network Provider

Inpatient Costs
Insurance Adviser​
Insurance Agent
Insurance Broker​

Insurance Company Adjuster​

Insurance Producer

Insurance to Value 

Irrevocable Beneficiary

Issue Date​

K
Key Person Insurance​​

L

Lapse

Lienholder

Life Insurance Annual Statement​
​Listed Driver​

Loss of Use

M

Managed Care Organizations (MCOs)

Mandated Benefits​

Maryland Children’s Health Insurance Program (MCHP)

Maryland Medicaid Waiver

Material Misrepresentation

Medical Underwriting
Medically Necessary​

Medicare

Medicare Part A 

Medicare Part B 

Medicare Part C

Medicare Part D

Mitigation

Morbidity Table​

Mortality Table​

N

Named Insured​
Named perils policy​

National Flood Insurance Program​

Network

Non-Admitted Insurer​

Non-Forfeiture Clause

Non-Preferred Provider

O

Occur​rence

Open Enrollment

Open Perils Policy

Out-of-Network Coinsurance

Out-of-Network Copayment

Out-of-Network Provider

Out-of-Pocket Maximum

P

Package Policy​

Per​il

Personal Injury Protection (PIP)

Personal Property

Physician Services

Policy Date​
Policyholder​

Preferred Provider

Preferred Provider Organization (PPO)

Premium

Prescription Drug

Prescription Drug Formulary​​

Prescription Drug Tiers​

Preventive Services

Prior Authorization
Probate​

Procedure Code

Property Damage Liability Coverage
Prospectus​

Provider

Provisional Driver’s License​

Public Adjuster​

Q

Qualifying Ev​ent

R​

Rated Driver

Reconstructive Surgery​
Referral

Rehabilitation Services​

Reinstatement

Replacement Cost Value (RCV)

Residence Premises

Revocable Beneficiary

Risk Rating 2.0

S​

Schedule of Service​

Self-funded Plan

Skilled Nursing Care​

Special Enrollment Period

Specialist Physician​
Stated Value Policy​

Subrogation

Summary of Benefits and Coverage

Surrender Charge

T​

Term (of your insurance policy)
Third-Party Insurance​

Tiers (for Prescription Drugs)

Title Insurance​

Total Depreciated Value​

U

Underinsured Motorist Coverage (UIM)​

Uninsured Motorist Coverage (UM)​​

Underwriting Guidelines

Unearned Premium
Universal Life Insurance​

Urgent Care​

Usual, Customary and Reasonable (UCR)​​

V
Viatical Settlement​

W​

Water Seepage

Water/Sewer Backup C​overage​
Whole Life Insurance​