Pro Rata
Distribution of the amount of insurance in one policy, among the several objects or places covered, in proportion to their value or to the amounts shown. The distribution of liability among the several insurance companies having policies on the risk.

Cancellation
Termination of contract of insurance in force by voluntary act of the insurance company or insured, effected in accordance with provisions in the contract or by mutual agreement.

Personal Injury Protection
This is a mandatory no fault coverage for automobile insurance providing benefits including, but not limited to, medical expenses, loss of income resulting from an automobile accident, and essential services.

Health Plan
A generic term referring to a specific benefit package offered by an insurer.

Group Insurance
Insurance policy or health services contract covering a group of employees (and often their dependents) under a single contract issued to an employer or other group by an HCSC, HMO or other insurer.

Auto Insurance Premium
The price of auto insurance coverage based on the frequency and cost of potential accidents, thefts and other losses. Prices vary between companies.

Deductible
The amount of losses a policyholder pays. Either a specific dollar amount, a percentage of the claim amount, or a specified amount of time that must expire before benefits are paid.

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.

Health Maintenance Organization
A legal entity in the state that provides health care in a geographic area, and which accepts responsibility to provide directly or by contract an agreed-upon set of health services to a defined, voluntarily-enrolled group of individuals.

Joint Life Policy
Pays the insurance when the first of two or more covered persons die.