Insurance & Risk Terms

A 1035 exchange lets you swap one life insurance policy or annuity for another without triggering income tax on the gains.

The ACA subsidy cliff refers to the point where earning above a certain income threshold can abruptly end eligibility for Marketplace premium subsidies, sharply raising your cost.

An accelerated death benefit is a policy feature that lets you receive part of your life insurance payout early if you are diagnosed with a terminal or serious qualifying illness.

Accident insurance pays a set cash benefit for injuries from covered accidents, helping with costs your health plan may not fully cover.

Accidental death and dismemberment insurance pays a benefit if you die or lose a limb, sight, or similar function specifically because of an accident.

Activities of daily living are basic self-care tasks such as bathing, dressing, and eating that insurers use to decide whether long-term care benefits should begin.

Actual cash value is a way of paying claims that reimburses what property was worth at the time of loss, after subtracting for age and wear.

An actuary is a professional who uses statistics and probability to measure risk and help set insurance prices and reserves.

An additional insured is a person or business added to someone else's insurance policy so they also receive certain coverage, common in leases and contracts.

Adult day care costs are the fees for supervised daytime programs that provide care and activities for older or disabled adults while giving family caregivers a break.

An advance directive is a legal document that spells out your healthcare preferences and names who can make medical decisions for you if you cannot.

Adverse selection is the tendency for people at higher risk to be the most likely to buy insurance, which can push up costs for everyone in the pool if insurers cannot price for it.

An annuity rider is an optional add-on to an annuity contract, purchased for an extra fee, that provides a benefit such as guaranteed lifetime withdrawals, an enhanced death benefit, or long-term care coverage.

Annuity twisting is the improper practice of persuading a customer to replace one annuity with another mainly to earn a new commission, often saddling the customer with fresh surrender charges and little real benefit.

Any-occupation disability coverage pays benefits only if you are unable to work in any job you are reasonably suited for, a stricter standard than own-occupation.

Assisted living costs are the monthly expenses of a residence that provides housing plus help with daily tasks for older adults who don't need full nursing care.

Balance billing is when a provider bills you for the difference between their charge and what your insurance paid, a practice now limited in many situations.

Some people, especially in the Barista FIRE approach, take a part-time job mainly to qualify for employer health insurance and other benefits while living largely off their savings.

The benefit period is the maximum length of time an insurance policy will keep paying benefits for a single claim.

Bodily injury liability is the part of auto insurance that pays for injuries you cause to other people in an accident.

Business interruption insurance replaces the income a business loses while it cannot operate after a covered physical loss such as a fire. It pays for lost earnings and continuing expenses, not for the damaged property itself.

Business overhead expense insurance pays a business's fixed operating costs, such as rent, utilities, and staff wages, while the owner is disabled. It is separate from personal disability insurance, which replaces the owner's own income.

A business owner's policy bundles general liability, commercial property, and usually business interruption coverage into a single contract priced for small businesses. It is the usual starting point for an operation too small to assemble the coverages separately.

A captive insurance agent sells policies for a single insurance company rather than shopping among several insurers.

Car insurance shopping is comparing quotes and coverage from several insurers to find the best price and protection, ideally repeated periodically as rates change.

Caring for aging parents refers to the time and money adult children spend supporting elderly parents, from daily help to covering medical or long-term care costs.

Cash value life insurance is any permanent policy that builds a savings component you can borrow against or withdraw, in addition to providing a death benefit.

A catastrophic health plan is a low-premium, high-deductible option available mainly to younger people or those with a hardship exemption, meant to guard against major medical costs.

Charity care is free or reduced-cost hospital treatment offered to patients who cannot afford to pay, based on their income and financial need.

The Children's Health Insurance Program provides low-cost health coverage to children in families that earn too much for Medicaid but cannot easily afford private insurance.

A claims adjuster is the insurance professional who investigates a claim, assesses the damage, and determines how much the insurer should pay.

Claims history is the record of past insurance claims you have filed, which insurers review when setting your premium or deciding whether to cover you.

A CLUE report is a database record of the insurance claims tied to a person or property over recent years, which insurers use when pricing home and auto policies.

Collision coverage pays to repair or replace your own car after a crash, regardless of who was at fault.

Commercial auto insurance covers vehicles used for business, including liability for accidents that happen while working. A personal auto policy excludes some business uses, most commonly delivery and ride-hailing and vehicles titled to the business.

Commercial property insurance covers the buildings, equipment, inventory, and furnishings a business owns or leases. A personal homeowners policy generally excludes property used for business, which is the gap this fills.

Comprehensive coverage pays for damage to your car from non-crash events such as theft, fire, vandalism, or hail.

A contingent beneficiary is the backup recipient who inherits an account or insurance payout if the primary beneficiary has died or cannot accept it.

A continuing care retirement community is a housing arrangement that offers independent living, assisted living, and nursing care on one campus so residents can stay as their needs change.

Convertible term life insurance is a term policy that gives you the option to convert it to permanent coverage later without a new medical exam.

A cost-of-living rider increases your insurance benefit over time to help it keep pace with inflation.

Cost-sharing reductions are discounts that lower the deductibles, copays, and out-of-pocket costs on certain silver Marketplace plans for eligible lower-income enrollees.

Credit life insurance is a policy tied to a specific loan that pays off the remaining balance if the borrower dies, with the lender as beneficiary.

Critical illness insurance pays a lump sum of cash if you are diagnosed with a covered serious condition such as cancer, a heart attack, or a stroke.

Cyber liability insurance covers the costs a business faces after a data breach or ransomware attack, including notifying affected customers, restoring systems, and defending the claims that follow. Standard business policies generally exclude these losses.

A death benefit is the money a life insurance policy pays to the named beneficiaries when the insured person dies.

Decreasing term life insurance is coverage whose death benefit shrinks over time, often used to match a debt like a mortgage that is being paid down.

Dental insurance helps pay for routine cleanings, exams, and dental procedures, usually up to an annual coverage cap.

A dependent care FSA lets you set aside pre-tax pay to cover eligible childcare or adult dependent care so you can work.

Under federal law, adult children can generally stay on a parent's health insurance plan until they turn 26, even if they are married or financially independent.

Recoverable depreciation is the part of a property insurance payout initially held back for wear and tear, which you can collect after you finish repairs or replacement.

The DIME method is a way to estimate life insurance needs by adding up debt, income replacement, mortgage, and education costs.

Direct primary care is an arrangement where you pay a doctor a flat monthly fee for primary care services instead of billing insurance for each visit.

Disability determination is the process the Social Security Administration uses to decide whether a person's medical condition qualifies them for disability benefits.

Disaster financial recovery is the process of rebuilding your finances after an event like a flood, fire, or storm, including filing insurance claims, accessing aid, and replacing lost documents.

The donut hole refers to a former coverage gap in Medicare Part D drug plans where enrollees temporarily paid a larger share of costs, a gap recent law has phased out.

Dwelling coverage is the portion of a homeowners policy that pays to repair or rebuild the physical structure of your house after a covered loss.

Earthquake insurance covers damage caused by earth movement, a peril most standard home policies leave out.

Elder care costs are the expenses of supporting an older adult's daily needs, from in-home help to assisted living or nursing care.

The elimination period is the waiting time after a disability begins before your insurance starts paying benefits.

Employment practices liability insurance covers claims by employees alleging wrongful termination, discrimination, harassment, or retaliation. General liability policies exclude these claims, so an employer without it pays defense costs out of pocket.

Errors and omissions insurance, also called professional liability insurance, protects a business from claims that its professional advice or services caused a client financial harm.

Estate liquidity is the amount of readily available cash an estate has to cover debts, taxes, and expenses without having to sell off assets.

Excess liability insurance adds a higher dollar limit on top of an existing policy but, unlike umbrella coverage, generally does not broaden what is covered.

An exclusive provider organization is a health plan that covers care only from its network, except in emergencies, but usually does not require referrals.

An explanation of benefits is a statement from your health insurer showing what a claim cost, what the plan paid, and what you may owe, and it is not a bill.

An extended warranty is a service contract that pays to repair or replace a product after the manufacturer's warranty ends. In most states it is regulated as a service contract rather than as insurance.

Extra Help is a federal program that lowers the cost of Medicare prescription drug coverage for people with limited income and resources.

FEGLI is the group life insurance program offered to U.S. federal employees and retirees.

Final expense insurance is a small whole life policy meant to cover funeral and burial costs and other end-of-life bills.

Flood insurance covers damage from rising water, which standard homeowners policies exclude, and is often bought through the federal flood program or a private insurer.

A flood zone designation is FEMA's rating of how likely a property is to flood, which affects whether flood insurance is required and how much it costs.

A drug formulary is the list of medications a health plan covers, often grouped into tiers that determine your share of the cost.

A free look period is a short window after buying a policy during which you can cancel it and get your money back.

Full coverage is an informal term for an auto policy that combines liability with collision and comprehensive coverage, rather than a specific product.

A future increase option lets you raise your disability coverage later as your income grows, without going through new medical underwriting.

Gap insurance covers the difference between what you owe on a car loan or lease and the vehicle's actual value if it is totaled or stolen.

Generic drugs contain the same active ingredients as brand-name versions but usually cost far less, making them a common way to lower prescription spending.

An insurance grace period is a short window after a missed premium during which your coverage stays in force and you can still pay to keep it.

Group disability insurance is coverage an employer buys for its workforce, replacing a set percentage of pay after a waiting period. It costs far less than an individual policy but caps the benefit, often excludes bonus and commission income, and ends when the job does.

Guaranteed income is retirement cash flow that arrives no matter how markets perform or how long you live, such as Social Security, pension payments, and annuity income.

Guaranteed issue life insurance is a policy you can get without a medical exam or health questions, making it accessible to people in poor health, usually with smaller coverage and higher cost.

A guaranteed renewable policy is insurance the company must keep renewing as long as you pay premiums, though it may raise rates for an entire class of policyholders.

A state guaranty association steps in to pay certain claims when an insurance company operating in that state becomes insolvent.

A health care sharing ministry is a membership arrangement in which members share one another's medical costs, and it is not insurance and carries no guarantee of payment.

Early retiree health insurance is the coverage people need to bridge the gap between retiring and qualifying for Medicare, often bought through the ACA marketplace, a spouse's plan, or COBRA.

A health insurance premium is the fixed amount you pay, usually monthly, to keep a health insurance policy active, separate from deductibles and copays.

A health maintenance organization is a health plan that keeps costs down by using a set network of providers and often requiring referrals for specialists.

A health reimbursement arrangement is an employer-funded plan that repays employees, tax-free, for qualified medical expenses or insurance premiums up to a set amount.

A healthcare power of attorney names someone to make medical decisions on your behalf if you cannot make them yourself.

A healthcare proxy is the person you appoint to make medical decisions for you when you are unable to, another name for a healthcare agent.

A HIPAA authorization is a signed form that lets named individuals access your protected medical information, important for anyone helping manage your care.

Home health care costs are the expenses of receiving medical or personal care at home from aides or nurses, an alternative to moving into a facility.

A home warranty is a service contract that helps pay to repair or replace major home systems and appliances when they break down from normal wear, separate from homeowners insurance.

Hospice care focuses on comfort rather than cure for people near the end of life, and it is often largely covered by Medicare, Medicaid, or private insurance.

An itemized hospital bill is a detailed, line-by-line statement of every charge for a hospital stay, which patients can request to spot errors and verify what they owe.

Hospital financial assistance, sometimes called charity care, is a program nonprofit hospitals offer to reduce or forgive bills for patients who cannot afford to pay.

Hospital indemnity insurance pays you a fixed cash amount for a hospital stay, which you can use for any expenses, on top of your regular health coverage.

HSA investing means putting the money in a health savings account into stocks, funds, or other investments so it can grow tax-free rather than sitting in cash.

The HSA receipt strategy involves paying medical bills out of pocket while saving the receipts, then reimbursing yourself from your HSA years later after the account has grown tax-free.

Human life value is a method of estimating how much life insurance someone needs by calculating the financial value of their future earnings to their family.

A hybrid long-term care policy combines life insurance or an annuity with long-term care benefits, so the money can go toward care or to your heirs if care is never needed.

An ICHRA, or individual coverage health reimbursement arrangement, lets employers give workers tax-free money to buy their own individual health insurance instead of a group plan.

Identity theft insurance helps pay the costs of recovering from identity fraud, such as restoring your credit and covering related expenses.

An in-network provider is a doctor, hospital, or clinic that has agreed to your health plan's negotiated rates, lowering your share of the cost.

An independent insurance agent represents several insurance companies and can compare their policies for you.

Indexed universal life is a type of permanent life insurance whose cash value growth is tied to the performance of a stock market index, with limits on both gains and losses.

Insurable interest is the requirement that the person buying insurance would suffer a genuine financial loss if the insured person or property were harmed, which is what makes a policy valid.

An insurance broker works on behalf of the buyer to find and arrange coverage from various insurers.

Insurance bundling is buying more than one policy, such as home and auto, from the same insurer to earn a multi-policy discount.

An insurance claim is a formal request you file with your insurer to be paid for a covered loss or expense.

A state insurance commissioner is the official who regulates insurance companies and agents within a state and handles consumer complaints.

Insurance company ratings are grades issued by independent agencies that measure an insurer's financial strength and its ability to pay claims in the future.

An insurance exclusion is a specific situation, cause, or item that a policy explicitly does not cover.

Insurance fraud is deliberately deceiving an insurer to gain a payout or lower premium you are not entitled to, which is a crime that raises costs for everyone.

An insurance lapse happens when a policy ends because the required premium was not paid, leaving you without coverage.

An insurance needs analysis is a review of your finances and dependents to estimate how much coverage, such as life or disability insurance, you actually need, avoiding both gaps and overpaying.

An insurance score is a rating drawn largely from your credit history that some insurers use to help set your premium.

Underwriting is the process an insurer uses to evaluate an applicant's risk and decide whether to offer coverage and at what price.

International health insurance is a policy that covers medical care across multiple countries, often used by expatriates, frequent travelers, and people living abroad.

The income-related monthly adjustment amount is an extra charge added to Medicare Part B and Part D premiums for people with higher incomes.

An irrevocable life insurance trust owns a life insurance policy so the payout stays outside your taxable estate and goes to your beneficiaries.

A joint and survivor annuity pays income for as long as either of two people — typically spouses — is alive, trading a smaller monthly check for lifetime protection of the survivor.

Juvenile life insurance is a policy taken out on a child, usually by a parent or grandparent, often marketed for future insurability or cash value.

Key person insurance is a life insurance policy a business buys on an essential owner or employee, so the company receives funds to stay afloat if that person dies unexpectedly.

Life insurance laddering is buying several term policies of different lengths so your coverage decreases in steps as your financial obligations shrink over time.

Landlord insurance covers a property you rent to others, adding the dwelling coverage, liability, and lost-rent protection that a standard homeowners policy withholds once a home is no longer owner-occupied.

Level term life insurance is term coverage whose premium and death benefit stay the same for the entire length of the policy.

Liability coverage is the part of an insurance policy that pays for harm you cause to other people or their property, rather than for your own losses.

Life insurance as an investment means using permanent policies that build cash value as a savings vehicle, an approach that carries high costs and complexity.

A life insurance beneficiary is the person or entity you name to receive the policy's death benefit when you die.

A life insurance rider is an optional add-on to a policy that provides an extra benefit or feature, usually for an additional cost.

A life settlement is the sale of a life insurance policy to a third party for more than its cash surrender value but less than its death benefit.

A limited purpose FSA is a flexible spending account restricted to dental and vision expenses, letting you keep it alongside a health savings account.

A living will is a document that states your wishes for medical treatment and life support if you become terminally ill or unable to communicate.

Long-term care costs are the expenses of extended help with daily living, such as nursing homes, assisted living, or in-home aides, which health insurance and Medicare rarely cover fully.

A Long-Term Care Partnership Program lets people who buy qualifying long-term care policies protect some of their assets while still becoming eligible for Medicaid.

ACA metal tiers, named bronze, silver, gold, and platinum, group Marketplace health plans by how they split costs between you and the insurer, with the silver tier tied to extra savings for lower incomes.

The Medicaid look-back period is the stretch of time before applying for long-term care Medicaid during which asset transfers are reviewed and can delay eligibility.

A Medicaid spend-down is the process of reducing income or assets, often by paying medical bills, to become eligible for Medicaid.

Medical bill negotiation is the process of contacting a provider to lower a medical bill, arrange a payment plan, or correct billing errors.

A medical billing advocate is a professional who reviews medical bills for errors, negotiates charges, and helps patients resolve disputes with providers and insurers.

Medical debt is money owed for healthcare services, often arising unexpectedly — and frequently negotiable through payment plans, hospital financial assistance, or billing corrections.

Medical exam life insurance requires a health screening, such as bloodwork and a physical, so the insurer can assess your risk, often in exchange for lower premiums.

The medical expense deduction lets itemizers deduct qualifying unreimbursed medical and dental costs, but only the portion that exceeds a set percentage of adjusted gross income.

Medical tourism is traveling to another country to get medical or dental care, usually to pay much less than the same treatment would cost at home.

Medicare abroad refers to the fact that Medicare generally does not cover healthcare received outside the United States, so retirees living overseas usually need other coverage.

A Medicare Advantage trial right lets someone who newly joined Medicare Advantage switch back to Original Medicare within a limited window, often with guaranteed access to a Medigap policy.

Once you enroll in any part of Medicare, you can no longer add money to a health savings account, though you can still spend down funds already in the account.

Medicare enrollment periods are the specific windows when you can first sign up for or make changes to Medicare coverage, with penalties for missing them.

A Medicare late enrollment penalty is a lasting surcharge added to your premiums if you delay signing up for coverage without having qualifying alternative insurance.

Medicare open enrollment is the yearly period when people with Medicare can switch, join, or drop Medicare Advantage and prescription drug plans for the coming year.

The Medicare Part B premium is the monthly amount enrollees pay for outpatient medical coverage, with higher earners paying more based on past income.

Medicare Savings Programs are state-run programs that help people with limited income pay their Medicare premiums and other costs.

Medigap is private supplemental insurance that helps pay costs original Medicare leaves to you, such as deductibles and coinsurance.

Medigap open enrollment is a one-time period, usually starting when you enroll in Medicare Part B at 65 or older, when insurers must sell you a supplement policy regardless of health.

Limited benefit plans, sometimes called mini-med plans, offer low-cost health coverage with strict caps on what they pay, leaving large gaps that can expose you to major medical bills.

Minimum coverage is an auto policy that carries only the least amount of liability insurance your state requires you to have.

Modified adjusted gross income for the ACA is the income figure the Marketplace uses to determine subsidy eligibility, based on your tax return with certain items added back in.

A modified endowment contract is a life insurance policy funded so quickly that it loses some of the usual tax advantages on money you take out.

Moral hazard is the idea that having insurance can make a person less careful, because someone else absorbs the cost when something goes wrong.

A mortality and expense fee is an annual charge inside a variable annuity that pays the insurer for the death benefit and income guarantees it provides, on top of the underlying fund costs.

Mortgage protection insurance is a policy designed to pay off or cover mortgage payments if the borrower dies or becomes disabled.

The named insured is the person or entity specifically listed on an insurance policy, who holds the main rights and responsibilities under the contract.

The No Surprises Act is a federal law that protects patients from many unexpected out-of-network bills, especially for emergency care.

No-exam life insurance is a policy issued without a medical exam, offering faster approval in exchange for higher premiums or lower coverage amounts.

A noncancelable policy is insurance the insurer cannot cancel or reprice as long as you pay premiums, locking in both your coverage and your rate.

Nursing home costs are the often substantial expenses of round-the-clock care in a licensed facility for someone who can no longer live independently.

Out-of-network care is treatment from a provider who has no agreement with your health plan, which usually means paying more or the full bill.

Own-occupation disability coverage pays benefits if you cannot perform the job you were trained for, even if you could do some other kind of work.

A pension survivor option lets a retiree accept smaller monthly payments so that a surviving spouse or beneficiary keeps receiving income after the retiree dies.

A period certain annuity guarantees payments for a set number of years, so if the owner dies before the period ends, a beneficiary receives the remaining payments.

Permanent life insurance is coverage designed to last your whole life rather than a set term, and it typically builds cash value alongside the death benefit.

Personal injury protection pays medical costs, and sometimes lost wages, for you and your passengers after a car accident regardless of who caused it. It is required in no-fault states; a narrower version sold as medical payments coverage is optional in many others.

Pet insurance reimburses part of the cost of veterinary care for your animal, similar to how health insurance works for people.

A point-of-service plan blends features of HMO and PPO coverage, using a primary doctor and referrals while still allowing some out-of-network care at higher cost.

A policy limit is the maximum amount an insurance policy will pay for a covered claim.

A life insurance policy loan lets you borrow against the cash value of a permanent life policy, with any unpaid balance reducing the death benefit.

A preferred provider organization is a health plan that lets you see any provider but costs less when you stay within its network.

The premium tax credit is a refundable federal credit that lowers monthly premiums for health insurance bought through the ACA Marketplace, with the amount based on household income and reconciled on your tax return.

A prescription discount card offers reduced cash prices on medications at participating pharmacies, sometimes beating an insurance copay for certain drugs.

Prescription importation is buying medications from another country, often to save money, a practice that carries legal restrictions and safety risks worth weighing carefully.

Prior authorization is approval your health plan requires before it will cover certain treatments, tests, or medications.

Property damage liability is the part of auto insurance that pays for damage you cause to someone else's vehicle or property.

A public adjuster is a licensed professional a policyholder can hire to document and negotiate an insurance claim on their behalf, rather than relying on the insurer's own adjuster.

A QSEHRA is a health reimbursement arrangement for small employers that repays workers tax-free for individual insurance and medical costs up to an annual IRS limit.

Qualified medical expenses are the health-related costs the IRS lets you pay for with tax-advantaged accounts like an HSA or FSA without owing tax or penalties.

Insurance rate shopping is regularly comparing premiums across insurers for the same coverage so you avoid overpaying as your rate creeps up over time.

Reference-based pricing is a health plan approach that pays providers a set amount tied to a benchmark, such as a multiple of Medicare rates, rather than a negotiated network price.

Reinsurance is insurance that insurers buy for themselves, spreading their risk by passing part of it to another company.

Replacement cost coverage pays to repair or replace damaged property with new items of similar kind, without subtracting for wear and tear.

A residual disability benefit pays a partial amount when an illness or injury lets you keep working but at reduced hours or lower income.

Respite care is short-term, temporary care for a dependent person that gives their regular family caregiver time to rest or handle other responsibilities.

Retiree health benefits are medical coverage some employers continue to offer former employees after retirement, often coordinating with Medicare.

Retirement healthcare costs are the medical, dental, and long-term care expenses retirees face, which tend to rise with age and are a major part of retirement budgeting.

Return of premium life insurance is a term policy that refunds the premiums you paid if you outlive the coverage period, in exchange for higher premiums than plain term insurance.

Risk pooling is the core idea behind insurance — many people pay into a shared fund so that the few who suffer a loss can be paid from it, spreading risk across the group.

Risk retention is deciding to keep a risk yourself and cover any resulting loss out of pocket, rather than insuring or transferring it, as you do with a deductible or self-insurance.

Risk transfer is a risk-management strategy of shifting the financial burden of a potential loss to another party, most commonly by buying insurance.

Self-insurance means setting aside your own money to cover a potential loss instead of paying an insurer to take on that risk.

Short-term health insurance is temporary coverage meant to fill a gap between plans, and it often excludes benefits that regular plans must include.

A single life annuity pays income for one person's lifetime and stops at their death, which usually makes its monthly payment higher than options that continue for a survivor.

SIPC protection covers the custody of cash and securities held at a failing brokerage firm, up to statutory limits, returning your holdings rather than reimbursing losses. It protects you if the broker fails, not if your investments fall in value.

A special enrollment period is a window outside open enrollment when a major life change lets you sign up for or change health coverage.

Stay-at-home parent finances covers the money considerations of a household with a non-earning caregiver, including budgeting on one income and insuring the caregiver's unpaid work.

Stranger-originated life insurance is an arrangement in which investors with no personal stake fund a policy on someone's life to collect the payout, a practice that is generally illegal.

Subrogation is an insurer's right to recover what it paid on a claim by pursuing the party that actually caused the loss.

Supplemental life insurance is extra coverage you can buy on top of a base group policy, often through an employer, to increase your death benefit.

Cash surrender value is the amount a permanent life insurance policy pays you if you cancel it, after any fees or charges.

The Survivor Benefit Plan is a military retirement option that lets a service member give up part of their pension so a spouse or dependent keeps receiving income after the retiree dies.

Survivorship life insurance, also called second-to-die coverage, is a permanent policy on two people that pays only after both have died. Because the insurer pays later, the premium is lower than comparable single-life coverage on either person.

A telehealth visit is a medical appointment conducted remotely by phone or video rather than in person, often at a lower cost than an office visit.

Telematics insurance uses a device or phone app to track driving habits like speed and braking, then bases part of your premium on how safely you actually drive.

Travel insurance covers financial losses tied to a trip, such as cancellations, medical emergencies, or lost baggage.

Tricare is the health-care program that covers active-duty U.S. military members, retirees, and their families.

The triple tax advantage describes the health savings account's unique treatment — contributions are deductible, growth is untaxed, and withdrawals for qualified medical expenses are tax-free.

Tuition insurance is a policy that refunds some or all college costs if a student has to withdraw during a term for a covered reason such as serious illness.

Uninsured motorist coverage protects you when you are hit by a driver who has no insurance or too little to cover your losses.

Universal life insurance is permanent coverage with flexible premiums and an adjustable death benefit, plus a cash value component that earns interest.

Usage-based insurance sets your premium partly on how and how much you actually drive, often tracked through an app or device.

The use it or lose it rule means money left in a flexible spending account at the end of the plan year may be forfeited unless the plan allows a grace period or small carryover.

Variable universal life is permanent insurance that lets you invest the cash value in market subaccounts, offering higher growth potential along with the risk of losses.

A viatical settlement is the sale of a life insurance policy for cash by someone who is terminally ill, giving the buyer the death benefit later.

Vision insurance helps pay for eye exams, glasses, and contact lenses, typically for a modest premium.

A waiver of premium is a policy feature that keeps your coverage in force without further payments if you become disabled or otherwise unable to pay.

Wedding insurance covers financial losses from problems that disrupt a wedding, such as a vendor failing or the event being canceled.

A workplace wellness program is an employer initiative that encourages healthy habits, sometimes offering incentives like premium discounts or rewards for participation.

Workers' compensation is insurance that pays for medical care and lost wages when an employee is injured or becomes ill on the job, and most states require employers to carry it.