A policy contract that specifies that the insured may continue coverage by paying the premiums for a specific time frame. During the same time frame, the insurer is prohibited from making changes. The premiums on this type of policy cannot be changed during the term.

With this type of policy, the insurance company cannot cancel or increase the premium or otherwise alter the policy as long as the insured pays premiums on time. The addition of this feature to disability insurance is often expensive.

The situation that exists when a number of insurance policies intended to cover the same property against the same hazards are not identical as to the extent of coverage. Nonconcurrency usually results in an insured not being fully covered for a loss. Modern forms have minimized the problem of nonconcurrency.

When several policies that cover the same property against the same perils do not provide the same amount of coverage. This usually causes the insured to be underinsured should a loss occur.

An illness that does not force the insured to remain indoors.

A form of insurance wherein the employer pays the full premium and the employee is not required to contribute at all.

A retirement plan wherein the employer pays the full premium amount.

A will spoken by a person very close to dying, in the presence of witnesses.

Also called coordination of benefits. A clause found in certain policies stating that benefits will not cover losses already being covered by another party.

Pain, suffering, inconvenience, loss of consortium, physical impairment, disfigurement, and other nonpecuniary damages.