Glossary
Plain-language definitions of insurance terms.
- Final Expense Insurance
- A small whole-life policy designed to cover funeral and burial costs. It is easier to qualify for but costs more per dollar of coverage than larger policies.
- Flexible Spending Account (FSA)
- An employer-offered account that lets you set aside pre-tax dollars for eligible health costs. Funds are generally use-it-or-lose-it within the plan year, with...
- Flood Insurance
- Separate coverage for flood damage, which standard homeowners and renters policies exclude. It is available through the National Flood Insurance Program and som...
- Formulary
- The list of prescription drugs a health plan covers, often organized into tiers that determine your share of the cost.
- Free Look Period
- A short window after buying a life insurance policy during which you can cancel it for a full refund. The length is set by state law.
- Full Coverage
- An informal term, not an actual policy type, that usually means liability plus collision and comprehensive coverage. Exactly what it includes varies, so confirm...
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