Plain English · No sales pitch
Insurance decisions, explained by the life event that caused them.
Insurpedia is a neutral, plain-English guide to the insurance decisions that come up around real life events: getting married, buying a home, becoming a landlord. No jargon, no sales pitch, no insurer recommendations. Just the real math and the real exceptions.
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№ 01All lessons →
Latest Lessons
Adding a Newborn to Health Insurance: Deadlines and How Coverage Starts
A new baby opens a Special Enrollment Period: usually 60 days on the Marketplace and at least 30 days for job-based plans. Coverage can start from birth.
Read lesson →- Are Disability Insurance Benefits Taxable?
Disability Insurance
- Bronze, Silver, Gold or Platinum: Which Health Plan Level Should You Choose?
Health Insurance
- Cancel for Any Reason (CFAR) Travel Insurance: How It Works and What It Pays
Travel Insurance
- Claims-Made vs. Occurrence Policies: What Happens When You Switch or Retire?
Small Business Insurance
- Lost Your Job: Should You Choose COBRA or a Marketplace Plan?
Health Insurance
№ 02
Courses & Tools
- Car Insurance
15 lessons
- Disability Insurance
8 lessons
- Health Insurance
9 lessons
- Homeowners Insurance
24 lessons
- Landlord Insurance
7 lessons
- Medicare
8 lessons
- New Parent
7 lessons
- Newly Married
11 lessons
- Pet Insurance
8 lessons
- Renters Insurance
9 lessons
- Small Business Insurance
15 lessons
- Travel Insurance
8 lessons
- Vacation Home Insurance
8 lessons
- Add Your Baby to Coverage
Adding a Newborn to Health Insurance: Deadlines and How Coverage Starts
- Check How Your Benefit Would Be Taxed
Are Disability Insurance Benefits Taxable?
- Estimate Your Total Yearly Cost
Bronze, Silver, Gold or Platinum: Which Health Plan Level Should You Choose?
- Check a CFAR Offer
Cancel for Any Reason (CFAR) Travel Insurance: How It Works and What It Pays
- Check Your Policy Before You Switch or Retire
Claims-Made vs. Occurrence Policies: What Happens When You Switch or Retire?
- Compare COBRA With a Marketplace Plan
Lost Your Job: Should You Choose COBRA or a Marketplace Plan?
№ 03All 139 terms →
Insurance Terms
Every term links to the related terms, scenarios, and lessons where it actually comes up, so you can follow the thread instead of reading definitions in isolation.
- Actual Cash Value (ACV)Policy Structure
Actual cash value, often shortened to ACV, is a method of valuing a covered loss that pays the replacement cost of the damaged item minus depreciation for its age, wear, and condition at the time of the loss. ACV is common in property coverage and is also commonly used to value totaled vehicles. Replacement cost coverage is widely used for homes and personal property, while standard auto policies generally do not promise to replace an older vehicle with a new equivalent unless special coverage applies. ACV generally pays less than replacement cost because it accounts for value the item had already lost before the loss.
- Aggregate LimitBusiness Insurance
An aggregate limit is the most a policy will pay in total for all covered claims during the policy period, regardless of how many claims there are. The NAIC glossary defines it as "the maximum dollar amount or total amount of coverage payable for a single loss, or multiple losses, during a policy period, or on a single project." It's common on business liability policies, alongside a per-occurrence limit that caps any single claim.
- Appraisal ClauseClaims
An appraisal clause is a policy provision for settling disagreements about the amount of a covered loss. Each side hires an appraiser, the appraisers choose an umpire, and the umpire decides any difference. Appraisal resolves how much, not whether the policy covers the loss.
- BeneficiaryLife Insurance
A beneficiary is the person or entity named in a life insurance policy to receive the death benefit when the insured person dies. A policy can name primary beneficiaries, who are paid first, and contingent beneficiaries, who are paid if no primary beneficiary can be found. If no beneficiary is named or found, the death benefit is paid to the insured's estate.
- Benefit Period (Disability Insurance)Disability Insurance
In disability insurance, the benefit period is the maximum length of time the policy will pay monthly benefits for a covered disability, such as two years, five years, to age 65 or for life. A longer benefit period costs more, while a shorter one lowers premiums but leaves the policyholder exposed if a disability lasts longer than the benefit period.
- Benefit Schedule (Pet Insurance)Pet Insurance
A benefit schedule is a list in some pet insurance policies that sets the maximum amount the insurer pays for specific treatments or services, regardless of what the veterinarian charges. Other policies cap payments at usual-and-customary fees, based on prevailing veterinary charges. Either way, the payout can be less than the actual bill.
What Happens If This Happens To You?
People don’t think in insurance terms, they think in situations. One from each category, to start.
- A Tree Fell On My CarAuto Insurance
Usually your own auto policy's comprehensive coverage, if you carry it, because damage from falling objects is a comprehensive claim, less your deductible. Homeowners policies typically don't cover cars. If the neighbor was negligent, such as ignoring a dead tree, your insurer may seek repayment from them, which can return your deductible.
- Basement FloodedHomeowners Insurance
It depends on where the water came from. A burst pipe or other sudden water release inside the home is typically covered by homeowners insurance. A sewer or drain backup usually needs a water backup endorsement. Rain, groundwater or rising water from outside is flood, which most home policies exclude, and flood insurance covers only certain items in a basement.
- Burst Pipe In RentalLandlord Insurance
Damage to the structure itself from a sudden pipe burst is typically covered under the landlord's own dwelling coverage, similar to how it would work for an owner-occupied home. The tenant's personal belongings, however, are generally not covered by the landlord's policy at all, which is one of the main reasons landlords often require tenants to carry their own renters insurance.
- Customer Slipped In My StoreBusiness Insurance
Injuries to customers on your premises are typically what general liability insurance is designed to address, often covering medical costs and legal defense if the customer pursues a claim or lawsuit. How the claim plays out usually depends on whether the hazard was reasonably addressed beforehand, such as posting a wet floor sign, and how quickly the business documented and responded to the incident.
- Does Dental Insurance Cover Braces?Dental and Vision Insurance
Sometimes, partly. The NAIC says orthodontics, meaning braces and retainers, are generally covered through a rider, often at a lower percentage than other dental work. Many plans cover children's braces up to a lifetime maximum and cover adults less often. Under the ACA, dental coverage is an essential health benefit for children, not adults.
- Does Health Insurance Cover Therapy?Health Insurance
Usually, yes. Marketplace health plans must cover behavioral health treatment, such as psychotherapy and counseling, and federal parity rules generally stop plans from limiting mental health care more strictly than medical care. Your cost depends on your plan's copay or coinsurance, deductible and network, so check whether the therapist is in-network.
- Does Life Insurance Cover Natural Death?Life Insurance
Yes, standard life insurance generally pays for a death from natural causes such as illness or a heart attack, which is most deaths. The Texas regulator says that after a policy's first two years, the company must pay regardless of the cause of death. Accidental death coverage is different: it pays only when the death results from an accident.
- Does Medicare Cover Dental Implants?Medicare
In most cases, no. Medicare says Original Medicare doesn't cover dental services like cleanings, fillings and extractions, or items like dentures and implants. Exceptions are narrow, such as dental care tied to certain covered medical treatment. Some Medicare Advantage plans and separate dental plans include dental benefits, often with yearly limits.
- My Roommate Started A Kitchen FireRenters Insurance
Each roommate's own renters policy generally covers their own belongings, since one person's policy usually doesn't cover an unrelated roommate unless they're named. The roommate who caused the fire may face a liability claim for damage to the landlord's property, which his renters liability coverage may pay. Without renters insurance, each person generally bears their own losses.