Glossary of Insurance Terms
- Medicare Supplement
Insurance policies sold by private insurance companies to fill "gaps" in original Medicare plan coverage. Medigap policies only work with original Medicare.
A term used to refer to Medicare supplement and Medicare select policies designed to fill the "gaps" in original Medicare plan benefits.
A significant misstatement in an application form. An insured is required to answer truthfully all questions on an insurance application. The insurance company can void the policy if it would not have issued a policy had it known the facts.
- Misstatement of age
Life insurance wording that specifies the action the insurer will take if, at the insured's death, the insurer discovers that the insured's age was misstated in the application and the misstatement has resulted in an incorrect premium for the amount of insurance purchased.