Health Insurance Glossary


Termination of insurance for non-payment of premium.

Life insurance

A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number of years, depending on the terms of the policy. Life insurance policies may be for fixed or indefinite term.

Lifetime Maximum

A cap on the benefits paid for the duration of a health insurance policy. Many policies have a lifetime limit of 5 million, which means that the insurer agrees to cover up to 5 million in covered services over the life of the policy. Once the 5 million maximum is reached, no additional benefits are payable.

Limit of indemnity

Another term for policy limit. It refers to the maximum amount payable under a policy of insurance or reinsurance, either overall or with reference to a particular section of a policy.

Limited Policy

A policy that covers only specified accidents or sicknesses (e.g. a cancer policy).

Locum Insurance

A policy that pays a benefit, usually based upon a weekly amount, when an insured person suffers an accident or illness that prevents them from carry out their usual occupation. Variable payment periods can be selected based upon the insureds needs.

Loss adjuster

A person who is appointed to investigate the circumstances of a claim under an insurance policy and to advise on the amount that is payable to the policyholder in order to settle that claim. Loss adjusters are generally appointed by underwriters but sometimes policyholders appoint their own loss adjusters to negotiate claims on their behalf.

Contact Information

Medical Insurance Consultants
Park House
45 The Park
BA20 1DF

T: 0800 163 870
E: [email protected]

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Medical Insurance Consultants Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 309026.

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