Annual Deductible
This is the amount you must pay each year before the insurance company starts paying.
Benefit Schedule
This is the maximum amount of money the insurance company will reimburse based on predetermined listed fee structure. Companies that use this structure tell you ahead of time the specific amounts they will pay for certain diseases.
Bilateral Condition
Any condition that can happen on both sides of the body.
Chronic Diseases
Chronic diseases are diseases of long duration and generally slow progression. They are usually not curable.
Claim Form
The form you submit to the pet insurance company to request reimbursement for veterinary costs.
Co-pay
The percentage of covered expenses that you must pay after the deductible is met.
Covered Expenses
Treatment and procedures that are covered by the pet insurance policy. Not all treatments and procedures are covered.
Let say you went to the vet for anal sac expression and treatment of a laceration on the foot. If the insurance policy states that it does not cover anal sac treatment but does cover laceration, the insurance would cover the expenses for treatment of the laceration, but not the anal sac treatment. The cost of the anal sac treatment would be paid 100% by you.
Deductible
The amount of the veterinary bill you must pay before the insurance company starts paying.
Exclusions
Medical conditions that are not covered by the plan.
Maximum Lifetime Payout
This is the maximum amount of money the insurance company will reimburse you during the lifetime of your pet. Once you reach this limit, you will not receive any more money and your policy will be terminated.
Maximum Payout
The maximum amount of money the insurance company will give you.
Maximum Payout Per Body System
This is the maximum amount of money the insurance company will reimburse for a body system, such as the digestive, musculoskeletal system, or nervous system. Once you reach this limit for a body system, you will no longer be reimbursed for an injury or illness relating to that body system.
Maximum Payout Per Incident
This is the maximum amount of money the insurance company will reimburse you for each new illness or injury. Once you reach this limit, that particular injury or illness will no longer be covered and you will not receive any more money for that particular injury or illness.
Maximum Payout Per Year
Also called Maximum Annual Payout, this is the maximum amount of money the insurance company will reimburse you each policy year. Once you reach this limit, you will not receive any more money for any injury or illness for that policy year.
Per-Incident Deductible
This is the amount you must pay for each new illness or injury before the insurance company starts paying. This deductible is paid once for each new illness or injury. If a pet is hit by a car, that is considered one incident and has one deductible regardless of how many times the owner must return to the veterinarian.
Policy Year
12 months starting on the date your policy begins.
Pre-Existing Condition
Illnesses or accidents/injuries that occur before you apply for a policy or that happen during the waiting period. Any illness or injury that occurs during this time will not be covered by your plan.
Premium
The amount you pay monthly or annually for your pet insurance policy.
Requirements
Things you must do to remain insured (e.g. annual exams, submission of medical records, adherence to the vaccination recommendations, etc).
Routine and Wellness
Refers to preventive procedures such as vaccinations, annual exams, heartworm testing/medications, spaying/neutering, etc. These procedures helps keep your pet healthy and in turn reduces your veterinary bills.
Underwriter
The underwriter of a pet insurance policy decides whether to accept the risk and insure the pet and how much coverage the pet should receive. It is the underwriter's money that pays your insurance claims.
Veterinary Specialists
Veterinary specialists are board certified in a specific field of veterinary medicine such as internal medicine, surgery, dermatology, ophthalmology. Their certification gives them a higher level of expertise in their area of specialty than a general practitioner.
Waiting Period
The time you have to wait before coverage starts. If something happens to your pet during the waiting period, that condition will not be covered. There can be one waiting period for accidents/injuries and another for illnesses. There can also be waiting periods for certain injuries or illnesses like Anterior Cruciate Ligament Injuries and Intervertebral Disk Disease.
