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When it comes to caring for your pets, the last thing you want is to be confused about pet insurance. At MetLife Pet, we try our best to make insurance easier to understand.
When you get a pet insurance policy, it may have a definitions section to help you understand what’s in it. But here’s a list of common pet insurance terms and definitions to help you get started.
Accident coverage is insurance that can help cover expenses related to unexpected or unforeseen accidents and injuries — such as diagnostics, hospitalization, treatment, and medications.
Alternative therapies, sometimes called holistic care or complementary treatments, are those not considered traditional therapies but can help maintain your pet’s health and wellness or support their recovery. Some of these therapies include chiropractic care, hydrotherapy, laser therapy, acupuncture, and more.
The annual limit is the maximum amount of money you can be reimbursed through your insurance policy in a given policy period. This limit doesn’t include your deductible, and it will reset when a new policy period begins.
Annual limits may also be called the maximum limit, policy limit, annual maximum benefit, annual coverage limit, or the payout per year. MetLife Pet offers flexible annual limits you can choose from.1
Benefits are the items, expenses, or services covered under a specific insurance policy.
A benefit schedule is the part of your insurance policy that specifies what’s covered under your policy and how much is covered.
A bilateral condition is a medical condition that can occur on both sides of your pet’s body, such as hip dysplasia or glaucoma.
Chronic conditions are medical conditions or diseases where the effects are long-lasting or develop over time, and require recurring medical care. They may or may not have a cure and are generally conditions that persist for more than 12 months — like kidney disease, arthritis, or diabetes.2,3
Pet insurance claims are requests you submit to your insurance company for payment of a covered benefit.
A congenital condition is a disease, disorder, or condition that occurs before or at birth.
Continuous coverage is a period of time when a pet is insured by policies through the same insurance provider without a break in coverage.
Coverage is the specific insurance described in an insurance policy. MetLife Pet Insurance provides extensive coverage, which could make pet insurance worth it for you.
A deductible is the amount of money you pay for your pet’s health care before your insurance provider starts reimbursing for covered expenses. MetLife Pet offers many annual deductible options for policyholders to choose from, making it easier to customize coverage according to your budget and your pet’s needs.4
Diagnostics are testing your pet may need, including X-rays, MRIs, CT scans, laboratory tests, or other diagnostic procedures. These are performed by a veterinarian to help determine what disease or condition explains the symptoms being exhibited by your pet.
The effective date is the date when a policy between an insurance provider and a policyholder becomes binding and active.
An elective procedure is any procedure not deemed medically necessary, such as spaying and neutering or a teeth cleaning. Elective procedures typically aren’t covered by standard pet insurance policies.
Exclusions are expenses not covered by an insurance policy, such as grooming, breeding, and obedience training.
An explanation of benefits is a document that explains what items are and are not covered on a vet bill when a claim is submitted.
A hereditary condition is a medical condition caused by genes inherited from parents and previous generations, such as allergies and certain cancers. They may also be referred to as genetic or inherited conditions.5,6
Illness coverage is insurance that can cover certain expenses related to illnesses, diseases, and other health conditions — such as diagnostics, hospitalization, treatment, and medications.
An incident is an event or occurrence — such as an injury or illness — that happens to your pet while they’re insured. Each covered incident must have its own claim to receive reimbursement for covered expenses under the pet insurance policy.
An invoice is a receipt or bill from your veterinarian after they provide services for your pet. You’ll need to include any relevant invoices when you submit a pet insurance claim.
The lifetime limit is the maximum amount of money your insurance provider will reimburse you (for covered expenses) over your insured pet’s lifetime. MetLife Pet policies don’t have a lifetime limit.
Medically necessary services, care, or supplies are provided to treat a pet consistent with their diagnosis or symptoms, and are accepted as good vet practice standards, not out of convenience or ease.
The per-incident limit is the maximum amount of money your insurance provider will pay for an individual covered incident you submit a claim for. It can also be called a covered incident limit. MetLife Pet policies don’t have per-incident limits.
A pet insurance policy is a contract between an insurance provider and a policyholder that defines the insurance terms and conditions, as well as costs associated with the policy.
A policyholder is the individual who purchased an insurance policy. They may also be called a policy owner.
Also known as a policy term or policy duration, a policy period is the length of time the insurance policy is active. Policy periods are typically one year.
Pre-certification allows you to submit an estimate for a service to your insurance provider to see if it will be covered under the insurance policy.
Pre-existing conditions are health conditions a pet develops or shows symptoms of prior to an insurance policy’s effective date or before the end of any relevant waiting periods. Most of the time, pre-existing conditions aren’t covered by pet insurance policies. However, MetLife Pet may cover some of them (if they were already covered) for group policy holders who switched to MetLife Pet.7
A premium is the cost to hold an insurance policy. Premiums — also known as rates — may be paid monthly or annually, depending on your plan and provider. Rates can vary based on your location, as well as your pet’s breed, age, gender, and species.
Preventive care coverage is insurance that can cover expenses related to preventing injury or illness or keeping a pet healthy when there’s been no injury or illness — such as vaccinations, spaying/neutering, or parasite prevention. MetLife Pet offers an optional Preventive Care plan you can add to your pet health insurance policy to enhance your coverage.
A quote is an estimate of what a pet insurance policy may cost and cover when the quote is requested.
A reimbursement is the money you receive for covered expenses, and you usually select a reimbursement rate when you enroll in a pet insurance plan. Typically, pet insurance works by you submitting a claim and then receiving reimbursements for covered costs after you’ve met your plan’s deductible. With MetLife Pet, most claims are reimbursed in about 10 days, and you can choose how you get reimbursed — through direct payments or a paper check.
Reimbursement percentage is the portion of covered expenses you can be reimbursed for after meeting your deductible. You may also see this written as “covered percentage.” MetLife Pet offers customizable plans that allow you to choose your reimbursement percentage.8
A renewal is the continuation of a pet insurance policy after the current policy period ends. Most times, a policy renewal is automatic as long as you haven’t canceled your policy and you’re in good standing with your insurance provider — i.e., up-to-date on your premium payments and haven’t violated any terms or conditions.
A rider is an amendment to an insurance policy that adds benefits to your standard or existing plan.
An underwriter is an insurance professional who specializes in risk assessment and prevention for the purpose of evaluating insurance applications and deciding on coverage. Essentially, an underwriter decides how risky it would be for an insurance provider to insure an applicant and what it may cost.
The waiting period is the amount of time after your insurance policy’s effective date, before the insurance provider will begin reimbursing for covered benefits. MetLife Pet offers a 0-day waiting period on accidents and our optional Preventive Care plan, and a 14-day waiting period on illnesses.9
SOAP (subjective, objective, assessment, and plan) notes are documentation or medical records from your vet that detail your pet’s condition and treatment. Insurance companies use these to make sure any treatments are for a covered injury or illness.
Telemedicine is veterinary care that’s provided over the phone or online as opposed to in-person. MetLife Pet’s dog insurance and cat insurance policies include telemedicine coverage as long as it’s medically appropriate.
One term pet owners don’t need defined for them is “family.” Here at MetLife Pet, we know how important your furry family members are, and pet insurance can be a great option to help you prepare for unexpected pet health care expenses.
Still have questions? You can get a free quote today to see your personalized rates and learn more about what we could cover for your pet.
Pet Insurance Can Help Cover Pet Injury & Illness Costs
