Annual Deductible: The dollar amount of medical expenses that you have to pay before the insurance company pays for your claim. For example, if you cat has surgery and you have a $2,000 deductible, you must pay that amount first before the insurance company pays the remainder. Keep in mind that you only generally only have to meet your deductible once per calendar year.
Benefit: Amount payable by the insurance company to a pet owner when he or she suffers a loss.
Claim: What you as an individual request of the insurance company. Generally this is a request for payment for animal medical services.
Co-pay: The small fee that you have to pay when you arrive at your veterinarian’s office.
Exclusions: Some pet insurance policies only cover emergency care or particular veterinarians. Make sure you read the fine print on your policy so that you fully understand the exclusions of your particular brand of pet insurance.
Per Incident Deductible: Some insurance plans require that you pay a per-incident deductible. For example, if your dog is diagnosed with heart disease, you pay that deductible the first time the dog goes into treatment. You do not, however, pay another deductible if further treatment is required for the same incident.
Surcharges: Some pet insurance policies include a surcharge. These surcharges are usually attached to policies that include multiple pets, elderly pets, or previously-ill pets.