Agent Reference Guide
INSURANCE 101
ONLY THE BEST
The core terms and plan types every Team Savage agent should be able to explain in their sleep.
Eight words clients hear constantly and agents need to define fast, in plain English.
BROKER
A licensed pro who sells insurance and represents the client's interests when shopping carriers and plans.
PREMIUM
The recurring payment — usually monthly — that keeps a policy active. Miss it, and coverage can lapse.
DEDUCTIBLE
What the policyholder pays out of pocket before the plan starts covering costs.
CO-INSURANCE
The percentage split of costs the insured still owes on covered care after the deductible is met.
CLAIM
The formal request a policyholder files with the carrier to get a covered loss or expense paid.
NETWORK
The providers and facilities that have a contract with the carrier to deliver care at negotiated rates.
POLICY OWNER
The person who holds the policy, pays the premiums, and has sole authority to change it.
HSA
Health Savings Account — a tax-advantaged account that only pairs with a high-deductible health plan.
Know this cold — it drives when a client can actually make a move.
Open Enrollment Period (OEP)
Runs November 1 – December 15 every year. During this window, anyone can enroll in or change a health plan without needing a qualifying life event. It's the single biggest sales window in the calendar.
What a client can do during OEP:
- Enroll in a brand-new plan
- Switch to a different plan
- Add dependents to an existing plan
- Adjust coverage options
Four categories agents get asked about most. Know the trade-off in one sentence each.
Group Insurance
Fully Insured
Fixed premiums, the carrier absorbs the risk. Predictable and simple, but pricier with less flexibility for the employer.
Employer Shares Risk
Fixed monthly payments with the employer taking on some risk, cushioned by stop-loss coverage. More flexible, often cheaper if claims run low.
Life Insurance
Coverage for Life
Premiums are higher and fixed, but coverage never expires and the death benefit is guaranteed as long as premiums are paid.
Coverage for a Term
Locked in for 10, 20, or 30 years with lower fixed premiums. Pays out only if the insured passes within that term.
Medicare
Replaces Original Medicare
Often lower premiums and extras like dental and vision bundled in, but tighter network rules (HMO/PPO) mean less flexibility.
Adds to Original Medicare
Fills the gaps in Parts A & B. Higher premiums, but no network restrictions and more freedom to choose providers.
Individual Health (Under 65)
Marketplace Plans
Guaranteed issue through federal or state exchanges, must cover 10 essential health benefits. Higher premiums, but subsidies are often available.
Alternative Coverage
Lower premiums with no subsidies. Coverage can be limited, denied, or priced on health history — often short-term, 3-12 months.
Missing a term or want a category added? Send it over and I'll get it added.