The amount of money you must pay out of pocket before your insurance starts to cover the costs of your care (such as for a car accident or annually for healthcare).
Deductible
The monthly fee you pay to keep your insurance policy active.
Premium
A fixed fee you pay for each doctor's visit or prescription.
Copay
A percentage of the cost of your medical care that you pay after you have met your deductible.
Coinsurance
The maximum amount of money you will have to pay out of pocket for your care in a calendar year/plan year for health insurance.
Out-of-pocket maximum
A doctor or hospital that has contracted with your insurance company to provide care at a discounted rate.
In-network provider
A doctor or hospital that has not contracted with your insurance company and may charge you more for care.
Out-of-network provider
In order to purchase life insurance, you must provethat you have an ___ and would suffer financially should that death occur.
Insurable Interest (you would have less money coming in or would have to pay their funeral)
The principle that one should not GAIN from an insurance claim - just become whole again.
Indemnity
This type of insurance protects your house and its contents against losses due to fire and theft
homeowners
These can be added to an insurance plan (for homeowners) to provide extra coverage, such as for earthquakes or sewer backup.
Riders (or endorsements - supplemental insurance)
Full coverage auto insurance includes these two parts.
Comprehensive and Collision
In car insurance - what the last number stands for - 25/50/10 (amount and covers what)
$10,000 of property damage to the other car
If the damage a driver does to others exceeds the amount of auto liability coverage they have, what can happen?
They get sued for the rest
With car insurance, how many times a year do you have to meet your deductible for insurance to pay?
Every time you are in an accident (with comp/coll claims)
With health insurance, how many times a year do you have to meet your deductible for insurance to pay?
Once - it's cumulative
