Auto Insurance
This type of auto insurance covers repair costs for your car if it is damaged in an accident with another vehicle.
What is Collision Coverage
This is the fixed dollar amount you pay out-of-pocket each time you receive medical treatment, such as a doctor's visit.
What is a Copay?
Banks often require homeowners to have this type of insurance to protect the property against events like fire or theft.
What is Homeowners Insurance?
This type of insurance provides financial support to beneficiaries in the event that the policyholder passes away.
What is Life Insurance?
Choosing a plan with a lower monthly premium will likely result in this kind of deductible.
What is a higher deductible?
These three factors are common personal variables that can impact the cost of your auto insurance premium.
What are age, mileage, and driving history?
In this type of health plan, you have a group of "preferred" providers and do not need to select a single primary care physician.
What is a PPO (Preferred Provider Organization)?
Between renters and homeowners insurance, this one typically has significantly lower monthly premiums.
What is Renters Insurance?
This type of insurance provides a portion of your income if you are unable to work due to an illness or injury.
What is Disability Insurance?
This is the formal term for the monthly payment you make to maintain your insurance coverage.
What is a Premium?
This specific coverage will pay for your medical bills if you are hit by a driver who does not have insurance.
What is Uninsured/Underinsured Coverage?
This is the most money you will spend on healthcare in a single year before the insurance company covers 100% of additional costs.
What is the Out-of-Pocket Maximum?
If a friend trips and breaks their wrist at your apartment, this specific part of your renters policy helps cover their medical bills.
What is Liability Coverage?
This is the standard duration of time that "Short-Term" disability insurance typically offers benefits.
What is 3 to 6 months?
In the Health Insurance Marketplace, this "metal" tier plan features the highest premiums but the lowest out-of-pocket costs.
What is a Platinum Plan?
True or False: Liability coverage will pay for the damage to your car if you are in an accident.
What is False? (Liability covers the other party's costs ).
This government-sponsored health insurance program is available specifically for people who fall below a certain income threshold.
What is Medicaid?
Your renters policy has a $250 deductible. If a friend's medical bills at your apartment cost $875, this is the amount the insurance company will pay.
What is $625? ($875 - $250 deductible).
If Harvey wants his pet insurance to cover his cat if she gets sick or hurt, he should purchase this specific type of plan.
What is Accident & Illness?
This is the term for the percentage of medical costs you pay (e.g., 20%) after you have already met your deductible.
What is Co-insurance?
If Megan has a $500 deductible and is in an accident causing $3,700 in damages, this is the amount her insurance company will pay.
What is $3,200? ($3,700 - $500 deductible).
This is the specific type of health plan often abbreviated as "HMO".
What is a Health Maintenance Organization?
This term describes the maximum amount an insurance policy will pay out for a covered loss.
What is a Coverage Limit?
This specific term refers to the percentage of a vet bill that a pet insurance company will pay (e.g., 75% or 80%) after the deductible has been met.
What is the Reimbursement Rate?
If you choose an insurance plan with a lower monthly premium, you are likely to have these two things: a higher ________ and a lower ________.
What are a Deductible and a Coverage Limit?