INSURANCE BASICS
This is the set amount you must pay first before insurance helps pay the rest.
What is a deductible?
This type of insurance pays for the damage you cause to someone else’s car.
What is liability insurance?
This type of health plan makes you pick doctors who are inside their network.
What is an HMO?
This type of insurance protects your stuff inside the place you rent.
What is renters insurance?
This program gives health insurance to people 65 and older.
What is Medicare?
This word means the money you pay every month to keep your insurance active.
What is a premium?
This type covers repairs to your car after accidents you cause.
What is collision coverage?
This kind of plan gives you more freedom to choose any doctor, even outside the network.
What is a PPO?
This part of renters insurance pays if someone gets hurt in your apartment and you’re at fault.
What is liability coverage?
This government program gives health help to people with very low income.
What is Medicaid?
This is the contract between you and an insurance company that explains what they will cover.
What is a policy?
This insurance protects your car from things like storms, floods, or someone stealing it.
What is comprehensive coverage?
This plan is a mix of HMO and PPO and gives you choices but still guides you toward in-network doctors.
What is a POS plan?
This helps replace your things if they get stolen or ruined by covered events.
What is personal property coverage?
Most Americans get their health insurance from this place.
What is their job (employer)?
This fee is paid each time you visit a doctor or buy certain health services.
What is a co-payment?
This number on an auto policy tells how much the company will pay if one person gets hurt.
What is bodily injury limit?
This law made health insurance more available and made rules about coverage for everyone.
What is the Affordable Care Act (ACA)?
This coverage helps pay for a hotel if your apartment becomes unlivable from a fire or other covered damage
What is loss-of-use coverage?
The age limit for staying on your parent’s health plan under the ACA.
What is 26?
You break your wrist and get a hospital bill for $4,000. Your deductible is $1,000. You must pay the first $1,000 yourself before your insurance helps.
What is meeting your deductible?
You run into a fence and damage your car. No other car was involved, but the repair costs $2,500. The type of insurance that would help pay is…
What is collision insurance?
You need a surgery that costs $20,000. You reach the maximum amount you are allowed to pay this year. After that, insurance pays the rest, no matter what.
What is the out-of-pocket maximum?
A burst pipe floods your apartment and ruins your laptop. The part of your policy that helps replace it is…
What is personal property coverage?
After a big car accident, your total bills reach the limit of what your insurance will pay. Everything above that limit must be paid by you.
What is hitting your policy limit?