Insurance
This is the basic, recurring amount of money you pay every month to keep your insurance policy active and in force.
What is a premium?
This coverage pays for damages to your own vehicle resulting from incidents other than a collision, such as theft, vandalism, hail, or hitting a deer.
What is comprehensive coverage?
This is the maximum amount you have to pay for your covered health care services in a plan year before your insurance plan begins to pay 100% of the costs.
What is an out-of-pocket maximum?
This protects your clothes, electronics, and furniture if they are stolen or damaged.
What is personal property coverage?
This is the money you pay every month or year to keep any insurance active.
What is a premium?
The amount of money you are required to pay out-of-pocket for a covered loss or claim before your insurance coverage begins to pay.
What is a deductible?
Often referred to by the letters "UMPD" or "UMBI", this type of coverage protects you if the person who hits you doesn't have insurance or doesn't have enough to cover the damage.
What is uninsured motorist coverage?
A fixed amount, such as $20 or $30, that you pay for a covered service, usually at the time you receive the service, like visiting a doctor.
What is a copayment
This helps pay for a hotel or food if you can’t stay in your apartment after a fire or other damage.
What is loss of use?
This auto coverage pays to fix your car if you hit another car or a pole.
What is collision coverage?
This is the term for when you and your insurer share the costs of a covered service, typically by a fixed percentage, after your deductible has been met.
What is coinsurance?
In some states, this coverage is mandatory and pays for medical expenses and lost wages for you and your passengers after an accident, regardless of who was at fault.
What is Personal Injury Protection (PIP)?
This term refers to health care providers and facilities, such as specific hospitals or doctors, that have a contract with your health insurance plan to provide services at a discounted rate.
What is in-network?
This pays if someone gets hurt in your apartment and needs medical help.
What is liability or medical payments coverage?
This health insurance payment happens every time you visit the doctor.
What is a copay?
This legal principle allows your insurance company, after paying a claim on your behalf, to step into your shoes and pursue financial recovery from the at-fault party's insurer.
What is subrogation?
This is the specific coverage part of your policy that addresses lawsuits filed against you by other drivers whose property you damaged or who you injured in an accident.
What is liability coverage?
This managed care plan requires you to select a primary care physician (PCP) and obtain a formal referral from them to see a specialist, except in an emergency.
What is an HMO (Health Maintenance Organization)?
This big natural disaster is usually not covered unless you buy extra insurance.
What is flood damage?
This renters insurance coverage protects you if you accidentally damage something that belongs to your landlord.
What is liability coverage?
These are the highly skilled professionals who use mathematics, statistics, and financial theory to analyze and assess the financial consequences of risk and uncertainty for an insurance company.
What are actuaries?
This term refers to an amendment to an existing insurance policy that changes the terms or scope of the original contract, such as adding a specific type of coverage or removing a driver.
What is an endorsement?
This federal law ensures that most employed individuals can keep their group health insurance for a limited time after they lose their job or experience another qualifying event, though usually at a much higher cost.
What is COBRA(Consolidated Omnibus Budget Reconciliation Act)?
This is the amount you must pay first before insurance pays the rest.
What is a deductible?
This special kind of insurance helps pay if someone hits you with their car and they don’t have insurance.
What is uninsured motorist coverage?