Insurance vocab
Contract where are insurer compensates a policyholder for specified losses in exchange for a fee
What is ”insurance”
The money paid or to be paid by the policyholder for coverage under the contract.
The flat fee that you pay when you pay at the doctor’s office before you are seen.
What is a copayment?
This policy covers your personal items, such as your laptop, TV, etc. if they are stolen from your home.
What is renters insurance?
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What you pay every month to keep your insurance policy active.
What is premium?
A formal request to an insurance company asking for a payment when a policyholder has an accident or loss.
What is a claim?
Your insurance policy says the plan covers 80% of bills, and you cover 20%after a deductible is met. What is this called?
What is coinsurance?
A fire breaks out in your apartment building. The landlord’s insurance covers the damages to the infrastructure, but your policy replaces your burned couch. What policy is this?
What is personal property insurance?
An intermediary who helps clients find the most suitable insurance policies from various companies.
What is a “broker”
What are the FL minimum requirements for auto insurance coverage?
What is 10,000 in PIP and Liability coverage?
Once you hit this specific threshold in a year, you don’t have to pay any more payments (insurance covers 100% of bills).
What is out-of-pocket maximum?
A group of doctors, hospitals, and providers that have contracts with your insurance.
What is a Health plan network?
The maximum amount of money your insurance provider will pay for a specific claim or policy.
While it was raining, you lost control of the car and crashed into a street pole. This insurance would cover your damages.
What is comprehensive insurance?
This federal and state assistance program provides health coverage primarily for low-income individuals and families.
What is Medicaid?
This coverage in a renters policy pays for the insured's temporary housing and food expenses if their rental unit becomes uninhabitable due to a covered loss.
What is Loss of Use coverage?
An insurance company rejects your application for life insurance after reviewing your medical history, deeming you too high of a risk. This is called…
What is underwriting?
If a deer runs out in front of your vehicle and you hit it, this auto insurance coverage would apply to cover the damages.
What is “comprehensive” insurance?
A type of managed care plan where a primary care provider (PCP) acts as a "gatekeeper," requiring referrals for patients to see specialists within a specific network.
What is an HMO (Health Management Organization)?
You're baking cookies and accidentally start a small grease fire that causes smoke damage to your neighbor's apartment. This can help cover the costs.
What is personal liability coverage?