Insurance Vocab
This grants protection against a potential financial loss.
What is insurance?
This is something that coveres the cost of an auto accident when there is a collision with another object, being a car or other man made material.
What is collision Insurance?
This is the monthly payment for ones medical plan.
What is a premium.
This type of coverage protects your personal belongings like furniture In a theft or in fire.
What is personal property coverage?
The potential for financial loss or damage that insurance companies evaluate
What is risk?g
This is the amount paid for an insurance policy.
What is a premium?
Johnny has recently gotten his license, and is applying for insurance rates. He notices that they are sky high, this is the primary reason.
What is age?
This is when you and your medical insurance company share the cost of payments before reaching the out of pocket maximum
What is copay?
This coverage protects your personal belongings financial if someone is injured on your property.
What is liability coverage?
In Florida, if you arent insured, the law requires these two insurances for all drivers.
What are PIP and PDL?
In insurance, this is what you pay for covered services, that the insurance will not cover.
What is the deductible?
This has a minimum requirement of 10,000 dollars in order to cover expenses.
What is Personal Injury Protection?
This is the minimum that needs to be paid in order for your insurance to start covering your costs.
What is a deductible?
This method of reimbursement pays you for damaged objects minus a fee for depreciation.
What is actual cash value?
This is the maximum age that A person can be and still be under their parents health insurance.
What is 26 years old?
This is the maximum amount the insurance company will pay out for a covered loss.
A brand new sports car costs you more to insure than your old hummer because this factor influences risk and repair costs.
What is the type of vehicle?
This program provides health covereage for people 65 and older, as well as those with certain disabilities and conditions.
What is Medicare?
This type of coverage pays the full cost to get a new version of similar quality to those you owned and lost on your property.
What is Replacement value?
This is the absolute most you have to pay for covered services in a year, after which health insurance covers the rest.
What is the out of pocket maximum?
This is a formal request for payment made to an insurance company when a loss occurs
What is a claim?
After a storm knocks a tree onto your parked car and damages the roof, this helps pay for the repairs.
What is comprehensive coverage.
This is the percentage of costs for a covered health care service that you pay after you’ve paid your deductible
What is co insurance.
This type of insurance policy provides coverage for your personal belongings and liability risks within the property, but not the actual structure.
What is renters insurance?
This federal law allows young adults to stay on their parents health insurance plan until a certain age.
What is the Affordable care act?