Basic Terms
The monthly or yearly fee you pay to keep insurance coverage active
What is your premium.
What is the company that sells you insurance called?
WHat is an insurance company?
This is the only state that does not require car insurance.
What is New Hampshire?
The fixed flat rate fee you pay when visiting a doctors office or pharmacy, usually around $20.
What is a copay?
This type of policy pays out a tax free cash benefit to your benficiaries upon the policy holders death.
What is LIFE INSURANCE?
The out of pocket payment required before insurance kicks in to cover costs.
What is your deductible?
The person who purchases and holds an insurance policy.
What is a policy holder?
The type of insurace that would cover damage to your car in a windstorm as well as from an accident?
What is COMPREHENSIVE insurance
This is the specific amount of money you must pay out of pocket before insurance kicks in.
What is your deductible?
This insurance protects your stuff against fire and theft in your apartment but does not cover damage to the actual building.
What is renters insurance?
The formal request you make with an insurance company asking them to cover/pay for an accident or incident
What is a CLAIM?
The payment you make each month when your insurance costs you $100 per month
What is your premium?
The type of car insurance that helps pay for injuries and damage to OTHER people you are in an accident with.
What is LIABILITY insurance?
This 3 letter acronym is a type of plan that requires you to visit a provider in a specific medical network.
What is an HMO?
Most homeowners insurance excludes damage from this specific type of natural disaster, requiring homeowners near the ocean or rivers to buy it.
What is FLOOD insurance?
The maximum amount an insurance company will pay for a loss.
What is your COVERAGE LIMIT?
The insurance you would buy to cover accidents in your apartment rental.
What is rental insurance?
If borrowing a friend's car with permission and you are in an accident, this insurance pays first.
What is their insurance policy, also called the PRIMARY coverage.
This is the absolute most you will have to pay for medical services in an insurance plan.
What is teh OUT OF POCKET MAXIMUM?
This extra liability insurance kicks in only when you have exhausted your liability limits on standard policies.
What is an UMBRELLA POLICY?
Specific events or items your policy does not cover.
What is an exclusion?
The free estimate of how much an insurance policy will cost based on personal details and coverage levels desired.
What is an insurance quote?
If you borrow a friends car with permission and have an accident, this insurance kicks in first
What is THEIR insurance, or the primary coverage.
Passed in 1985, this federal law allows you to temporarily keep your employers health insurance after losing your job.
What is COBRA?
This optional policy will cover an accident to your belongings by an airline.
What is travel insurance?