Insurance Vocab
This is a plan that protects you financially if something bad happens
What is Insurance
This is what pays for the damage you caused
What is liability
This is what HMO stands for
What is Health Maintenance Organization
What is replacement value
This is the money you pay every month for your insurance
What is premiun
This will cover losses that are out your control
What is comprehensive
This is the fixed amount you pay for a covered healthcare service at the time you receive the service
This is the depreciated value of your personal property at the time of a loss, not its full replacement cost
What is actual cash value
This is a math expert who calculates risks for insurance companies
What is actuary
This pays for the damages to you car when you crash
What is collision
This is the list of doctors, hospitals, and other healthcare providers that an insurance company has contracted with to provide services to its members at a negotiate, lower rate
What is health plan network
Ana‘s super old TV was damaged, and her insurance only paid her what the TV was worth today, not what she originally paid.
This the person who decides if someone can get insuranced and at what price
What is the underwriter
What is Personal injury protection
This is the age you have to be in order to apply for medicare
What is 65 and older, younger people with certain disabilities, and individuals with end stage renal disease.
When Devin’s old winter coat that got lost in a house fire, his insurance gave himenough money to buy the same coat brand new even though the one that got lose was torn and almost worth nothing.
What is replacement value
This is the person who helps you choose and buy insurance
What is a broker
This pays the cost of the treating your injuries
What is personal injury protection
This is a plan that connects both HMOs and hospitals
What is POS
When Valeria bike got stolen his insurance only paid him enough to buy a brand new bike of the same kind, even thought this old one was several years old