Car Insurance
The maximum amount your insurance company will pay for a covered loss or claim.
Coverage Limit.
The fixed amount you pay for a healthcare service, usually due at the time of your appointment.
Copay.
The designated recipient of money when the insured dies.
Beneficiary.
This coverage pays to replace your TV, clothes, and furniture if they are destroyed in a fire or stolen.
Personal Property Coverage.
The amount you pay each month to have a health plan.
The type of coverage that pays for accidents with another vehicle or object.
Collision Coverage.
A federal program of health insurance for people 65 years of age and older.
Medicare.
The amount of money the insurance company pays to the designated recipient when the insured passes away.
Death Benefit.
This type of valuation pays you the amount it would cost to buy a brand-new replacement for your damaged item, without deducting for depreciation.
Replacement Cost Coverage.
The set amount that a policyholder must pay per loss on an insurance policy.
A deductible.
Comprehensive Coverage
The most you will have to pay for covered medical services in a plan year, after which your insurance covers 100% of all costs.
Out-of-pocket Maximum.
The feature in a policy that allows the owner to transfer their contractual rights to someone else.
Ownership Clause.
If a guest slips and falls inside your apartment, this specific coverage handles their resulting medical bills and protects you if they sue.
Personal Liability Coverage.
The percentage of your expenses you pay after the deductible is met.
Coinsurance.
Liability Coverage.
A federal and state assistance program that pays for health care services for people who cannot afford them.
Medicaid.
This is accumulated refundable value of a policy that results from investment earnings on paid-in premiums, which you can borrow against or withdraw.
Cash Value.
To get paid for high-value items like expensive jewelry, art, or musical instruments, you often need one of these extra add-ons to your basic policy.
Endorsement.
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This protection kicks in if you are hit by a driver who does not have insurance or flees the scene of the accident.
Uninsured Motorist Coverage.
This type of health plan requires you to use a network of specific doctors and hospitals, and you usually need a referral from a primary care physician to see a specialist.
HMO (Health Maintenance Organization)
This is designation given to a beneficiary that forbids the policyowner from removing or changing them without their explicit consent.
This type of damage—frequently excluded from standard renters insurance policies—would require you to purchase a separate, standalone policy.
Flood or Earthquake Damage.
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StateFarm