Coverage Types
Insurance that protects drivers from those with no insurance or inadequate insurance (Auto)
What is Uninsured motorist coverage
Given to employees by the end of January by employer; summarizes an employee's earnings and tax withholdings for the year
What is W-2
an amount to be paid for an insurance policy
What is Premium
Gross Pay - deductions and withholdings
What is Net Pay
The “entry fee” you pay to see a doctor, get service, or get medication
What is Co-Pay
insurance to protect against claims for bodily injury to another person or damage to another person's property (auto and residential)
What is Liability Coverage
Employee's Withholding Allowance Certificate that shows the employer how much tax to withhold from an employee's check
What is W-4
Money paid out of pocket before insurance covers the remaining costs.
What is Deductible
reduction or elimination of amount taxed
What is Tax Exemption
The maximum you will need to pay during a year before your insurance covers all other expenses. (typically part of health insurance)
What is Out-of-Pocket Maximum
Insures the structure and anything attached to it (residential)
What is Dwelling Coverage
used to report self-employed income received
What is 1099
The maximum amount and insurance company will pay out for a given claim.
What is Coverage Limit
Money you get back after taxes if more money was withheld than owed.
What is Tax Refund
Money paid out of pocket before insurance covers the remaining costs.
What is Deductible
This covers the car of the insured person and pays for repairs after an accident or crash compensation if the car can't be repaired. This type of coverage is usually optional. (Auto)
What is Collison Insurance
A shortened form to file taxes if your taxable income is less than $100,000, and less than $1,500 of interest income, and claim no dependents
What is 1040EZ
Individuals need to fill this out to receive the money pay out from their insurance
What is Claim
discretionary spending including roads, parks, government employee salaries, military, corrections
What does Federal Tax goes towards
The maximum amount and insurance company will pay out for a given claim.
What is Coverage Limit
Covers your car for reasons other than a collision, such as theft, fire, vandalism (Auto)
What is comprehensive insurance
The maximum you will need to pay during a year before your insurance covers all other expenses. (typically part of health insurance)
What is Out-of-Pocket Maximum
mandatory spending including social security and Medicare
What is FICA (Federal Insurance Contribution Act)
Individuals need to fill this out to receive the money pay out from their insurance.
What is Claim