insurance vocab
this auto insurance covers damages out of your control
what is comprehensive
this auto insurance covers damages out of your control
What is comprehensive
This is the most you will have to pay for covered healthcare services in a plan year
What is an Out-of-pocket maximum
this is what you pay monthly for insurance
What is a premium
This is the price of your stuff + depreciation
What is Replacement Value
This is the maximum amount of money an insurance company will pay out for a single covered loss or claim
What is a limit
Type of auto insurance that covers car accidents that are your fault
What is liability
this is how much you have to pay for your insurance to cover the entirety of your expenses for a year
what is an out of pocket maximum
this is when the insurance pays for a specific amount of your expenses
What is copay
This is the amount of money your stuff is worth
What is actual cash value
this is a formal request you send to your insurer to ask for coverage after a loss happens
What is a claim
A coverage to help pay for your expenses and damages if you are in an accident with an uninsured driver
What is uninsured motorist coverage
A provider organization, type of health insurance plan that offers a network of healthcare providers
what is PPO
You need minimum $10000 of this insurance in Florida
what is property damage liability
this is what isnt covered in your policy
What is an exclusion
This is the contribution made by an insured person towards the cost of medical treatment or other services
What is Co-payment
What is Personal Injury Protection
Medical insurance for people over 65 or younger disabled people
what is Medicare
This term refers to the possibility of suffering a loss or damage, which is what insurance policies are designed to protect against
What is risk
This coverage will help pay for a hotel if you lose your apartment
What is loss of use coverage
A practice or arrangement by which a company provides a guarantee of compensation for specified risks
What is insurance
An optional auto insurance that covers damages to your own vehicle
What i collision
a reform to health insurance
What is ACA
this insurance is known for lower premiums
What is HMO
This coverage helps pay for damaged items
What is personal property coverage