insurance vocab
The amount you pay (usually monthly) to keep your insurance policy active.
What is a premium?
Damage you cause to other people or their property.
What does liability auto insurance cover?
This is the fixed amount you pay at a doctor visit
What is a copay?
Your personal belongings inside a rented home or apartment
renters insurance primarily cover
The chance that something harmful or unexpected will happen
What is risk in insurance
The amount you pay out-of-pocket before insurance begins covering costs.
What is a deductible?
Repairs to your own car after a crash, regardless of who caused it.
collision coverage
This is the percentage you pay after your deductible
What is coinsurance?
Coverage if someone is injured in your rental and you are responsible
personal liability in renters insurance
The terms, conditions, and coverage details of your insurance plan
What does an insurance policy contain
To protect individuals from financial loss by transferring risk to an insurance company.
What is the purpose of insurance?
Covers damage from non-collision events like theft, fire, hail, falling trees, etc
comprehensive coverage
This 2010 law expanded health insurance access
What is the ACA?
True or False: Renters insurance covers your landlord’s property
False
Premium = cost to maintain policy; Deductible = what you pay before coverage kicks in
What is the difference between premium and deductible?
A request you file asking your insurance company to pay for a loss or covered expense.
What is a claim?
Protects you if the driver who hits you has little or no insurance
What is uninsured/underinsured motorist coverage
A fixed amount you pay for a service
What is a copay
Covers costs if your rental becomes uninhabitable
additional living expenses
A person who evaluates damage and determines how much the insurer pays
What is an insurance adjuster
This type of protection covers you if someone sues you for injuries or damages that occurred in your rented home.
What is personal liability coverage?
This type of auto coverage pays for your medical expenses and lost wages after an accident—regardless of who is at fault.
What is personal injury protection (PIP)?
The maximum amount you will have to pay out-of-pocket in a year for covered health services.
What is the out-of-pocket maximum?
This type of protection covers you if someone sues you for injuries or damages that occurred in your rented home.
What is personal liability coverage?
The percentage of medical costs you share with your insurer after meeting your deductible — for example, you pay 20%, they pay 80%.
What is coinsurance?