Insurance
This is a formal request to an insurance company for a loss or expense covered under the policy.
what is a risk?
The amount of money you must pay out of pocket for a covered insurance claim before your company starts to pay.
What is deductible?
Have lower premiums and will help you if something really bad happens.
What does the High deductible health plan do?
The cost to replace a damged or lost item with a similar one of like kind and quality, without deducting for depreciation.
What is replacement value?
A contract where you pay a regular premium to a company in exchange for financial protection against future losses.
What is insurance?
A fixed amount you pay for a covered health service. (usually at the time you receive this service)
What is Copayment?
This type of coverage is not required for most drivers, but it is highly recommended for better financial protection.
What is Bodily Injury Liability (BIL) insurance?
A law that made health insurance more accessible by creating marketplaces for insurance, expanding Medicaid eligibility, and allowing young adults to stay on a parent's plan until age 26.
What is the Affordable Care Act?
The value of your property minus depreciation, representing what it was worth right before a loss
What is actual cash value?
The maximum amount an insurance company will pay for a covered claim under a specific policy.
What is an insurance limit?
Represents consumers in their search for coverage and can sell policies from different insurance companies for a commission.
What does a broker do?
A mandatory type of coverage in most states that pays for injuries and property damage to others if you are at fault in an accident.
What is liability coverage?
This is a joint federal program that helps with medical costs for people of low income.
What is medicaid?
Coverage that covers additional living expenses you incur when you have lost the use of your home.
What is loss of use of coverage?
A type of health insurance plan that provides coverage through a specific network of doctors, hospitals, and other healthcare providers, often abbreviated as HMO.
What is a Health Maintenance Organization?
The types of incidents and extent protection provided by a policy.
What is coverage?
These factors may affect your auto insurance premiums.
What are your driving habits, location, vehicle, mileage, and the coverages limits and deductibles you choose?
A group of doctors, hospitals and other healthcare providers that have a contract with your health insurance plan to provide services at negotiated rates.
What is network?
Insurance that protects your belongings and buildings from damages caused by events like fire, theft, or storms.
What is property coverage?
The most you'll pay for covered healthcare services in a plan year, and after reaching it, the insurance plan pays 100% for eligible services.
What is an out of pocket maximum?
A professional who assesses the risk of insuring an individual or company and decides whether to accept that risk. They analyze insurance applications and other data to determine the appropriate premium and terms for the policy, ultimately deciding whether to approve or reject the policy.
What is an underwriter?
A formal request made by a policyholder to an insurance company for compensation after a covered loss or event. (such as a car accident)
What is a claim?
A type of savings account used with a high-deductible health plan (HDHP) that lets you set aside pre-tax money to pay for qualified medical expenses like deductibles, copayments and coinsurance.
What is a Health Savings Account?
type of policy protects the personal property of tenants against covered perils like fire,theft, and vandalism.
What is a renters policy?
A hybrid plan that combines features of Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) plans, allowing you to use in-network providers for lower costs or out-of-network providers for a higher out-of-pocket cost.
What is a point of service?