Insurance basics
This is the amount of money you regularly pay to keep your insurance policy active.
Premium
This type of insurance pays for the damage to your own vehicle when you hit another car.
Collision
This federal program helps people aged 65 and older, and some younger individuals with certain disabilities, pay for hospital and medical care.
Medicare
This type of coverage pays to repair or replace your personal items at today’s cost, without deducting for wear and tear.
replacement value
The maximum amount that an insurance company will pay for a covered claim
Limit
Is a request you make to your insurance company to pay for damage or problem covered by your policy.
Claim
this is what coverages and protects your car from theft, fire or natural disasters.
comprehensive
This program, funded by both state and federal governments, provides health coverage for people with very low income and limited resources.
Medicaid
This type of coverage pays for your damaged or stolen items after subtracting depreciation, so you get less than the original cost.
actual cash value
the probability or threat of damage, injury, liability, or other loss that can be managed by a policy
Risk
This person uses math and statistics to figure out insurance risks.
Actuary
this insurance pays for the injuries or property damage you cause to others.
Liability
is the part of a medical bill you pay as a percentage, and the insurance pays the rest.
Co-insurance
If your phone is stolen and the insurance pays the full cost to buy a brand-new phone, this is the type of payment you receive
replacement value
This person helps people choose insurance and works for the client, not the company.
Broker
This coverage pays for medical care for you and your passengers after a crash, even if you were the one who caused it.
Personal Injury Protection
This is a set amount of money you have to pay each time you get a medical service, like having a doctor visit or any prescription to a service.
Co-payment
If a storm breaks your TV and the insurance pays enough to buy a brand-new TV, this is the type of payment.
replacement value
A service that supports you during serious emergencies by paying part of the cost, but only when the event follows the rules written in the policy.
Insurance
This coverage pays for your injuries when the at fault driver has no insurance or not enough insurance to cover your costs.
What is uninsured and underinsured motorist coverage
This is a type of health plan that makes you pick one main doctor, where have to get that doctor's permission to see other doctors. You also must use doctors and hospitals in the plan to save money.
HMO (Health maintancw organization)
Your five-year-old TV stops working, and the insurance pays only the current value of the TV, not the cost to buy a new one.
actual cash value