Insurance Vocab
The amount an insured individual pays to an insurer for coverage
What is a premium?
this type of insurance covers damages to your car no matter who’s fault it is.
what is collision coverage?
Percentage of costs of a covered healthcare service that you pay after you’ve met your deductible.
What is a Co-insurance?
This is the person whose insurance policy covers the physical apartment building or house, but not your personal property inside it.
What is a landlord or (property owner)?
“This type of insurance helps pay for doctor visits, prescriptions, and medical emergencies.”
Correct Response:
“What is health insurance?”
The maximum amount of money an insurer will pay for a loss or claim
What is a limit?
This type of auto insurance covers for any damages to your car from any events out of your control such as natural disasters.
what is comprehensive coverage?
Max age allowed for you to stay in your parent’s plan?
What is 26 years old?
Your landlord's insurance covers the building, but this type of policy covers your personal belongings and protects you from lawsuits if someone is injured in your unit.
What is a renter‘s insurance?
“This kind of insurance protects a driver financially if they cause damage to another person’s car or property.”
Correct Response:
“What is liability auto insurance?”
A policyholder sends a formal request to their insurance company after a covered loss.
What is a Claim?
This type of auto insurance pays for damages that you caused.
what is liability coverage?
Most to pay for covered healthcare services in a planned year.
What is Out-of-Pocket Maximum?
This is the flat amount or percentage you must pay out-of-pocket for a vet bill before your pet insurance reimbursement kicks in.
What is a deductible?
“This type of insurance helps replace your income if you are unable to work because of an illness or injury.”
Correct Response:
“What is disability insurance?”
Someone who represents the customer to find the optimal insurance policy that suits their needs,
What is a broker?
This is considered the most common form of auto insurance.
What is liability coverage?
Federal laws that increase health insurance coverage/affordability.
What is Affordable Care Act (ACA)?
Two part answer: Most insurance companies cover these two domestic animals in this kind of insurance
What are dogs and cats and what is pet insurance?
“Maria’s apartment building is damaged in a fire. Her landlord’s insurance pays to fix the building, but her personal belongings—like her clothes, furniture, and electronics—are not covered. This type of insurance would protect her items.”
Correct Response:
“What is renters insurance?”
The individual who analyzes financial risk using mathematics, statistics, and other indicators.
What is an actuary?
You are a new driver in the State of Florida and are applying for insurance for the first time. You are unaware of the requirement for insurance and ask the broker what is the minimum. He tells you that the minimum is $10,000 for these insurances:
What are PIP and Liability?
Where most Americans get their health insurance.
What is Employers?
You are renting a home in your city’s suburb and and your dog ends up biting your guest. This guest sues you, but this part of coverage will cover the costs (part of renter’s insurance).
What is personal liability coverage?
“After a severe storm, a tree falls on Daniel’s house, causing major roof damage. His insurance covers the repairs, but he must pay the first $1,500 before insurance pays the rest. The $1,500 represents this part of his policy.”
Correct Response:
“What is the deductible?”