Insurance Vocab
A contract that offers financial compensation for loss or damage
What is insurance?
This auto insurance type helps against other's insurance payment.
What is Uninsured/Underinsured Motorist Coverage?
The doctor responsible for managing your overall health and giving referrals
What is a primary care physician (PCP)?
It protects you belongings from theft, fire, and certain damages
What is renters insurance?
A request made to your insurance to pay for a covered loss
What is a claim?
The sum of money you pay to an insurance company
What is a premium?
This covers your own medical expenses and lost wages regardless of fault
What is Personal Injury Protection or Property Damage Liability?
A percentage of the cost you pay after meeting your deductible
What is coinsurance?
It is a coverage that pays to replace your belongings if damaged or stolen
What is personal property coverage?
The person who receives life insurance money
What is a beneficiary?
This fixed payment—such as $20—is what you owe each time you visit the doctor.
What is a copay?
Coverage for non collision damage like theft, fire, or natural disasters
What is comprehensive insurance?
The most you pay in a year- and after you pay it, insurance covers 100%
What is an out of pocket maximum?
Pays if your pet injures someone or damages property
What is pet liability coverage?
When your policy continues for another term after premium is paid
What is a policy renewal?
This is the amount you must pay out-of-pocket each year before your insurance starts contributing
What is a deductible?
Insurance that pays for damage you cause to someone else’s property
What is property damage liability?
A health plan that requieres you to use in-network doctors and referrals
What is HMO?
Daily Double(worth double points): Landlord covers the building; renters coveres the tenant’s belongings and liability
What is landlord’s insurance vs renters insurance?
Coverage that pays for nursing homes, assisted living, or home health care
What is long term care insurance?
A math expert who calculates risks for insurance companies
What is an actuary?
Coverage that pays the difference between a car’s value and what you owe it
What is GAP insurance?
A health plan that allows you to see specialists without referrals and use out-of-network providers
What is a PPO?
Floods, earthquakes, and roommates property unless listed
What does renters insurance NOT cover?
A financial product that provides guaranteed income, usually during retirement
What is an annuity?