Insurance
Vocab
Vocab
The person who buys and sells or asserts for others
“What is a broker”?
After a small parking-lot bump, no one is hurt, but the other person’s bumper needs repairs. Since you’re in Florida, this part of the state minimum coverage helps pay for the other driver’s property damage
“What is Liability insurance”?
Provides health coverage for people with low incomes
“What is Medicaid”?
Person or company that assesses and asumes financial risk on behalf of another organization, such as banks, insurance companies, or investment firm.
“What is an underwriter”?
You rear-end another car at a stoplight. Your own car is badly damaged, but the other driver’s injuries and repairs also need to be paid for. This part of your policy helps cover damage to your own vehicle after the crash
“What is collision coverage”?
A fixed amount paid for a overran healthcare service or prescription
“What is co-payment”?
The amount of money you pay out of pocket for covered expenses before your insurance plan starts to pay
“What is a deductible amount”?
Covers medical expenses for you and your passengers, regardless of whose at fault
“What is PIP”?
The most you will have to pay for covered healthcare services in a plan year
“What is out of pocket maximum”?
Financial professional who uses mathematics, statistics, and financial theory to evaluate and manage financial risks
“What is an Actuary”?
You wake up to find that a tree branch fell overnight and smashed your windshield. There was no crash, but your car needs repairs. This part of your auto policy helps cover damage caused by things like weather, theft, or animals
“What is comprehensive coverage”?
A type of health insurance that typically requires you to use doctors who in networks of care
The uncertainty and potential for financial loss in an investment
“What is risk”?
Insurance that covers damage when hit by an uninsured or underinsured driver
“What is Uninsured Motorist Coverage”?
A type of health insurance plan that uses a network of contracted doctor and hospitals to offer lower cost to members
“What is PPO”?