Insurance Vocab
The degree of uncertainty or potencial financial loss inherent decision
What is Risk?
This can be effected by your driving history
What is auto insurance rates?
A fixed amount you pay for a covered health care service, usually at the time you receive the service.
What is Co-Payment?
This offers protection at your residence or anywhere in the world from covered losses.
What is Renters Policy?
A hybrid plan that combines the elements of HMO and PPO plans.
What is Point-of-Service?
Amount of money that the insured must pay before an insurance company will pay a claim
What is Deductible?
When you have no control on the damages done to your car, this covers the cost
What is comprehensive coverage?
the most you have to pay for covered services in a plan year
What is Out-of-Pocket Maximum?
the decrease in value due to age or wear & tear
What is Depreciation?
The miles you drive each year, which can affect the probability of you obtaining a discount from insurance companies
What is mileage?
this entitles a creditor to receive a payment from a debtor in circumstances specified in a contract between them
What is Claim?
Covers the cost of a car crash when the other driver is uninsured
What is Uninsured/Underinsured Motorist coverage?
a federal health insurance program for people age 65 or older, and for certain young people with disabilities
Whats is Medicare?
Coverage that pays the current value of your property at the time of the loss, which means it accounts for depreciation.
What is Actual Cash Value (ACV)?
The amount of money you pay to an insurance company in exchange for an active insurance policy and the financial protection it provides
What is Premium?
this person analyzes the financial cost of risk and uncertainty
What is Actuary?
Florida’s minimum auto coverage requirements for insurance rates
What is $21 per month?
A network of doctors, hospitals and facilities that a health plan has contracted with to provide medical services at discounted rates.
What is Health Plan Network?
Coverage that pays full cost to replace your damaged or stolen property with a new item of similar kind and quality at current market prices.
What is Replacement Value?
Florida’s minimum Auto coverage requires $10,000 in these two components.
What is Personal Injury Protection (PIP) and Liability?
The arrangement by which a company or government agency provides a guarantee of compensation for specified loss in return for payment of a premium
What is Insurance?
Samantha has to pay a minimum of $10,000 to her insurance in order for her medical bills to be covered if she gets in a car crash
What is Personal Injury Protection (PIP) minimum in Florida?
A plan that typically limits coverage to care from doctors who work for or contract with ______.
What is Health Maintenance Organization (HMO)?
Replacement Value Coverage has ______ ______ but offer more comprehensive financial protection.
What are higher premiums?
Natalia gets in a car crash and is found partially at fault for the accident, which involved multiple vehicles. Luckily, she has this type of auto insurance coverage.
What is Liability?