General Insurance Terms
This is the term for your regularly scheduled monthly payment to your insurance company.
What is a premium?
This type of coverage protects you against the risk of being hit by someone who doesn't have insurance.
What is uninsured/underinsured motorist coverage?
This is the term for the point at which your health insurance pays 100% of the costs of covered benefits.
What is out-of-pocket maximum?
This type of coverage pays for medical bills of guests who are injured on your rented property.
What is liability coverage?
Life insurance protects your beneficiaries if this happens to you.
What is you die?
This is the amount you agree to pay out of pocket before the insurer pays a claim.
What is a deductible?
This type of coverage pays for damage to YOUR car from coming into contact with another object, even if you were at fault.
What is collision coverage?
This is the most restrictive type of health plan, because you need referrals from a PCP for specialty doctor's visits.
What is an HMO (health maintenance organization)?
This type of coverage protects the items in your home (whether you rent or own).
What is property coverage?
This is how life insurance policies are paid out.
What is a lump-sum?
This is the maximum amount your insurer will pay for a covered loss under your policy.
What is a coverage limit?
This demographic generally pays the most for car insurance.
Who are teenage males?
These two plans are considered hybrids of HMO and PPOs.
What are EPO (exclusive provider organization) and POS (point of service)?
This type of coverage protects your home's physical structure if you own it and it is damaged.
What is dwelling coverage?
True or false: you have to supply medical information to be approved for your employer's life insurance policy.
What is false?
When you report an incident to your insurance company, you are filing this.
What is a claim?
This type of coverage is the most common and pays for other people's damages when YOU are at fault.
What is liability coverage?
This federal program protects people over 65 and people with certain disabilities for their medical expenses.
What is Medicare?
If someone sues you because they got injured at the home you own, this type of coverage should kick in to protect against a lawsuit.
What is personal liability coverage?
This type of retirement plan is most beneficial for someone who will be in a higher tax bracket at retirement.
What is a Roth IRA?
This insurance company has the largest market share of auto insurance policies in the US.
What is State Farm?
This was the most stolen vehicle in the US in 2023.
What is a Hyundai Elantra?
These two programs might be able to insure your children if you yourself are ineligible for federal health insurance based on income.
What are Children's Medicaid and CHIP?
These types of natural disasters are usually not covered unless you purchase additional insurance.
What are earthquakes and floods?
These are the federal student loans with the best terms for the borrower.
What are direct subsidized loans?