Insurance Vocabulary
An arrangement between an individual and an insurer to protect the individual.
What is insurance?
This coverage pays for injuries to other people, including their medical and legal fees, if you’re found legally responsible for an accident.
What is liability?
This is the term for the maximum amount of money a health plan member has to pay for covered services during a plan year. Once this limit is reached, the health plan covers 100% of the costs.
What is the out-of-pocket maximum?
This is the policy that provides financial protection for tenants in a rented property, covering their personal belongings against loss or damage from events like theft or fire.
What is Renter’s Insurance?
This is the amount of money you pay your insurance company regularly to keep your policy active.
What is a premium?
Speeding tickets and at-fault accidents are examples of negative events on this report.
What is driving report?
Through where do most people get their health insurance?
What is employer/job?
This type of coverage in a renters insurance policy pays the full cost to repair or replace a damaged item with a new one, without deducting for depreciation.
What is replacement cost value?
If you want to lower the amount of your monthly payment for a car insurance policy, you would agree to increase this specific out of pocket amount.
What is a deductible?
You're in a car accident that is entirely your fault. The front of your car hits a guardrail. The damage to your vehicle is extensive. Your policy component that helps pay for these repairs is called this.
What is collision coverage?
A group of doctors and hospitals that agree to work with your insurance so you pay less is known as what?
What is a health plan network?
While most standard renters insurance policies cover damage from fire, theft, and windstorms, this specific natural disaster is almost always excluded and requires a separate policy.
What is a flood?
This person acts as a middleman who helps customers find insurance policies from different companies.
What is an insurance broker?
After a serious accident, the other driver is found at fault but only carries the state’s minimum insurance, which doesn’t cover all your medical bills. Luckily, your own policy helps pay the remaining costs.After a serious accident, the other driver is found at fault but only carries the state’s minimum insurance, which doesn’t cover all your medical bills. Luckily, your own policy helps pay the remaining costs.
What is underinsured motorist coverage?
In this common type of health plan, you must select a primary care physician (PCP) within a specific network and generally need a referral to see a specialist, with little to no coverage for out-of-network care.
What is an HMO (Health Maintenance Organization)?
This type of renters insurance coverage factors in wear and tear, paying out only the item's current market value at the time of the loss, which will likely be less than the cost of buying it new.
What is actual cash value?
An insurance company hires this type of expert specifically to analyze data and predict how likely a natural disaster is to occur in a specific region, which helps determine prices.
Who is an actuary?
A Florida driver is caught without insurance and learns the law says they must have at least $10,000 in Personal Injury Protection and $10,000 in Property Damage Liability.
What is Florida’s required minimum auto insurance coverage?
This is the maximum age a young adult can generally stay on a parent's health insurance plan under the Affordable Care Act, regardless of whether they are married, a student, or financially dependent.
What is 26?
If a guest slips on a wet floor in your rented apartment and breaks their arm, this essential part of your policy kicks in to cover their medical bills and your potential legal fees if they sue.
What is personal liability coverage?