Insurance- Economics

Premium

Monthly payment that you make in order to have the insurance

Deductible

The amount of money you pay before the insurance helps

Riders

Additional coverage that you can purchase to get protection

Health Insurance

Helps you afford medical care

Auto Insurance

Provides financial protection if your car is damaged

Homeowners Insurance

Provides financial assistance if your home is damaged

Renters Insurance

Provided for people who rent their home

Life Insurance

A financial product that you pay into every month that will be paid to a person you have chosen

HMO

A type of health insurance plan that wont cover an out-of-network care except in emergencies

EPO

A care plan where services are only covered if you use doctors under the plan’s network

PPO

A type of health plan where you pay less if you use providers within the network

POS

Require you to get a referral from your primary care doctor in order to see a specialist