contract between an insurance company and insured individual
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out-of-pocket limit
limits the amount of money the policyholder must pay for the co-insurance
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medical payments coverage
pays the costs of minor accidental injuries to visitors on your property
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Coverage
the amount of liability protection offered to an individual through an insurance policy
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Premium
the amount of money paid for an insurance policy
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Deductible
the amount of money you will pay out of pocket before the insurance company will make a payment
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Claim
a formal request by a policyholder to their insurance company for compensation for a covered loss
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Copays
the payments an individual makes each time they get medical service
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Out-of-Pocket Maximum
the most a policyholder has to spend for covered services in a year
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Grace Period
the amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse (break) in coverage
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Liability Insurance
protection against claims resulting from personal injury or property damage as the result of an auto accident
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Collision Insurance
protection for damage to your car resulting from a collision with another car or object
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Comprehensive Insurance:
protection for loss or damage to your vehicle caused by something other than a collision (such as vandalism)
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Uninsured/Underinsured Motorist Protection:
protection for you and passengers if you're hit by an uninsured or underinsured motorist, or if you are the victim of a hit-and-run
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Personal Injury Protection (PIP)
a component of auto insurance that pays for medical expenses, lost wages, and other financial losses of the driver and passengers of the policyholder's vehicle
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Homeowners Insurance
protection for losses to a private residence and the possessions within it, as well as liability coverage against accidents in the home or on the property
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Renters Insurance
protection for destroyed or stolen personal property for a renter. provides liability protection and living expenses if you can't live in your rented home because of a covered incident.
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Dwelling coverage
Covers structure of your home, including the roof, walls, floors, and any other part of the structure.
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liability
protects you from legal liability of property damage or bodily injury.
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Personal property coverage
policy covers your personal belongings if they are damaged, destroyed, or stolen.
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Loss of use coverage
This covers additional living expenses—like the cost of a hotel—if you're unable to live in your home while it's being repaired.
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Health Insurance
coverage for an individual's (or family's) medical expenses from illness or injury
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Affordable Care Act (ACA):
also known as Obamacare; the health care reform law enacted in 2010, intended to make affordable health insurance more available
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High-Deductible Health Plan (HDHP):
a health plan with a high minimum deductible for medical expenses
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Health Savings Account (HSA)
a tax-exempt savings account dedicated to health care costs; only available for individuals on a high-deductible health plan
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Lifetime Limit
the maximum amount of lifetime benefits a person can receive from their insurance company
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Public health insurance
Federal and state government health programs (e.g., Medicare, Medicaid available to eligible individuals.
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HMO
health maintenance insurance
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PPO
preferred provider organization
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accident report form
a form used to document an accident if one should occur while working
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claims adjuster
person designated by the insurance company to assess whether the loss is covered and to determine the dollar amount that the company will pay
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Vehicle Identification Number (VIN)
A unique number that is assigned to each vehicle and that identifies certain vehicle characteristics.
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beneficiary
a person who receives something good from someone else such as an inheritance
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Death Benefit
the amount paid upon the death of the insured in a life insurance policy
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whole life insurance
Insurance that is kept in force for a person's entire life and pays a benefit upon the person's death, whenever that may be.
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