9.1 Vocab Flashcards
insurance
an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer
an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer
insurance
policy
the contract between an insurance company and the insured individual
the contract between an insurance compnay and the insured individual
policy
coverage
the amount of liability protection offered to an individual through an insurance policy
the amount of liability protection offered to an individual through an insurance policy
coverage
premium
the amount of money paid for an insurance policy
the amount of money paid for an insurance policy
premium
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
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
grace period
deductible
the amount of money you will pay out of pocket before the insurance company will make a payment
the amount of money you will pay out of pocket before the insurance company will make a payment
deductible
claim
a formal request by a policyholder to their insurance company for compensation for a covered loss
a formal request by a policyholder to their insurance company for compensation for a covered loss
claim
copays
(also copayments or coninsurance)
the payments an individual makes each time they get medical service
(also copayments or coninsurance)
the payments an individual makes each time they get medical service
copays
out-of-pocket maximum
the most a policyholder has to spend for covered services in a year
the most a policyholder has to spend for covered services in a year
out-of-pocket maxium
