Insurance Flashcards
What is a premium?
The amount you pay regularly (like every month) to have insurance. Cost to keep your insurance active.
What is an insurance policy?
Rule book that tells you what your insurance will cover and what it won’t
What is a claim (insurance)?
When something bad happens, you ask the insurance company for help. This is called a claim
What is the copay?
Small amount you pay when you visit the doctor. The insurance pays the rest
In the context of insurance, what is the network?
Companies work with certain doctors or hospitals. This group of doctors and hospitals is the network
What is exclusion in the context of insurance?
Things your insurance won’t pay for
What is the deductible?
The amount you pay before your insurance starts helping with costs
