Insurance Terminology Flashcards
1
Q
Amount payable to insurer
A
Benefit
2
Q
Cost of insurance/ cost of purchase
A
Premium
3
Q
Amount you have to pay before insurance kicks in
A
Deductible
4
Q
Nominal, fixed amount paid per visit
A
Co-pay
5
Q
Splitting cost after deductible
A
Coinsurance
6
Q
Maximum amount you have to pay
A
Stop loss provisions/maximum out of pocket
7
Q
Seen with disability policy; period of time you have to wait to collect benefits
A
Elimination (waiting) period
