Insurance Vocab

Front

Arrangement by which a company or government guarantees compensation for loss, damage, illness, or death in exchange for a premium.

Back

insurance

Front

Health plan that contracts with providers to form a network. Lower costs for using in-network providers.

Back

PPO

Front

Type of health plan providing emergency and preventive care coverage.

Back

catastrophic plan

Front

Charge for insurance policy; on-time payments keep it active.

Back

premium

Front

Amount paid out of pocket before insurance benefits start

Back

deductible

Front

Max insurance payout for loss.

Back

limit

Front

Covers medical expenses due to illness or injury.

Back

health insurance

Front

Formal request to an insurance company for payment based on policy terms.

Back

claim

Front

Auto insurance that covers repair costs after a crash.

Back

collision coverage

Front

Auto insurance that covers repair/replacement costs for your vehicle due to uncontrollable events (weather, vandalism, theft, etc.)

Back

comprehensive coverage