Ch. 9 Lesson 1

the contract between an insurance company and the insured individual

• Insurance

• policy

• coverage

• premium

the amount of liability protection offered to an individual through an insurance policy​​​​​​​

• Insurance

• policy

• coverage

• premium

an arrangement in which an individual will receive financial protection or reimbursement 

• Insurance

• policy

• coverage

• premium

the amount of money paid for an insurance policy​​​​​​​

• Insurance

• policy

• coverage

• premium

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 is called a ________ _________.

a formal request by a policyholder to their insurance company for compensation for a covered loss​​​​​​​

• Deductible

• claim

• copays

• out-of-pocket maximum

the amount of money you will pay out of pocket before the insurance company will make a payment​​​​​​​

• Deductible

• claim

• copays

• out-of-pocket maximum

(also copayments or coinsurance) the payments an individual makes each time they get medical service​​​​​​​

• Deductible

• claim

• copays

• out-of-pocket maximum

the most a policyholder has to spend for covered services in a year

• Deductible

• claim

• copays

• out-of-pocket maximum

The purpose of insurance is to transfer ____.