Insurance Terms

Paperwork filed with an insurance company in order to get them to cover a loss for someone insured

• Claim
• Policy
• Deductible
• Premium

Applies to the amount of protection you have through an insurance company in the event of a loss

• Deductible amount
• Premium rate
• Policy term
• Coverage

The amount you have to pay out of pocket for expenses before the insurance company will begin to cover all or a portion of the costs.

• out-of-pocket maximum
• deductible
• co-payment
• premium

The state or quality of being obligated according to law or equity

• Liability
• Obligation
• Debt
• Responsibility

Specific amount of money that you are required to pay "out of your own pocket" in a calendar year.

• out-of-pocket maximum (expense)

• premium
• co-payment
• deductible

Describes the type of coverage in an insurance agreement/contract

• Agreeement

• Policy

• Claim

• Deductible

Amount you pay monthly, quarterly, semi-annually, or annually to purchase (and hold) different types of insurance

• premium
• deductible
• coverage limit
• co-payment

A legally enforceable declaration of how a person wishes his/her property to be distributed after death

• will
• contract
• deed
• trust

Contracted with your insurance company

• In-Network

• Out-of-Network

No contract with your insurance company (WAY more expensive)

• In-Network

• Out-of-Network