Insurance vocab flashcards

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Actuary

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A person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums

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Catastrophic Health Insurance

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Health insurance that provides protection against the high cost of treating severe or lengthy illness or disabilities and usually has a high deductible and lower premiums

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CHIP

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Children's Health Insurance Program. A program that provides low-cost health coverage to children in families who earn too much money to qualify for Medicaid

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Claim

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A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy

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Collision Coverage

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Auto insurance that protects you against costs to repair your own vehicle after a crash

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Comprehensive Coverage

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Auto insurance that protects you against costs to repair or replace your vehicle after events out of your control such as weather, vandalism, theft, etc.

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Conditions of the Policy

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The portion of a car insurance policy that spells out the details for how to make a claim, what information you must have, how much time you have, and how to cancel your policy

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Copay

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A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription

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Coverage Limit

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The maximum amount an insurance company will pay if you file a claim

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Declaration Page

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The page of a car insurance policy which includes a summary description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage