Insurance Vocabulary Review

Front

What is Reimbursement in insurance?

Back

Reimbursement is when the insurer pays for expenses after the policyholder or another party has already paid.

Front

What is a Copayment?

Back

A Copayment is a fixed percentage that the policyholder must pay directly before receiving medical and hospital services covered by the policy.

Front

What does Coverage mean in insurance?

Back

Coverage refers to the scope of protection provided under an insurance contract.

Front

What is Coinsurance?

Back

Coinsurance is the percentage of expenses that the policyholder must pay, or the amount of a claim not covered by the insurance policy.

Front

What type of insurance is needed for flood protection?

Back

Flood insurance is required for protection against flood-related damages.

Front

What is the purpose of insurance?

Back

The purpose of insurance is to provide financial protection against potential future losses.

Front

What is a Premium in insurance?

Back

A Premium is the amount paid periodically to the insurer for coverage.

Front

What is the difference between Copayment and Coinsurance?

Back

Copayment is a fixed amount paid for a service, while Coinsurance is a percentage of the total cost.

Front

What is an Insurance Policy?

Back

An Insurance Policy is a contract between the insurer and the policyholder outlining coverage and terms.

Front

What does it mean to file a claim?

Back

Filing a claim means requesting payment from the insurer for a loss covered by the policy.