VOCABULARY: Insurance

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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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Coinsurance

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A percentage you pay each time you receive medical treatment after you’ve paid your deductible

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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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Deductible

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The amount of money you agree to pay towards your losses before your insurance coverage will begin paying

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Extended Warranty

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An additional form of protection that can be purchased to extend/enhance a manufacturer's warranty on consumer goods, like phones and electronics

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Insurance

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An agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified injury, illness, loss, etc.

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Insurance Policy

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A contract in which an individual or entity receives financial protection or reimbursement against losses

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Medicaid

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A federal and state assistance program that pays for health care services for people who cannot afford them

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Minimum Liability Limit

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The lowest amount of auto insurance coverage one can have to be legally allowed to drive in each state