EPF Insurance Vocabulary Practice

Front

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

Back

Claim

Front

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

Back

Collision Coverage

Front

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.

Back

Comprehensive Coverage

Front

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

Back

Copay

Front

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

Back

Deductible

Front

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.

Back

Insurance

Front

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

Back

Insurance Policy

Front

The maximum amount of money you will have to spend on health care in a year, after which the insurance company agrees to cover all costs.

Back

Out of Pocket Maximum

Front

The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time

Back

Premium

Front

The spreading of financial risk evenly among a large number of contributors to the program

Back

Risk Pooling