Insurance Vocab

Arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

• premium

• insurance

• limit

• risk

A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan's network.

• HMO

• PPO

• C3PO

• SSOO

type of health plan that offers coverage in times of emergencies as well as coverage for preventive care.

• pleasant plan

• risky plan

• catastrophic plan

• easy plan

The amount you are charged for your insurance policy. On-time payments are required to keep your policy in force.

• policy

• deductible

• claim

• premium

the amount you will pay out of pocket before your insurance benefit kicks in

• claim

• risk

• deductible

• warranty

The maximum amount your insurance company will pay for your loss. 

• mini

• maxi

• limit

• safe

Covers medical expenses that arise due to an illness or injury.

• automatic insurance

• financial insurance

• self insurance

• health insurance

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

• suggestion

• claim

• mail

• sweepstakes

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

• smashing coverage

• collision coverage

• comprehensive coverage

• logistical coverage

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.

• comprehensive coverage

• collision coverage

• liability coverage

• gap coverage