EPF Insurance Vocabulary Practice

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

• Claim

• Policy

• Deductible

• Premium

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

• Claim

• Comprehensive Coverage

• Collision Coverage

• Premium

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.

• Conditions of the Policy

• Comprehensive Coverage

• Collision Coverage

• Premium

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

• Limit

• Policy

• Premium

• Copay

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

• Deductible

• Warranty

• Agent

• Fraud

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.

• Insurance

• Warranty

• Premium

• Legality

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

• Insurance

• Insurance Policy

• Premium

• Deductible

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

• Maximum Minimum

• Into Pocket Maximum

• Out of Pocket Maximum

• Out of Pocket Minimum

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

• Probability

• Liability

• Out of Pocket Maximum

• Premium

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

• Risk Pooling

• Risky Business

• Risk Puddling

• Financial Risks