Health Insurance Terms

Monthly premium for auto insurance.

• Low monthly cost

• Moderate monthly cost

• High monthly cost

• Variable monthly cost

POS (Point of Service)

• A mix of HMO & PPO with no referrals required.

• A type of insurance that only covers in-network services.

• A mix of HMO & PPO. Choose in-network (lower cost) or out-of-network (higher cost). Referrals required.

• A plan that allows unlimited out-of-network coverage.

PPO (Preferred Provider Organization)

• Can see out-of-network providers. No referrals needed. Higher costs.

• Requires referrals to see specialists.

• Only covers in-network providers.

• Lower costs compared to HMO plans.

Is a deductible involved in homeowners insurance?

• Yes

• No

• Only for certain policies

• Depends on the insurer

Renters insurance covers liability.

• Yes

• No

• Only for personal property

• Only for damages caused by pets

Actuarial Value

• The percentage of total average costs your insurance will cover.

• The total amount of money you pay for insurance premiums.

• The maximum amount your insurance will pay for a claim.

• The minimum coverage required by law.

Dwelling Coverage

• Protects the physical structure of your home (walls, roof).

• Covers personal belongings inside the home.

• Provides liability protection for injuries on your property.

• Offers additional living expenses during home repairs.

Monthly premium for health insurance.

• Fixed amount regardless of plan

• Depends on the plan

• Always the same for everyone

• Varies by age and health status

Out-of-Pocket Maximum

• The total amount you pay for premiums in a year.

• The most you pay in a year before your insurance covers 100% of costs.

• The maximum amount your insurance will pay for a single claim.

• The amount you pay for each doctor's visit before insurance kicks in.

Health insurance is required by law.

• Yes

• No

• Only for certain age groups

• Only for government employees