Insurance

an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer.

• Copays

• Insurance

• Clain

• Coverage

the contract between an insurance company and the insured individual,

• Out-of-pocket maximum

• Premium

• Policy

• Deductible

the amount of liability protection offered to an individual through an insurance policy

• Grace Period

• Insurance

• Claim

• Coverage

the amount of money paid for an insurance policy

• Premium

• Claim

• Copay

• Deductible

the amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse (break) in coverage

• Coverage

• Grace Period

• Insurance

• Policy

the amount of money you will pay out of pocket before the insurance company will make a payment

• Copay

• Premium

• Coverage

• Deductible

a formal request by a policyholder to their insurance company for compensation for a covered loss

• Out-of-pocket maximum

• Claim

• Policy

• Grace period

the payments an individual makes each time they get medical service

• Copay

• Coverage

• Deductible

• Out-of-pocket maximum

the most a policyholder has to spend for covered services in a year

• Premium

• Grace Period

• Out-of-pocket maximum

• Deductible

contract between you and an insurance company. You pay a premium in exchange for protection if something happens (accident, theft, damage).

(a)