Independent Living Skills: Insurance Terms and Definitions

2. An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract
3. A request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement
5. The amount of money an individual pays to the insurance company each month to purchase the insurance coverage
7. Services which the insurance doesn't pay for
9. A party/parties covered by an insurance policy
10. The maximum amount the insurance company will pay out during the insured's lifetime
11. The amount of money the insured must pay at each appointment before the health plan will pay out anything for that particular visit or service
13. The percentage of the total medical bill the individual must pay; usually figured based on the balance remaining after they have already paid for any required co-pays
14. A written contract ratifying the legality of an insurance agreement

1. The maximum amount the insured will be required to pay per year; the insurance will pay any remaining costs up to the coverage limit
4. A health care provider on a list of providers that is preselected by the insurer; using this provider usually results in lower costs
6. Anything related to money
8. A written or spoken agreement that is intended to be enforced by law
12. A contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company