Insurance Vocab

2. (also copayments or coinsurance) the payments an individual makes each time they get medical services in a year
6. optional extended liability coverage that can be added to auto and homeowner's policies
9. the practice of employers paying for a portion of their employees' insurance premiums
10. protection for damage to your car resulting from a collision with another car or object
13. also known as Obamacare; the health care reform law enacted in 2010, intended to make affordable health insurance more available
14. protection for loss or damage to your vehicle caused by something other than a collision (such as vandalism)
15. a tax-exempt savings account dedicated to health care costs; only available for individuals on a high-deductible health plan (HDHP)
16. protection against claims resulting from personal injury or property damage as the result of an auto accident
19. protection for losses to a private residence and the possessions within it, as well as liability coverage against accidents in the home or on the property
20. protection for destroyed or stolen personal property for a renter
21. coverage for an individual's (or family's) medical expenses from illness or injury
22. the amount of liability protection offered to an individual through an insurance policy

1. plans to cover expenses and services not on typical policies
3. The amount of money paid for an insurance policy
4. a formal request by a policyholder to their insurance company for compensation for a covered loss
5. a type of insurance that covers some or all of the costs of nursing home care, assisted living, in-home care, and other end-of-life care
7. a component of auto insurance that pays for medical expenses, lost wages, and other financial losses of the driver and passengers of the policyholder's vehicle
8. a type of insurance that will replace a portion of the policyholder's income in the event that the policyholder becomes disabled and is unable to work
11. the contract between an insurance company and the insured individual
12. a health plan with a high minimum deductible for medical expenses
17. an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer
18. the amount of money you will pay out of pocket before the insurance company will make a payment