Insurance Vocab

3. Permanent life insurance with lifelong coverage and a savings component.
6. Insurance with lower premiums but higher deductibles before coverage starts.
9. Provides income if you cannot work due to illness or injury.
12. U.S. healthcare reform law passed in 2010 to expand access and reduce costs.
14. Life insurance for a set period with no cash value.
15. A contract that pays for medical expenses in exchange for premiums.
16. Extra coverage that fills gaps in a primary insurance plan.

1. The payout to beneficiaries when the insured person dies.
2. Tax advantaged savings account for medical expenses, paired with HDHPs.
4. Covers services like nursing homes, assisted living, or in home care.
5. A person covered under another’s insurance plan.
7. Auto insurance that covers medical costs and lost wages after accidents.
8. People who receive benefits from an insurance policy, program, or trust.
10. The most you’ll pay in a year for covered care before insurance pays 100%.
11. Extra time after a missed payment before coverage is canceled.
13. When an employer or individual assumes the risk of paying claims directly.