The amount you have to pay in a year for a health insurance policy before they cover costs.
Annual Deductible
Product used to protect individuals in the case of automotive accidents
Automobile Insurance
The individual who receives the payout from an insurance policy
Beneficiary
When an individual reports to an insurance company that something happened.
Claim
A type of auto insurance that covers the cost of repairs to your vehicle in case of an accident (also called full-coverage)
Collision Insurance
The amount you have to pay for a Doctor visit in traditional health insurance policies.
Co-pay
The money that gets paid in case an individual dies.
Death Benefit
The money that you have to pay for any insurance claim before insurance pays.
Deductible
A product that helps recover income in case you cannot work due to accident or illness. (AFLAC is a type of this)
Disability Insurance
Insurance that covers your house and your property.
Homeowners Insurance
A product that allows an individual to share risk with other individuals in exchange for payment of a premium and deductible.
Insurance
A product that can help cover for the costs of in-home nurses, hospice, or nursing homes.
Long-term care insurance
A product that requires an individual to have a primary care physician monitoring their health.
Managed Care Health Insurance
A product that protects a lender when a person purchases a home. (Often paid when there is less than 20% down payment.)
Mortgage Insurance
The amount you have to pay just to have an insurance policy.
Premium
A product that protects a person's property when they are renting a property.
Renter's Insurance
The possibility of a bad thing happening to cost an individual money. It is shared among all individuals who have a specific type of insurance.
Risk
A product that protects against the costs of a person's death for a specific period of time.
Term Life Insurance
A person who is protected by an insurance policy.
Insured
A product that protects against the costs of a person's death for the rest of their life. It tends to gain value over time as the person pays into the policy.
Whole Life Insurance