Insurance Consumer Ed

Policy

A contract that specifies what Contract to you and insurance are covered and how much will be paid for losses

COBRA

Allows continuation of coverage provided through an employers plan for 18 months

Co insurance

Amount of money after deductible that is paid by joining by the insured and the insurance company

Deductible

Amount of money paid out of pocket by policyholder before the insurance coverages begin

Peril

Anything that could possibly cause a loss

Employer

Health disabled and occasionally life insurance

Managed health care plan

Health insurance policy under which individuals are given specific directions as where to go

Uninsured underinsured

Incase doesn't have insurance or not enough

Individual

Long term care, property and liability insurance

Medical payment for auto insurance

Medical expenses funeral for you or passengers

Premium

Money paid to purchase the policy

Claim

Paperwork submitted to insurance organizing describing accident, illness or injuries

Renters insurance

Payment for damage/loss of property in a rental unit addition to liability losses

Homeowners insurance

Payment to cover liability losses damages, loss of home and it's contents

Property insurance

Payment to insure person if his her property is damaged

Liability insurance

Payment to others if a member of the insured has had an accident

Policyholder

Person who owns policy

Employee benefits

Products services that add extra value for employees beyond wages

HIPPA

Prohibits insurance companies from denying health insurance coverage based on the applicants health

Why do insurance policies include deductibles & co insurance?

Reduce the problem of moral hazard. Insurance place some of the loss on the policy holder.

Government

Special programs for those who qualify, catastrophes

Coverage

The risks covered and amount of money paid