B2i - Insurance Terminology 1

What is�the arrangement in which a company� guarantees to pay us back for specified loss, damage, illness, or death if we pay them a premium?

A _________ is the amount of money I pay to be covered by insurance for a specific length of time.

Copay is a fixed amount that I have to pay out-of-pocket for medical visits and medical care, even if I have insurance.

I have to keep paying for medical care with my own money (pay out-of-pocket) until I meet my deductible. After that, the insurance provider will start sharing in the costs.

After a policy holder has spent the amount to meet the deductible, he still needs to share his medical expenses with the insurance company. It is called co-insurance, and that is...

Getting tickets for traffic violations can increase the premium I pay for my car insurance because insuring me becomes an increased __________ for the insurer.

What are some health insurance companies you may come across as an interpreter?

What factors can impact health insurance premiums? Check all that apply

The document you sign describing your responsibilities and covered services when you get insured is called

Medicaid and Medicare are part of America's public health care system.

Link the type of insurance to the type of coverage

A __________ is the minimum amount I have to pay out-of-pocket until my insurance company starts sharing in the costs of health care.

After the medical expenses I paid out-of-pocket exceed the deductible�amount stipulated in my health care plan, I only have to pay a percentage of my future health expenses in that calendar year. That percentage is called:

Deductibles (the amount I have to pay in health care expenses out of my own money) reset every calendar year.