Understand common insurance terminology.
The amount you pay out of pocket before your insurance coverage kicks in.
The amount you pay for your insurance policy, typically on a monthly or annual basis.
A fixed amount you pay for a covered health service, usually at the time of service.
Your share of the costs of a covered service, calculated as a percentage of the allowed amount.
Insurance that pays for damage or injuries you cause to others.
Insurance that pays for damage to your vehicle from a collision, regardless of fault.
Insurance that covers damage to your vehicle from non-collision events like theft, fire, or weather.
The maximum amount your insurance company will pay for a covered claim.
Specific conditions or circumstances that are not covered by your insurance policy.
A formal request to your insurance company for coverage or compensation for a covered loss.
The process insurers use to evaluate risk and determine your premium.
An add-on to your insurance policy that provides additional coverage or benefits.
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