Insurance terminology
4:50
Khan AcademySal Khan
Insurance terminology
Insurance terminology is the special words and phrases used to describe how insurance works and the different parts of an insurance plan. It's important to understand these terms so you can choose the right insurance for your needs and know what to expect if you ever need to use it.
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Insurance policies can be filled with words and phrases that are not commonly used in everyday conversation. Here are some of the most common insurance terms that you need to know. Coinsurance: The percentage (%) of your bill that the insurance will cover (after you pay the deductible) Deductible: The dollar amount of covered expenses you are responsible to pay the physician or hospital before the policy will pay any benefits. Copay: A set fee you pay for medical services, typically at the time
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Insurance policies can be filled with words and phrases that are not commonly used in everyday conversation. Here are some of the most common insurance terms that you need to know. Coinsurance: The percentage (%) of your bill that the insurance will cover (after you pay the deductible) Deductible: The dollar amount of covered expenses you are responsible to pay the physician or hospital before the policy will pay any benefits. Copay: A set fee you pay for medical services, typically at the time
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Insurance policies can be filled with words and phrases that are not commonly used in everyday conversation. Here are some of the most common insurance terms that you need to know. Coinsurance: The percentage (%) of your bill that the insurance will cover (after you pay the deductible) Deductible: The dollar amount of covered expenses you are responsible to pay the physician or hospital before the policy will pay any benefits. Copay: A set fee you pay for medical services, typically at the time
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