Everfi Module 7- Insurance and Taxes
Insurance
Coverage by contract against future possible accidents
Auto Insurance
Protects you & other drivers on the road. Most states require this form of insurance
Renters/Homeowners Insurance
Can protect you from paying damages in case of fire, etc.
Health Insurance
Helps cover medical expenses like doctor visits, prescriptions, trips to the emergency room, or stays in
the hospital
Disability Insurance
Helps cover lost income when illness/injury prevents you from working
Life Insurance
Ensures that your beneficiary will be protected if you die
Coverage
Amount of protection you're eligible to receive from your insurance plan
Premium
The amount you pay to the insurance company for coverage
Claim
The request for payment submitted to your insurance company
Deductible
The amount you must pay out-of-pocket to your claim before insurance kicks in
Co-Pay
A fixed fee you pay for specific medical service (e.g. doctor visit)
Income Tax
Deducted from your paycheck and paid to the state and federal governments. (Some states don't collect
this tax)
Insurance
Coverage by contract against future possible accidents
Auto Insurance
Protects you & other drivers on the road. Most states require this form of insurance
Renters/Homeowners Insurance
Can protect you from paying damages in case of fire, etc.
Health Insurance
Helps cover medical expenses like doctor visits, prescriptions, trips to the emergency room, or stays in
the hospital
Disability Insurance
Helps cover lost income when illness/injury prevents you from working
Life Insurance
Ensures that your beneficiary will be protected if you die
Coverage
Amount of protection you're eligible to receive from your insurance plan
Premium
The amount you pay to the insurance company for coverage
Claim
The request for payment submitted to your insurance company
Deductible
The amount you must pay out-of-pocket to your claim before insurance kicks in
Co-Pay
A fixed fee you pay for specific medical service (e.g. doctor visit)
Income Tax
Deducted from your paycheck and paid to the state and federal governments. (Some states don't collect
this tax)
