INSURANCE / TERMS & COMPLETE DEFINITIONS

INSURANCE / TERMS & COMPLETE DEFINITIONS 1. Actuary A person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums 2. Catastrophic Health insurance that provides protection against the high Health Insurance cost of treating severe or lengthy illness or disabilities and usually has a high deductible and lower premiums 3. CHIP Children's Health Insurance Program. A program that pro- vides low-cost health coverage to children in families who earn too much money to qualify for Medicaid 4. Claim A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy 5. Collision Coverage Auto insurance that protects you against costs to repair your own vehicle after a crash 6. Comprehensive Auto insurance that protects you against costs to repair or Coverage replace your vehicle after events out of your control such as weather, vandalism, theft, etc. 7. Conditions of the The portion of a car insurance policy that spells out the Policy details for how to make a claim, what information you must have, how much time you have, and how to cancel your policy 8. Copay A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription 9. Coverage Limit The maximum amount an insurance company will pay if you file a claim