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Definition Of Insurance Terminology

Insurance terminology can be confusing and complicated. I used to always feel overwhelmed whenever I had to decipher the small print when signing up for a new policy, but luckily, there are many resources out there that can help you learn what the different terms mean.

In this article, we will take a look at some of the most important insurance terminology that you need to know. When it comes to insurance, there are a lot of terms that can be confusing for consumers. You can even search online for more information about medical expenses insurance.

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Here are some of the most important insurance terms that you need to know:

Premium: This is the amount of money that you pay to your insurance company for coverage.

Deductible: This is the amount of money that you are responsible for paying out-of-pocket before your insurance coverage kicks in.

Co-insurance: This is the percentage of covered medical expenses that you are responsible for paying after your deductible has been met.

Co-payments: These are set fees that you are responsible for paying for covered medical services, regardless of whether or not you have met your deductible.

Exclusions: These are types of coverage that are not included in your insurance policy. In the case of health insurance, this may apply to less expensive plans that do not cover chiropractic care. It is important to understand what type of coverage you are buying so that you know exactly what you are paying for.