| A | B |
|---|
| risk | Uncertain, unpredictable factors that can lead to losses or damages |
| insurance | An arrangement in which an insured pays money to an insurer to gain protection against risks and compensation for losses |
| policy | A written contract stating the arrangement between insured and insurer |
| policyholder | A consumer who has purchased an insurance policy |
| coverage | Potential risks and losses against which an insured is protected by a policy |
| premium | A fee paid to an insurance company on a regular basis for coverage |
| deductible | An initial amount paid by insured for a loss before insurance compensations begin |
| health insurance | Provides compensation for losses due to injury, illness, or disability |
| basic medical | Pay a large part of hospital and medical care, may also pay part of some other expenses (e.g. doctor’s visits) |
| major medical | Pays for long-term illness expenses after basic medical benefits limits have been reached (e.g. cancer). |
