What insurance terms should I know before buying a policy?
The essentials are premium (what you pay to keep coverage), deductible (what you pay before the insurer does), limits and exclusions (how much and what is covered), and for health plans copay, coinsurance and the out-of-pocket maximum. This game drills 35 terms, all defined in the glossary below.
How to play
- The board has five categories: Policy Basics, Health Insurance, Auto Insurance, Home & Renters, Life & Beyond.
- Clues run $200 to $1,000. Higher values are harder terms.
- Each clue is a definition; pick the term from four choices.
- Right answers add the value, wrong answers subtract it. Clear all 25 to finish.
Why insurance words trip people up
Insurance is one of the biggest bills most households pay, and the policy language decides what you get back. Mixing up actual cash value and replacement costcan mean a payout thousands of dollars short. Not knowing that a standard homeowners policy excludes floods, or that premiums do not count toward a health plan's out-of-pocket maximum, leads to surprises at the worst time. A quick game is an easy way to learn the words before you compare quotes.
Insurance terms glossary
All 35 terms in the game, A to Z.
- Actual cash valueHome & Renters
- Coverage that pays the replacement cost minus depreciation.
- AnnuityLife & Beyond
- A contract with an insurer that turns a sum of money into a stream of income.
- BeneficiaryLife & Beyond
- The person who receives the payout from a life insurance policy.
- ClaimPolicy Basics
- A formal request asking your insurer to pay for a covered loss.
- CoinsuranceHealth Insurance
- The percentage of covered costs you pay after meeting your deductible.
- Collision coverageAuto Insurance
- Pays to repair your own car after a crash with a vehicle or object, regardless of fault.
- Comprehensive coverageAuto Insurance
- Pays for damage to your car from non-crash events like theft, hail, fire or hitting an animal.
- CopayHealth Insurance
- A fixed amount you pay for a covered service, like $25 for a doctor visit.
- Declarations pagePolicy Basics
- The summary page listing who and what is covered, the limits and the premium.
- DeductiblePolicy Basics
- What you pay out of pocket on a claim before the insurer starts paying.
- Elimination periodLife & Beyond
- The waiting time after a disability begins before disability insurance starts paying.
- EndorsementPolicy Basics
- A written change to a policy that adds, removes or alters coverage.
- ExclusionPolicy Basics
- Something a policy specifically does not cover.
- Flood insuranceHome & Renters
- Separate coverage for rising-water damage, which standard homeowners policies usually exclude.
- Gap insuranceAuto Insurance
- Covers the difference between what you owe on a car loan and what the totaled car is worth.
- HMOHealth Insurance
- A health plan that usually requires you to use its network and get referrals from a primary care doctor.
- In-networkHealth Insurance
- Doctors and hospitals that have agreed to discounted rates with your health plan.
- Liability coverageAuto Insurance
- Pays for injuries and damage you cause to other people.
Insurance terms glossary, continued
- Loss of useHome & Renters
- Coverage for extra living costs, like a hotel, while your home is being repaired after a covered loss.
- Out-of-pocket maximumHealth Insurance
- The most you will pay for covered care in a plan year before the plan pays 100%.
- PerilHome & Renters
- A cause of loss, like fire, wind or theft, that a policy may cover.
- PolicyholderPolicy Basics
- The person or business that owns an insurance policy.
- PPOHealth Insurance
- A health plan that lets you see out-of-network providers, at a higher cost, without referrals.
- Pre-authorizationHealth Insurance
- Approval your health plan must give before certain treatments for them to be covered.
- PremiumPolicy Basics
- The amount you pay, monthly or yearly, to keep an insurance policy active.
- Renters insuranceHome & Renters
- Covers a tenant's belongings and personal liability, but not the building itself.
- Replacement costHome & Renters
- Coverage that pays what it costs to replace damaged property with new, without subtracting depreciation.
- RiderLife & Beyond
- An add-on that changes or expands what a policy covers.
- SubrogationLife & Beyond
- An insurer's right to recover what it paid you from the party who caused the loss.
- Term life insuranceLife & Beyond
- Life coverage for a set number of years, such as 10, 20 or 30.
- Total lossAuto Insurance
- When repairing a damaged vehicle would cost more than it is worth, so the insurer pays its value instead.
- Umbrella policyHome & Renters
- Extra liability coverage that kicks in above your home and auto policy limits.
- UnderwritingPolicy Basics
- The process an insurer uses to judge risk and set the price of coverage.
- Uninsured motorist coverageAuto Insurance
- Pays your costs when a driver with no insurance causes the accident.
- Whole life insuranceLife & Beyond
- Permanent life coverage that lasts for life and builds cash value.
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For learning and fun only. PuzzlePage's games explain general concepts and are not financial, tax, insurance or legal advice. Rules vary by state and country and change over time; for decisions about your own situation, talk to a licensed professional. Jeopardy! is a trademark of its owners; this game is not affiliated with or endorsed by them.