Video Title: Insurance terminology | Insurance | Financial Literacy | Khan Academy
Channel: Khan Academy
Speakers: None explicitly named, but a single narrator.
Duration: 00:04:50
Overview
This video explains common insurance terms such as premium, deductible, policy limit, and copay. It aims to increase financial literacy by clarifying the meaning and practical application of these terms, using examples for health and car insurance.
Key takeaways
Premium: The regular payment made to maintain an insurance policy.
Deductible: The amount of money an individual must pay out-of-pocket before the insurance coverage begins. A higher deductible often corresponds to a lower premium.
Policy Limit: The maximum amount an insurance policy will cover for a specific event or period.
Copay: A fixed amount paid by the insured for a covered healthcare service, typically for preventative care, alongside the insurance coverage.
