Please do co-pay vs. co-insurance :)

. . 7. DEFINE THE FOLLOWING HEALTH INSURANCE TERMS. INSURANCE PREMIUM VS INSURANCE CONTRIBUTION: The insurance premium is paid by an individual or business entity for an insurance policy. Insurance premiums are paid for health, auto, home, and life insurance policies. This also implies an obligation, as the insurer must provide coverage for claims against the policy. Failure to pay the premium for an individual or business may result in the termination of the policy. This would be considered the insurance contribution, or what the company has to pay in regards to the insurance policy. DEDUCTIBLE: A deductible is a sum you pay that is cash-based for medical care administrations before your protection kicks in. For some products, such as general liability insurance, you can set your deductible as low as zero, but you'll pay a larger premium as a result. Approximately two-thirds of consumers who get general liability insurance via Insureon choose to pay a deductible, with a $500 median (most common) deductible. Deductibles are used by insurance firms to avoid small claims that consume more resources than they are worth. Without deductibles, imagine how much work the insurance company would have to perform if every door ding and scrape turned into a claim. CO-PAY VS CO-INSURANCE