United States of America (USA)

Health Insurance

  1. What is a Premium? The monthly amount you pay to keep your insurance active.

  2. What is a Deductible? The amount you pay out-of-pocket for covered services before your insurance begins to pay.

  3. What is a Co-pay? A fixed amount (e.g., $30) you pay for a specific service, like a doctor's visit.

  4. What is Co-insurance? Your share of the costs of a covered service, calculated as a percent (e.g., 20%).

  5. What is an Out-of-Pocket Maximum? The most you have to pay for covered services in a plan year; after this, the insurer pays 100%.

  6. What is Medicare? Federal health insurance for people 65 or older and younger people with disabilities.

  7. What is Medicaid? A joint federal and state program that helps with medical costs for people with limited income.

  8. What is an HMO? A Health Maintenance Organization plan that usually limits coverage to care from doctors who work for or contract with the HMO.

  9. What is a PPO? A Preferred Provider Organization plan where you pay less if you use providers in the network but can use out-of-network providers for an extra cost.

  10. What is the "Open Enrollment Period"? The yearly period when people can enroll in a health insurance plan.

General (Auto/Home)

  1. Is car insurance mandatory in the US? Yes, in almost every state, though the minimum coverage requirements vary.

  2. What is "Liability Insurance"? It covers injuries or damage you cause to others in an accident.

  3. What is "Comprehensive Coverage"? It pays for damage to your car from non-collision events like theft, fire, or vandalism.

  4. What is "Gap Insurance"? It covers the difference between what you owe on your car and its actual cash value if it's totaled.

  5. Does standard homeowners insurance cover floods? Usually no; you need a separate policy from the National Flood Insurance Program (NFIP).

🇨🇦
Essential Insurance Guide

Canada

Health Insurance

  1. How is Canadian healthcare funded? Through provincial and federal taxes.

  2. What is the "Health Card"? A card issued by your province (e.g., OHIP in Ontario) that grants access to medically necessary hospital and physician services.

  3. Does the government cover dental care? Generally, no. Most Canadians use private insurance through employers for dental and vision.

  4. What is "Supplemental Insurance"? Private insurance used to cover costs not paid by the government, like prescriptions and private hospital rooms.

  5. Is there a waiting period for new immigrants? Some provinces (like BC) have a waiting period of up to three months before coverage begins.

Auto & Home

  1. Is car insurance private or public in Canada? It depends on the province. BC, Saskatchewan, and Manitoba have government-run systems; others like Ontario and Alberta are private.

  2. What is "No-Fault" Insurance? A system where your own insurance company pays for your medical treatment regardless of who caused the accident.

  3. Is home insurance mandatory for renters? Not by law, but most landlords require "Tenant Insurance" (Renters Insurance).

  4. What determines auto insurance rates in Ontario? Factors include your driving record, age, location, and the type of vehicle.

  5. What is "Accident Forgiveness"? An optional benefit where your rates won't increase after your first at-fault accident.

🇦🇺 Australia

Health Insurance

  1. What is Medicare (Australia)? Australia’s universal healthcare system that provides free or subsidized medical services.

  2. What is the "Medicare Levy"? A 2% tax on taxable income that helps fund Medicare.

  3. What is "Private Health Insurance Rebate"? A government contribution toward the cost of private health insurance premiums (income-tested).

  4. What is "Lifetime Health Cover" (LHC) loading? A 2% penalty added to private hospital insurance premiums for every year you don't have cover after age 31.

  5. What are "Extras" cover? Insurance for non-hospital services like dental, physio, and optical.

  6. What is the "Gap" in Australian health? The difference between what the doctor charges and what Medicare/private insurance pays.

  7. Do I need private insurance if I have Medicare? It’s optional, but many choose it to avoid long wait times and the Medicare Levy Surcharge (for high earners).

General

  1. What is "CTP Insurance"? Compulsory Third Party insurance (often called "Green Slip"). It is mandatory for all vehicle owners to cover injury to others.

  2. Does CTP cover damage to my car? No, CTP only covers personal injury. You need Third Party Property or Comprehensive insurance for vehicle damage.

  3. What is "Contents Insurance"? Insurance that covers your belongings inside a home or rental property.

  4. What is a "Product Disclosure Statement" (PDS)? A document Australian insurers must provide that explains exactly what is and isn't covered.

  5. Are life insurance payouts taxable in Australia? Generally, no, if paid to a nominated beneficiary.

🌏 Global & General Insurance FAQ

  1. What is Life Insurance? A contract where the insurer pays a sum of money to beneficiaries upon the policyholder's death.

  2. What is "Term Life" vs. "Whole Life"? Term life covers you for a set period (e.g., 20 years); Whole life covers you for your entire life and builds cash value.

  3. What is a "Claim"? A formal request to an insurance company asking for payment based on the terms of the policy.

  4. What is an "Adjuster"? A person who investigates a claim to determine the insurance company’s liability.

  5. What is an "Exclusion"? Specific conditions or circumstances for which the policy will not provide coverage.

  6. What is "Travel Insurance"? Coverage for trip cancellations, medical emergencies, or lost luggage while abroad.

  7. What is "Disability Insurance"? It replaces a portion of your income if you are unable to work due to illness or injury.

  8. What is "Underwriting"? The process the insurer uses to evaluate your risk and decide your premium.

  9. What is a "Broker"? An independent professional who helps you compare and buy insurance from different companies.

  10. What is "Liability"? Legal responsibility for one's acts or omissions.

  11. What is a "Waiting Period"? The time you must wait after buying a policy before certain benefits become available.

  12. What is "Actual Cash Value" (ACV)? The value of an item at the time of loss (replacement cost minus depreciation).

  13. What is "Replacement Cost"? The amount it takes to replace an item with a new one of similar quality, without deducting for depreciation.