Difference Between Peril and Hazard

Difference Between Peril and Hazard

Key Difference – Peril vs Hazard   Peril and hazard both refer to a risk, and these words can be used interchangeably in everyday language. However, peril and hazard have specific meanings in the field of finance and insurance. In insurance, peril is something that causes a financial loss whereas a hazard is a condition […]

Difference Between Coinsurance and Deductible

Coinsurance vs Deductible   Coinsurance and deductible are payments made by a patient towards the cost of a medical bill under a medical insurance policy. These payments require the patient to share the cost of the medical bill with their insurance company, as insurance companies in certain countries do not cover the total medical cost. […]

Difference Between Copay and Coinsurance

Copay vs Coinsurance   Health or medical insurance is an insurance coverage that is purchased for the purpose of providing protection and coverage against health related risks. Medical insurance is unique insurance cover with its own terminology and unique structure. Medical insurance does not cover 100% of the cost, and the portion of the cost […]

Difference Between Copay and Deductible

Copay vs Deductible   Health insurance offers a patient coverage against the costs of medical expenses. However, health insurance policy in certain countries such as the United States does not cover 100% of the patient’s bill and requires the patient to make a contribution as well. There are a number of methods that insurance companies […]

Difference Between Deductible and Out of Pocket Maximum

Deductible vs Out of Pocket Maximum   Medical insurance policies usually do not cover total medical costs. There are a number of mechanisms that insurance companies use in order to share the burden of payments with the patient. In this article, we take a closer look at two terms that are related to medical insurance; […]

Difference Between Deductible and Premium

Deductible vs Premium   An insurance policy is a contract that is signed between two parties; the insurer and insured in which the insured will pay a fee to the insurer who will in return promise to pay for any loss covered in the insurance policy. Insurance policies are taken out by businesses and individuals […]

Difference Between Named Insured and Additional Insured

Named Insured vs Additional Insured   Additional insured and named insured are terms that usually appear on an insurance policy and are easily confused terms as they are used interchangeably by many. There are, however, many important differences between the two and understanding these differences can help individuals avoid financial losses, litigation, and other issues […]

Difference Between Universal Life and Whole Life Insurance

Universal Life vs Whole Life Insurance   Universal life insurance and whole life insurance are permanent life insurance policies. These policies are similar in the fact that they are taken out for the same purpose; to provide financial security and benefits at death. There are, however, a number of differences between the two. Universal life […]

Difference Between Comprehensive and Collision (Insurance)

Comprehensive vs Collision (Insurance)   Comprehensive and collision coverage are two terms that frequently surface when discussing auto insurance. Comprehensive coverage and collision coverage help protect the vehicle against losses and damages that may arise from vehicle usage. While neither of the two may be mandated, such coverage could be deemed essential to a bank […]

Difference Between Excess and Deductible

Excess vs Deductible   Insurance is essential in order for individuals and businesses to protect themselves from unforeseen losses and damages. Individuals can decide how they would like certain aspects of their insurance policy to be structured. The amount that will be paid as a deductible can be decided, and that will determine premium payment. […]