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. […]
Difference Between Insurance and Reinsurance
Insurance vs Reinsurance Insurance and reinsurance are both forms of financial protection which are used to guard against the risk of losses. Losses are guarded against by transferring the risk to another party through the payment of an insurance premium, as an incentive for bearing the risk. Insurance and reinsurance are similar in concept […]
Difference Between Adverse Selection and Moral Hazard
Adverse Selection vs Moral Hazard Moral hazard and adverse selection are both concepts widely used in the field of insurance. Both these concepts explain a situation in which the insurance company is disadvantaged as they do not have the full information about the actual loss or because they bear more responsibility of the risk […]
Difference Between Insurance and Indemnity
Insurance vs Indemnity Indemnity and insurance explain two very similar concepts that are so alike to each other, they are easily confused. Indemnity and insurance both explain a situation in which one party takes measures to guard against any financial losses that maybe suffered so that, he may arrive at the financial status he […]