Memory InsuranceVersión en línea A match is the definition and the correct word. por Laura Long The amount of money paid for the chosen insurance policy. Premium The amount you must pay out of your own pocket before your insurance company will start paying for services. Deductible The different options of coverage that insurance companies may offer. A contract/agreement with an insurance company. Limit Coverage What your insurance policy will pay for based on the plan you chose. Plans Policy The maximum amount of money your insurance will pay (sometimes in the year and sometimes in a lifetime).