What is the term for a regular payment made to maintain an insurance policy?

The term for a regular payment made to maintain an insurance policy is referred to as a premium. This amount is typically paid monthly, quarterly, or annually, and it ensures that the policyholder retains coverage in case of claims. The premium is essential for maintaining the insurance contract, allowing the insurance company to manage risk and provide benefits to policyholders when needed.

In contrast, the deductible is an amount that must be paid out-of-pocket before the insurance coverage kicks in for certain services. A copayment, often seen in healthcare plans, is a fixed amount that a policyholder pays for a specific service at the time of receiving it. Out-of-pocket expenses refer to various costs that a policyholder bears that are not reimbursed by insurance, such as deductibles, copayments, and other healthcare costs. Each of these terms relates to insurance but serves a different function within the overall payment structure.