MedPay (Medical Payments Coverage)

Definition

Auto insurance coverage that pays for medical and funeral expenses for you and your passengers after an accident, regardless of fault.

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Auto Insurance Cost

Optional in some states, mandatory in others.

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Related Insurance Terms

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Actual Cash Value (ACV)

The cost to replace property minus depreciation.

Actuary

A business professional who deals with the measurement and management of risk and uncertainty.

Annuity

A financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.

Coinsurance

The percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible.

Collision Coverage

Auto insurance that covers damage to your vehicle from a collision with another car or object.

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This software is for simulation and planning purposes only. Outputs are estimates based on your inputs and do not constitute professional financial, legal, or tax advice. Always consult a qualified advisor before making business decisions.