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