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