if the buyer does not repay the loan

copayment when an insurance policyholder must pay a small amount for each service, before insurance

covers the rest

cosigner another person or firm who legally pledges to repay some or all of the money on a loan if the original

borrower does not

deductible an amount that the insurance policyholders must pay out of their own pocket before the insurance

coverage pays anything

fee-for-service when medical care providers are paid according to the services they provide

health maintenance organization (HMO) an organization that provides health care and is paid a fixed

amount per person enrolled in the plan—regardless of how many services are provided

imperfect information a situation where either the buyer or the seller, or both, are uncertain about the

qualities of what they are buying and selling

insurance method of protecting a person from financial loss, whereby policy holders make regular payments
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