Which term describes the insurers' agreement to pay a coverage amount after the deductible is met?

The term that describes the insurers' agreement to pay a coverage amount after the deductible is met is co-insurance. Co-insurance refers to the arrangement where the insured pays a certain percentage of the costs of a covered service after the deductible has been satisfied. For instance, if a policy includes a co-insurance clause of 20%, the insurer will pay 80% of the costs for claims, while the insured covers the remaining 20%. This structure is designed to share the financial responsibility between the insurer and the insured after the initial out-of-pocket expense has been met.

The other terms do not accurately capture this scenario. Out-of-pocket cost refers to the total expenses that an insured person pays out of their own pocket, which may include deductibles, co-payments, and co-insurance. Premium rate denotes the amount that policyholders pay for their insurance coverage on a regular basis. Risk pooling describes how insurers spread financial risks among a larger number of policyholders to mitigate losses, but it does not specifically relate to the arrangement between deductible and coverage payments.