Final answer:
The $300 monthly payment Lisa makes for her family's health insurance is called a premium. A premium is a regular payment to an insurance company for coverage, which includes various costs like deductibles, co-insurance, and co-pays.
Step-by-step explanation:
Lisa pays $300 a month for her family's health insurance policy. This regular payment is called a premium. Health insurance policies involve several costs to the insured individual, including premiums, deductibles, co-insurance payments, and co-payment fees. A premium is a periodic payment made to an insurance company in exchange for coverage. Deductibles represent an out-of-pocket expense the policyholders must pay before their coverage starts to pay out. Co-insurance is a cost-sharing arrangement where the insurer and the insured pay percentages of the covered costs. A co-payment, or co-pay, is a set fee paid by the insured for specific services, such as office visits or emergency room treatment.