<prompt> Human: Hi, 18 yo freshman in college here. Ive been living with my parents my entire life, sheltered from all the hullabalu of insurance. I understand that you can purchase health insurance, auto insurance, life insurance, etc. But how many of these am I obligated to buy, and how does Obamacare factor into it all? My parents frankly dont understand it well enough to explain it. Could you shed some light? Much obliged!  <response>: Heres some terminology that people seem to be using that you probably wont understand.Premium - The amount that you pay to have said insurance. Think of it as a bill for your insurance. Each company has different repayment plans so you can pay it all off at once or over a series of monthsDeductible - This is the dollar amount that you are responsible for. Lets say you get surgery that costs 20,000. Your deductible is 1,000. You must pay 1,000 but your insurance will cover the other 19,000. Co-insurance - This is how much you are required to pay as well. Lets say you have get surgery that costs 20,000. Your co-insurance says 20. You are required to pay 4,000 and the insurance company will pay the other 16,000.Some payment plans use a mix of deductible and co-insurance so be wary of those plans. Theyre a little harder to figure out but not by much.Always make sure that your insurance can cover the bills. Many car insurance quoting sites leave out Collision and Comprehensive. I think these 2 are the most common and should be required on every car insurance. They are the more expensive options but well worth it if they do pay off. 