What is an amount paid by an insured person toward the cost of medical treatment or health services?

The amount paid by an insured person toward the cost of medical treatment or health services is referred to as a copay. A copay is a fixed amount that the insured must pay at the time they receive medical care, which is typically outlined in their health insurance policy. This upfront payment helps cover part of the costs associated with the healthcare services, while the insurance directly covers the remainder.

This concept is fundamental in understanding how health insurance plans work, as it involves sharing the financial responsibility between the insurer and the insured. A copay can encourage the insured to seek necessary medical services while also helping to manage the overall cost of insurance by sharing expenses.

The other terms listed do not align with the definition provided. For example, collateral refers to an asset pledged as security for a loan, consumer relates to someone who purchases goods and services, and a checking account is a bank account used for daily transactions. None of these terms represent a direct payment towards medical services, making copay the correct answer.