How to Speak Insurance Like a Pro
Insurance can be a confusing topic, especially when it comes to the terminology. But don’t worry, you’re not alone. Even insurance agents have to look up terms sometimes!
Here are some of the most common insurance terms you should know:
- Premium: This is the amount of money you pay for your insurance coverage.
- Deductible: This is the amount of money you have to pay out of pocket before your insurance company will start paying for a claim.
- Beneficiary: This is the person or people who will receive the money from your insurance policy if you die.
- Claim: This is a formal request to your insurance company for payment for a covered loss.
- Liability coverage: This type of coverage protects you from financial losses due to injuries or property damage you cause to others.
- Declarations page: This is the first page of your insurance policy that summarizes your coverage.
It’s important to understand these terms so you can make informed decisions about your insurance coverage. And if you ever have any questions, don’t hesitate to contact your insurance agent.