Learning The Insurance Industry Jargon
Learning The Insurance Industry Jargon
Learning The Insurance Industry JargonThere are many different terms in the insurance industry. At first glance, they are very confusing and difficult to understand. Here is a beginner's guide to insurance terms.
There are several types of insurance. There are vehicle, property, life, disability, liability, and health cover, which are the most popular. Vehicle cover pertains to all moving vehicles from a motorcycle and vehicle to a motor-home and recreational vehicles. Property cover can cover losses to a home, business and their contents. Life cover provides money to any survivor's in the event of a person's death. Liability cover pertains to any damage that may be caused by a person or by a person's or a business's negligence. Health cover provides payment for medical care for a person, their family and a business's employees.
All of these issue an cover policy. The policy is an agreement between a person and an cover company to provide cover in exchange for a premium. The premium is the amount of money that a person is required to pay for the insurance policy to be valid. When a policy is purchased, the person has just become insured. The insured is the person or persons named on the policy. Any monies or payments from the insurance company usually go to the person.
When you obtain vehicle cover you can purchase liability cover, which is usually required by every state, which will provide payment to another person's property or person for an accident for which another person is at fault. You can also purchase insurance to pay for the repair of the vehicle listed in the policy in the event of an accident. This type of cover is called comprehensive and collision insurance.
Property cover provides coverage for your home, your business, your personal items, and your business property all the way to a person's valuable items. A homeowner's policy or business owner's policy. These policies will provide coverage to the buildings/contents themselves, but they will also provide liability insurance for the owner's in case of an accident happening on their property. So that if a woman slipped on a store owner's floor, the liability cover would pay for her medical care and any other necessary items.
Disability cover will pay an individual if they are unable to work due to a medical reason. A person may be provided disability insurance through their employer, or they may have to purchase it from an insurance agent themselves. (Find out about AMP and about the Zurich Life Insurance Company.)
Life insurance pays money to a person's survivors in the event of their death, these people are also called beneficiaries. A beneficiary is the person that will receive the money from the life cover policy. Life cover can be purchased at any time during a person's life, not just when they are old.
Health cover provides money for medical care for doctors, hospitals and medicine, dental care for all types of dentistry and even vision insurance to purchase glasses.
There are many more insurance terms, but these are the basics and will increase your knowledge of the sometimes complex and confusing, insurance industry.
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