10 Insurance Terms You Should Know
Hibu Websites • December 1, 2020
10 Insurance Terms You Should Know
Every industry has its terms and phrases and when it comes to insurance there’s some common terminology you should familiarize yourself with when considering insurance options for yourself or your business.
To help you get a better understanding, we’ve put together a list of 10 common insurance terms you should know.
Beneficiary
The person or entity who’s named in the life insurance policy and will receive the death benefit after the death of the insured.
Claim
A formal request for payment to a person’s insurance company after a loss.
Deductible
This is the amount of out-of-pocket expenses a person is responsible for before the insurance company pays any expenses.
Flood Insurance
This is protection from damages that result from a flood. It’s important to note homeowner’s policies don’t cover flooding. Flood insurance can be purchased separately to cover belongings and property from flood damage.
Lay-up Period
This is the time when a boat isn’t used. Keep an eye on the dates of your policy. Using your boat during a lay-up period means you won’t be covered by insurance.
Limit of Liability
The maximum amount of money the insurance company is responsible for if something bad happens to you, your belongings, or property.
Perils
A specific cause or risk of a loss such as fire, flood, theft, water damage, and more that’s covered by an insurance policy.
Premium
The amount of money a business or individual pays for insurance coverage.
Term
The specified amount of time a policy is written.
Umbrella Insurance
Umbrella insurance is extra liability insurance coverage that exceeds the limits of a person’s auto, homeowners, or watercraft insurance.
No matter what type of insurance policy you’re looking for, our mission at RTI Insurance Services is to be the clear choice in insurance providers for businesses
and individuals
through our professionally-tailored products and services.
Contact us today for a FREE quote.
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