Call Us 888-242-9922 ☰ ˟
Logo
Call Us: 888-242-9922
  • Home
  • Personal Center
    • See All Products
    • AutomobileImage of right arrow
      • Mexican Insurance
      • SR-22 Insurance
    • HomeownersImage of right arrow
      • Earthquake
      • Auto and Homeowners Insurance
      • Flood
    • Condominium
    • Renters
    • Landlord Insurance
    • High Value Home Insurance
    • Mobile Home Insurance
    • Personal Umbrella Insurance
    • Recreational Vehicle
    • Motorcycle
    • Off-Road Vehicles Insurance
    • Watercraft & Boat
    • Classic Car
    • Special Events Insurance
  • Business Center
    • See All Products
    • Business
    • General Liability Insurance
    • Cyber Insurance
    • Professional LiabilityImage of right arrow
      • D & O Insurance
      • Errors & Omissions
      • Employment Practices Liability
      • Malpractice
      • Professional Liability Insurance
      • Business Interruption Liability
    • Property InsuranceImage of right arrow
      • Apartment Buildings
      • Vacant Buildings
      • Builder's Risk
      • Garage Insurance
      • Landlord Insurance
    • Workers Compensation
    • Real Estate Business Insurance
    • Product Liability Insurance
    • Excess/Commercial Umbrella
    • Bonds
  • Commercial Center
    • See All Products
    • Commercial Auto
    • Tow Trucks
    • Transportation
    • Livery
    • Sand & Gravel
    • Intermodal
    • Liability
    • Motor Truck Cargo
    • Physical Damage
  • Contractor Center
    • See All Products
    • General Liability
    • Business Owners
    • Commercial Auto
    • Builders Risk
    • Workers Compensation
    • Excess & Umbrella
    • Contractor Bond's
    • Tools & Equipment
    • Professional Liability
  • Get A Quote
  • Client
    • Client Login
    • Proof of Insurance
    • Document Submission
  • Certificates
    • General Liability
    • Evidence of Property
    • Landlord / Management
    • Lienholder
    • Workers Compensation
  • More
    • Blog
    • Directory
    • Event Calendar
    • Our Location
    • State Licenses
    • Refer a Friend
    • Employment Opportunities
    • Contact Us
    • Privacy & Disclosure
Icon

Commercial Auto

Business Auto, Tow Truck, Dump Truck, Truck Tractors, Van, Food Truck, Trailer Exchange, Refer Coverage, Motor Cargo & More…

More Info
Icon

Business Insurance

General Liability, Business Owners Policy, Workers' Comp, Errors & Omissions, Directors & Officers, Employment Practices, Cyber Protection, Bonds & More…

More Info
helmet

Contractor Insurance

General Contractor, HVAC, Electrician, Plumber, Roofer, Handyman, Painter, Carpet Installer, Framer, Drywall Installer, Garage Door Installer, Welders, Subcontractors, Landscaper & More…


More Info

Home > Blog > Decoding Insurance Jargon: Key Terms You Should Know
SUNDAY, MAY 28, 2023

Decoding Insurance Jargon: Key Terms You Should Know

dictionary book letter words

Understanding insurance terminology is essential for making informed decisions about your coverage. Insurance policies can be filled with complex jargon that may seem confusing at first. In this blog post, we will decode common insurance terms and provide you with a clear understanding of key terms you should know. By familiarizing yourself with these terms, you'll be better equipped to navigate the insurance landscape and make informed choices that suit your needs.

Premium: The amount you pay to the insurance company for your coverage, typically on a monthly or annual basis.

Deductible: The amount you must pay out of pocket before your insurance coverage kicks in. For example, if your deductible is $500 and you have a claim for $2,000, you will pay the first $500, and the insurance company will cover the remaining $1,500.

Policy: A contract between you and the insurance company that outlines the terms and conditions of your coverage.

Coverage Limit: The maximum amount that an insurance policy will pay for a covered loss. It's important to understand the specific limits of your policy to ensure you have adequate coverage.

Claim: A formal request you make to your insurance company for compensation or coverage for a loss or damage covered by your policy.

Exclusion: Specific conditions or situations that are not covered by your insurance policy. It's crucial to review the exclusions to understand what is not protected by your insurance coverage.

Riders: Additional provisions or endorsements that modify your insurance policy to provide additional coverage or customize it to your specific needs. Riders are typically added at an additional cost.

Underwriting: The process of assessing risks and determining the terms and pricing of insurance policies.

Liability: Legal responsibility for causing damage or injury to others. Liability insurance helps cover the costs associated with such claims.

Loss Adjuster: A professional appointed by the insurance company to investigate and evaluate the extent of a loss or damage covered by an insurance policy.

By understanding key insurance terms, you can navigate the complexities of insurance policies with confidence. Knowing the meaning of terms like premium, deductible, policy, coverage limit, claim, exclusion, riders, underwriting, liability, and loss adjuster empowers you to make informed decisions about your coverage. Familiarize yourself with these terms and review your insurance policy to ensure you have a clear understanding of the terms and conditions. If you have any questions, don't hesitate to reach out to Best Formula Insurance for assistance. Remember, being well-versed in insurance terminology helps you protect your assets and make informed choices regarding your coverage.

Posted 11:00 AM

Tags: insurance terms, insurance terminology, insurance jargon, insurance policy, premium, deductible, coverage limit, claim, exclusion, riders, underwriting, liability, loss adjuster, insurance education, best formula insurance.
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • best formula insurance(36)
  • insurance coverage(21)
  • risk management(13)
  • homeowners insurance(12)
  • liability coverage(10)
  • property insurance(10)
  • business insurance(9)
  • auto insurance(9)
  • property protection(9)
  • comprehensive coverage(9)
  • risk mitigation(8)
  • workers' compensation insurance(8)
  • general liability insurance(8)
  • peace of mind(7)
  • asset protection(7)
  • best formula insurance.(7)
  • insurance premiums(7)
  • home insurance(7)
  • business interruption insurance(6)
  • umbrella insurance(6)
  • small business insurance(6)
  • deductibles(5)
  • commercial auto insurance(5)
  • financial protection(5)
  • liability insurance(5)
  • insurance policies(5)
  • insurance claims(5)
  • professional liability insurance(5)
  • insurance discounts(5)
  • coverage options(4)
  • coverage(4)
  • property and casualty insurance(4)
  • business continuity(4)
  • claims process(4)
  • cyber insurance(4)
  • insurance considerations(4)
  • insurance solutions(4)
  • renters insurance(4)
  • customer service(3)
  • earthquake insurance(3)
  • liability protection(3)
  • cybersecurity(3)
  • insurance education(3)
  • insurance policy(3)
  • financial security(3)
  • small business(3)
  • insurance tips(3)
  • insurance industry(3)
  • builder's risk insurance(3)
  • home security(3)

View Mobile Version

Contact Us Today!
888-242-9922

Social Social Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • News
  • About Us
  • Refer A Friend
  • Blog
  • Contact Us

Corporate Office

3560 Santa Anita Ave., Suite K
El Monte, CA 91731

P: (888) 242-9922 | F: (626) 452-0393 | Text: (626) 340-1080
© Copyright. All rights reserved. | Powered by Insurance Website Builder