15 Insurance terms to know
posted by TrueNorth Risk Management on Friday, January 7, 2022
Insurance can be confusing at times. Policies often contain a variety of terms that can be difficult to understand, especially for someone without a background in insurance.
The following is a list of common insurance terms to keep in mind the next time you need to review your policy or meet with your insurance broker:
| Adjuster | Someone who investigates a claim. |
| Agent | Someone who sells and/or services insurance policies for an insurance company or carrier |
| Carrier / Insurer | The insurance company that provides you with your policy |
| Claim | A request for payment within the parameters of your policy |
| Coverage | Specific protections or benefits a policy provides |
| Damage | Any loss, destruction or harm to a person or property |
| Damages | Actual money an individual or party is required to pay |
| Deductible | The amount of money that you (the insured) are required to pay before the insurance company takes over |
| Estimate | The amount of money required to repair or replace the covered property if damaged |
| Insured | The person or organization that is covered by the policy. |
| Liability | A legal obligation or responsibility one has for causing damage, injury or loss to another |
| Limits | The maximum amount your insurer will pay for a claim |
| Loss | Damage caused to an insured piece of property |
| Premium | The amount of money an individual or company pays for an insurance policy |
If you need clarification on any terms or conditions don’t hesitate to ask! Doing so ensures that you fully understand your policy and get the coverage you need.
To discuss your insurance needs, contact us today.
About Author
In addition to helpful weekly guidance on home and auto, TrueNorth provides a number of insurance options to protect your family from risk. For information on a home or auto quote, visit www.iTrueNorth.com or call us at (319) 739-1277. We'd like nothing more than to help safeguard the things that matter most to you.
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