Definition for General Insurance Terms

Insurance is pretty much a fact of life. There are a lot of insurance options now days, as well as plenty of aspects of your life that now need insuring. So to insure you are up to date (sorry, bad pun), we want you to know some of the main terms that you will come across in your search. You need to have the best insurance possible, and the most relevant insurance possible.

• Deductible: This is what you agree to pay when you get the insurance. This is taken whenever there are claims on the insurable. Think of this as you pay until a certain amount, then the insurance company takes over.
• Policy: This is the main part. It is the written contract that has the details of your insurance coverage. This also talks about the premium that you are agreeing to pay.
• Insurance Agent: This is the person that is authorized to actually sell you the insurance. This is the person that you are trusting.
• Adjuster: Whenever you file a claim, you will go through an adjuster. They evaluate the claim and look at all the details. Then they determine the amount that will be paid based on the relevant information.
• Premium: This is the amount you will be charged for your insurance policy. This is all determined by the type of coverage you choose and the amount of coverage you want. There are other factors like age, credit record, driving record, marital status and what car you drive. The premium is the aspect you want to be aware of the most. It is truly important because it controls how your finances and your insurance intersect.

Get Insurance on Your Own Terms

You do not want to rush through insurance just so you can get the process over with. This needs to be something done with all the facts and all the information. The more time you spend, the more likely it is that you will get some insurance that really helps. Hopefully these definitions helped you learn more. Now go out and get that great insurance that you know you want.

• Insurance FAQs
• Fraud Insurance Claims