Insurance: Protect What You Have
Claim
is a formal request from the policyholder to have the insurance company make payment for a loss.
Insurance Policy
is a legal contract between an insurance company and the policyholder.
Rider
is additional coverage for specific items.
Coverage Limit
is the maximum amount the insurer will pay for losses, which is described in the policy.
Appraisal
professional opinion on the value of your property.
Disability Insurance
protects your most valuable asset - your income.
Replacement Cost
which is the amount to buy a new replacement for what was lost.
Worker's Compensation
Combines disability and health insurance for employees who get injured on the job.
Liability Insurance
Comes into play when you unintentionally hurt someone or damage another person's property.
Renter's Insurance
Covers only your possessions.
Auto Insurance
Covers you in a case of a vehicle accident, a break-in, or theft.
Homeowner's Insurance
Covers your possessions inside the house, as well as damage to the house itself.
Life Insurance
Ensures that any of your dependents can maintain their same standard of living by replacing your income or covering final expenses after you die.
Out - of - Pocket Expense
Everything you pay for medical care aside from the insurance premium.
Health Insurance
Insurance that helps pay your medical bills.
Actual Cash Value
Insurers will cover property for either the current worth or the replacement cost.
Claim Adjuster
Investigates a claim.
Declarations Page
Is a one page summary of the coverage amounts.
Premium
Is only a fraction of the potential payout.
Co - Pay
Means you pay a set dollar amount upfront for a health care service.
Co - Insurance
Means you pay a set percentage of the charge.
Policyholder
Person or business that owns the insurance policy.
Out - of - pocket Maximum
Policyholders most plans cap out - of - pocket expenses.
Risk
Potential for a loss or a gain.
Insurance
Reimburses you for unexpected losses or damages caused by a specific set of hazards to a specific thing for a fee.
Property Insurance
Replaces your personal assets when they're stolen and sometimes then they're destroyed.
Deductible
Share in the financial burden by requiring you to pay a relatively small fraction of the loss.
Fidelity Bonds
The bonding company will take legal action against you to recover their payment.
Estimate
The cost to repair or replace damaged or stolen property.
Insurance Settlement
When an insurance company determines a claim is valid.
Unemployment Insurance
When full - time employees get laid off they receive checks for a set period of time while looking for a new job.
Open Enrollment Period
When his employer gives him the option to sign up for insurance coverage.
Conditions
spell out what you must do to get payment for a loss.