Insurance Terms & Definitions You May Hear

Good Morning Bloggers!

Today we wanted to share with you some common terms you will hear in the insurance industry, or while dealing with your agent. It's important that you have a basic understanding of your policy and what it covers, or at least an agency who can help explain everything to you. (With a good insurance agency, things don't have to be overly complicated!! They can help!)

Here at Associations Underwriters/Ziplow Horse Insurance, we do our best to keep all of our clients informed and educated so they can feel secure in knowing that we are doing our best to get them the protection they need!

Let's start off with a few terms you may hear:

Appraisal
An evaluation of an insurance property claim by an authorized person to determine property value or damaged property value.
Cancellation
The termination of an insurance policy during the policy term. An insurance company can only cancel the insurance policy for reasons stated in the policy and permitted under the law of the state in which the policyholder resides.
Claim
A policyholder's request for reimbursement from an insurance company under an insurance policy for a loss to property.
Deductible
The amount an insurance policyholder must pay out of pocket for a covered claim.
Depreciation
The estimated decrease in property value over time due to wear and tear, aging and other related factors.
Endorsement
A provision or document added to an insurance policy that changes the original coverage offered in the policy.
Exclusion
Certain property, persons or circumstances noted in a policy as not covered by an insurance policy.
Independent Agent or Producer
An insurance agent or producer who represents more than one insurer.
Individual Policy
An insurance policy sold directly to an individual, often through direct mail or phone solicitation. Individual policies do not require people to be members of an employment-based group, association or special group insurance trust.
Insurance
A contract in which a policyholder pays a set amount to an insurance company for protection against specified losses or perils.

We will continue next week with a few more! And remember, like always, if you have any questions or are looking for an insurance agency who will keep you in-the-loop, contact us today at: http://equineinsuranceagent.com/ 

Have a great week!





(terms and definitions provided from Progressive Insurance online)