5 Insurance Terms You Should Know
Insurance Terms You Should Know:
1)- Accident:
An unexpected and unintended event or series of events results in physical injury or damage to property.
Accidents happen in every area of life. Accidents can take many forms in the workplace, such as slips, trips, falls, or burns. Accidents are also responsible for much of the property damage within industries such as construction and automotive repair.
An accident is a sudden event or series of events involving damage to a person or property not caused by the actor or by the natural cause.
2)- Claimant:
The person who files a claim for an insurance policy or the person on whose behalf a claim is filed. Claimant’s attorney: the person (usually an insurance company lawyer) representing the insured and making oral or written arguments in a legal case
Civil action: a lawsuit, usually to recover money damages or obtain declaratory relief.
Claimant’s counsel: the attorney who represents a claimant in any legal proceeding.
3)- Coverage:
The extent to which an insurance policy covers a loss, such as medical expenses, property damage, personal injury, etc.
De minimus: a minor offense; also a term used to describe the amount of damages that must be proved to receive coverage.
Dilapidations: an incident in which someone breaks into your home and causes damage such as breaking windows, doors, and furniture; this would fall under the renter’s insurance policy.
4)- Deductible:
The amount of money that must be paid out of pocket before an insurance company will begin to pay for covered losses.
Coverage: the benefits of a policy or policyholder
Dependents: individuals who have not reached the age of 65 but qualify for dependent benefits from their parent’s or spouse’s insurance plan
5)- Discounted Monthly Premiums:
Eligible individuals who qualify for a 10% discount on their premiums. The individual must meet income requirements and be enrolled in.
• Excess coverage: additional coverage beyond what is required by law or stated in the policy sold by an insurer.
Excess Liability Insurance: liability insurance that pays for a claim in excess of what is otherwise offered by a policy; often charged as an extra premium cost.
