Insurance is a complex field with its own set of terminology. Here are some common terms used in insurance:
-Premium: This is the amount of money that you pay to an insurance company to obtain an insurance policy.
-Policy: A policy is a contract between the insurance company and the policyholder that sets out the type, amount, and duration of insurance coverage.
-Deductible: This is the amount of money that the policyholder is required to pay out-of-pocket before the insurance company will start to cover the remaining costs of a claim.
-Coverage: Coverage is the type and amount of protection provided by the insurance policy. This can include things like medical bills, lost income, property damage, and more.
-Claim: A claim is a request by a policyholder to the insurance company for compensation for a loss covered by the policy.
-Exclusions: Exclusions are certain circumstances or events that an insurance policy does not cover.
-Premium Payment: Premium payments are regular payments made by the policyholder to keep an insurance policy in force.
These are a few of the most common terms used in insurance. If you're interested in learning more, you can check out this guide to insurance terms or consult your insurance provider.