The Glossary of Insurance Terms

by Anna Glendenning | More from this Blogger

09 Feb 2007 07:33 PM

In the Business of Insurance every word has a specific meaning and relationship to how insurance works. One of the huge complaints customers have had about insurance over the years, has to do with terms and what those terms actually mean. Insurance policies generally have pages of definitions, declarations, conditions and exclusions filled with legal, technical, insurance language.

If you have a question about an "Insurance" related word or term you find in your insurance policy please send me a Private Message or post a comment on one of the Blogs. Sometimes ordinary words mean something completely different in a legal or insurance context.

Insurance policies are legal contracts. An Insurance company agrees to offer a specific amount of insurance for certain risks of loss. The insurance company reviews the customer and determines the likelihood a loss might occur and then charges a premium to the customer for the term of the contract.

As a customer, it's your job to understand what you want, what you need to insure and for how much. Your insurance agent should have tools you can use to determine what these amounts might be for your personal situation. It's a customer's responsibility to update insurance needs and add coverage when it's needed, make changes and understand the terms of the insurance contract.

If you can find a copy of any of your personal insurance policies its might be a good idea to get it out and review it. Actually Read it and highlight any words or terms you don't understand--or that you don't understand in the context of the policy language.

During the next few weeks the Glossary of Insurance Terms will be added to the Insurance Blogs with links to relevant information to help you better understand the language you find in the legal contract insurance policy you have.

Glossary of Insurance Terms:

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z

Families.com Blogs are for informational purposes only. Families.com assumes no responsibility for consumer choices. Consumers are reminded that it is their responsibility to research their choices properly and speak to a certified insurance professional prior to making any decision as important as an insurance purchase.

Learn more about Anna Glendenning

Anna Glendenning is a mother of four. Two biological children grown and out of college, and two siblings and adopted together in 2003. Anna's Personal Website http://www.adoptiveparentsnetwork.

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