General insurance Some insurance terms you need to know

[Augusta]

Insurance contract comes with it own terms and terminologies. So you need to familiarize yourself with them to know what they mean.

Claim : This is the policy that an insured can be compensated for

Amount covered; this is the total amount to be covered for a period of time until the next renewal notice

Arson ; this is about unlawful setting fire on your property to make false claim

Cancellation : this is the cancelling of the insurance policy before expiration date

Certificate of insurance
This is a proof or a document to show that there's a insurance policy contract

Commission : this is money that is charged to the insurer premium which belongs to the broker

Contract : this is an agreement between the insured and the insurer in insurance

Add yours

 

[btaliat]

You have really tried. The ones I will add are very common and I am sure you only didn't want to include them because they are basic or you forgot. Premium is the money paid to insurance companies, insured person is the one under insurance policy. A broker is someone that's an intermediary between the companies and the insured person.

 

[Augusta]

You have really tried. The ones I will add are very common and I am sure you only didn't want to include them because they are basic or you forgot. Premium is the money paid to insurance companies, insured person is the one under insurance policy. A broker is someone that's an intermediary between the companies and the insured person.

Yesh you got it right I knew people are already used to the ones you have mentioned so I needed some new terms that people can also learn about them. There are still other ones though that are not readily used that we need to still learn about. It is of essence to know about them

 

[Wisdom01]

The one I know about is premiums ,the amount you pay for insuring your property and goods against any form of risks that might actually want to happen ,and another one is comission ,the amount paid to agent for bringing an insurance client who want to insure against any form of risks

 

[Good luck]

All the terms mentioned are what one needs to know about insurance policy.they really make you to understand the terms and conditions apply to the system.it is a good guidelines to follow so as not to have issues about payment of premium.it will also make you to know your right when it comes to getting your benefits from the company.

 

[Mandy96]

Well these insurance terms you just mentioned up there are quite important but not necessarily because these are very much included in the policy of any plan the client or individual buys. If you ask me, I will say it plays some major roles but I believe the broker will enlighten one more about them

 

[Chibson]

definitely it is very important for people to understand this insurance times very well before going into any insurance policy or agreement. I have seen cases of arson, in movies definitely but it really happens. people usually do this to get compensation from the insurance companies when they perceive that their properties is not really worth it again.