- December 15, 2021
- Posted by: thinkjcw
- Category: Uncategorized
Claim: A request by an insured that an insurance company pay following a loss.
Declaration (Dec) Page: The cover page listing the basics of the policy.
Deductible: The amount of money the insured is responsible for before an insurance company will pay a claim.
Endorsement: An add-on that modifies a policy.
Exclusion: Peril, event, or act where no insurance coverage is provided.
Loss: The injury or damage sustained.
Limits: The highest amount your insurer will pay for a covered claim.
Peril: The event that causes the loss.
Policy: The contract between an insurance company and an Insured.
Policy Period: How long your policy is in force, assuming premium is paid.
Premium: The money paid by an Insured to the Insurer for the insurance coverage.