While you're learning about your coverage, you may come across a few of these common terms:
This document highlights the coverages and pricing being offered to the client.
This document confirms the coverages and pricing purchased by the client. It basically serves as a placeholder until the policy is issued.
This document includes all coverage details purchased by the client.
This is a document that adds or removes coverage to the base policy form.
This is how much coverage the policy provides for any given coverage.
This is the client's out of pocket responsibility before the insurance limit.
The length of the policy. Typically 1 year.
The date the coverage starts.
The date the coverage ends.
Injury or damage sustained by an Insured.
A formal request to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.