November 6, 2007
Insurance terms like “Beneficiary”, “Cash Value”, or “Co-Insurance” are insurance terms we need to understand to make insurance less complicated.
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Buying Insurance
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Actual Cash Value (ACV) - A method of settlement in the event of an insured loss where the value of lost or damaged property is based on the current market value for a like item in the same general condition. Beneficiary - The beneficiary of a life insurance policy is the person, persons, or entity named by the owner of the policy to receive life insurance proceeds upon the death of the named insured. Bodily Injury Liability - Insurance coverage that helps pay medical costs of injury the insured causes to other people. This coverage may also pay for loss of income and the cost of legal defense if the insured is sued and determined to be at-fault in an accident. Business Property Insurance - Insurance coverage for direct loss to property and equipment of a business. Cash Value - A term used in a permanent plan of life insurance that describes the accumulation value inside the policy that may be available for loan or cash surrender. Co-Insurance - An insurance policy provision that dictates the amount of a covered loss the insured will pay and how much the insurance company will pay. Commercial Auto Insurance - A business insurance policy that can provide property and liability insurance coverage on any on-road vehicle used primarily in a business operation. Comprehensive Coverage - This term is normally found in vehicle insurance and helps pay for damage to an insured vehicle not involving a collision. Covered risks can include fire, theft, falling objects, explosion, or riot and civil commotion. |
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Discont Health Plans Under $60 Nationwide Healthcare Network. Healthcare savings for your entire household under $60 per month. |
Discount Dental Plans Under $20 Nationwide Dental Plan Provider Network. Savings on both preventive and restorative dental services, prescription drugs, vision and chiropractic care. |
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