November 6, 2007
Insurance terms like “Deductible”, “Exclusions” and “Liability” are insurance terms we need to understand to make insurance less complicated.
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Declaration Page - A declaration page or “Dec” page is that part of an insurance policy which summarizes the types of coverage and insurance amounts. A “Dec” page also contains basic information regarding the insured. Decreasing Term Life Insuarnce - A type of term life insurance policy with a death benefit that decreases, usually annually, over the term period. Deductible - A deductible may apply to auto, home, life, health, or business insurance and specifies a dollar amount the insured must pay before the insurance company will make payment on a covered loss or claim. Elimination Period - An insurance term usually found in disability insurance which specifies an amount of time between the injury or illness and the time the insurance will start paying benefits. |
Endorsement - A written amendment to an insurance policy that may alter the insurance coverage or the terms and conditions of the policy.
Exclusions - Insurance policy provisions which eliminate insurance coverage for specific risk exposures.
Face Amount - The amount that will be paid at the death of the insured (excluding any riders or additional benefits).
GAP Insurance - An insurance term usually found in auto insurance that provides coverage for the difference between the vehicle’s actual cash value and the amount owed on the vehicle.
General Liability Insurance - A type of business insurance which provides insurance coverage for business operations liability, products and completed operations, and personal injury.
Guaranteed Level Term Life Insurance - A type of term life insurance where the premium and death benefit will remain the same or level for the entire term period of the policy.
Health Maintenance Organization (HMO) - A group health insurance plan that is prepaid and where all members must use healthcare services of contracted providers.
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