November 6, 2007
Insurance terms like “named peril”, “property damage liability”, and “policy loan” are insurance terms we need to understand to make insurance less complicated.
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Named Perils - This is an insurance term normally found in property insurance. This term specifies which perils or loss causes are or are not covered under the insurance policy. Out of Pocket Maximum - A specified amount of money in a health insurance policy that the insured must pay before the health plan will pay 100% of covered expenses. Paid-Up Insurance - A life insurance policy that will remain in force without any additional premium payments being made. Peril - In insurance a peril is an event or occurrence that could be the cause of a potential loss. |
Policy Loan - An amount the life insurance policy owner has borrowed from the cash value of the policy. If not re-paid, a policy loan will reduce the death benefit by the amount of the loan, plus interest.
Policyowner - The person or entity having total ownership and control of an insurance policy.
Preferred Provider Organization (PPO) - A discounted fee-for-service network of medical providers.
Premium - The cost of a particular type of insurance protection for a certain period of time.
Professional Liability Insurance - This type of business insurance provides coverage for professionals, such as lawyers, insurance agents, accountants, real estate agents, etc. This liability insurance coverage insures losses for claims arising from mistakes and errors or omissions in the course of professional activities.
Property Damage Liability - This is a term normally found in auto insurance and helps pay claims against the insured for damage to someone else’s property.
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