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- 704 S State Rd 135 Suite D #421, Greenwood, 46143, IN
- (317) 534-6800
- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
There are many insurance terms, words and phrases you should know. Use this glossary of insurance definitions to better understand what each term means.
People also ask
What is income protection insurance?
What is a partnership insurance policy?
Is income protection insurance the same as disability insurance?
What is family liability protection?
- What Is A Homeowners Insurance Protection Class?
- What Do Homeowners Need to Know About Protection Class?
- How Is The Public Protection Classification rated?
- Can An Insurance Fire Protection Class Change?
- Shop For Homeowners Insurance
A homeowner's insuranceprotection class refers to the score assigned to a community based on how well-prepared it is against fire emergencies. Protection classes are ranked from one to 10 — one being the best score. A score of 10 indicates the community does not meet the minimum criteria for fighting fires. Protection classes are listed under the P...
The better your community's protection class rating, the likelihood you'll score a lower premium on your homeowners insurance policy. Insurance industry professionals rely on protection class data provided by the ISO since it can suggest the likelihood of future claims related to fire damages. Excellent scores indicate that the firefighters are pro...
There are four main criteria used in assessing a community's fire protection services: 1. Fire departments 2. Water supply 3. Emergency communication systems 4. Community risk reduction Each category has a cap on how many points can be earned.
A community's protection class improves or declines based on its current firefighting capabilities. However, there is little that individual homeowners can do to change their rating. Improvements to an area's fire suppression program largely depend on fire departments and municipal fire protection efforts. If your community is proactively improving...
Purchasing a home is one of the biggest steps you'll take in life, and you'll want to ensure that your property and belongings are properly protected. Fortunately, most homeowners insurance policies insure against fire damage, burglaries, water damage and more. SmartFinancial can help you choose the right homeowners policy that balances your covera...
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
Oct 23, 2023 · Family liability protection is designed to help you with incidents beyond your control. While you can reasonably expect your coverage to kick in when someone accidentally gets hurt while spending time at your house, you cannot use this type of coverage for purposefully inflicted injuries.
Mar 5, 2024 · 1. What is income protection insurance? 2. Disability insurance vs. critical illness insurance. 3. What does income protection insurance cover? Income protection insurance is a type of insurance that pays out if you’re hurt or sick and can’t work.
Long-Term Care Insurance partnership programs provide extra asset protection. But what exactly is a partnership policy? This article discusses what partnership policies are and when they can be valuable to Long-Term Care Insurance buyers.
