Sure Explaination Of Insurance Terms

Insurance empowers our life and activities by protecting our daily activities against any sort of accident or loss. I have published many important articles on insurance that will help you learn some tips starting from what is insurance, tips to check out before choosing an insurance company and many other related tips but one of the major problem encounter by our readers and other individuals in general is inability of understanding some insurance term, which sometimes will be use by the companies as a result of not knowing the meaning you will go on signing policy you don’t even know the meaning. Here are top insurance terms you must note:

Liability: This is a very simple and important term in insurance niche, it is simply the financial responsibility of the damages that is cause by an accident or injury.

Name Coverage: This is one of the insurance terms that When ever you see this in you policy, please look down at the policy details carefully to see what you insurance policy covers so you will not make mistake of signing what you are not sure of. Make sure everything is carefully stated and documented as the insurance companies always like to use this as a loophole for not paying out for certain situation. Let say assume that their is a water flood which damage your house and you have your house covered, you will be suprise that when you get their the insurance company will say the cover is only for damages cause by rain, that is water from the sky not the one from ground. So note this very well.
ISO Rating: This is another important insurance term which stand for insurance service office. This is where by some services and policy are determine by rating which will result to either the premium lower or high. For example if a particuler insurance company has a high rating in firefighting base on the companies pass respnse in frie calls, this will always affects your premium by default. Here is the deal. If you stay in an area where the fire department has a high ISO rating your premium will lower but the reverse is the case if you live in an area with lower IS0 Rating.

Personal Liability: This is another term to be careful with, it is different from the damages or injury is liable for. Also it can be said to be your obligatory payment in regards to injuries, accidents e.t.c.

Property Crime: This is a type of crime that is intentionally cause by a person as a result of thief, vandalism and other thing.