If the word insurance makes people shine, the thought of reading an insurance policy puts them in a catatonic state. Just as understanding the basics of insurance is not difficult, so is reading an insurance policy.
How To Read an Insurance Policy
How To Read an Insurance Policy, First of all, insurance policies across the country usually consist of a standard template language – that is, to store apples with apples and oranges with oranges in all insurance companies and all types of insurance. This template language also deviates greatly from the typical “legal” one, so all policy formulations are clear and simple. Template forms do not mean that all policies are the same – they are not – but like coverage, etc. are explained in the same way, so if you can read one policy, you can reasonably read another.
How To Read an Insurance Policy, The first place to start is with the declaration page, usually called the “December Page”. In fact, if you do not go beyond that, this part of your policy is very important to be aware of for all reasons. What is the Deck page? The December page is a summary of what your policy provides and includes the number of your policy, the specific insured, the expiration date and expiration of the policy, what is covered, and how much is covered.
what it costs you and for individual coverage, your agent’s name and contact information and will show each recipient of the loss (holder of the lien), if applicable. If this is a car policy, the December page will also list the vehicles and drivers covered. In short, the Declaration Page is a wealth of information that you need to research until you feel comfortable with it. Only this achievement will make you feel more enlightened about what your insurance policy is.
How To Read an Insurance Policy, The next step is to look at each headline in the policy, one by one. You will see things like agreement, definitions, certain coverage, insurance contract for certain coverage, exceptions, limit of liability, non-state coverage, other insurance, etc. Those aren’t scary words, are they? Two very important sections are definitions and exceptions – they are in different places in politics – and if you don’t go through others, you should read them.
The definitions will tell you who is considered insured, etc., and the information listed will remove the assumptions from your thinking and clarify what is what. Exceptions are also speculators. It is not written in Greek and you really need to know what exceptions apply to your policy. Ignorance is not bliss when you have pretensions!
How To Read an Insurance Policy, Too often too many of us buy insurance for the lowest premium. Let’s use automatic policy as an example. People buy what is mandatory from the state (and from the bank if the vehicle is funded) and look only at the premium. With price as the only focus, these people have no idea what their policy covers. Then they have a loss that is not covered because they did not choose to take the specific coverage that would be applied, and they are angry.
The solution to this frustration is to READ YOUR POLICY. Know what coatings you have chosen and what they are for; know the exceptions to your policy; know your responsibilities to the company in case of loss. Ignorance of these things will certainly lead to frustration and unnecessary frustration in the event of a lawsuit.
How To Read an Insurance Policy, How To Read an Insurance Policy, Finley Keller has spent nearly 30 years in the insurance industry, starting as a licensed agent with the CLU, then moving on to lawsuits. Automotive, homeowners, workers’ computers, and other claims for liability only. Victims and material damage.
How To Read an Insurance Policy, Her last ten years were spent at the SIU (Special Investigation Unit), working to detect fraud. For the past four years, she has been the manager of the SIU, responsible for fraud work and staff training in accordance with government fraud regulations. She is a retired member of the NCFIA, the Association of Fraud Investigators in Northern California.