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General Insurance Review, Solutions & Definitions

General Insurance Definitions and Information

Insurance & Assets: Assets are all your physical belongings such as a house, land, money, etc..

Insurance Collision (Car Insurance): Collision is an add-on to auto insurance that covers the damage done to your auto when you are in an accident that was your own fault.

Insurance Comprehensive (Car Insurance): Comprehensive is an add-on to auto insurance that is meant to cover accidental damage or loss not caused by a collision with another vehicle such as fire, theft, animal collision, glass breakage etc.

Insurance Co-payment: Co-payment is a percent of the amount that you have to pay and then the insurance covers the rest. For example, if you had an 20% co-payment and the bill was $2000 you would pay $400 and the insurance would pay $1600.

Insurance Deducible: A deducible is the amount of money you have to pay before your insurance starts giving you your benefits on a given cost or amount.

Insurance Money Back Rider: (Life insurance) This applies to term life insurance, if your plan has a money back rider it means that at the end of your term you will get back all the premiums you paid minus any benefits you received.

Insurance Pre-existing Condition: (for example health insurance) A pre-existing condition is something that you had before buying the insurance policy. This is for a health insurance and means that if you had diabetes when you bought the health insurance plan then the health insurance company will not pay for anything relating to your diabetes.

Insurance Premium: A premium is the monthly or yearly fee that you have to pay for your insurance to continue being covered by that insurance plan.

What type of insurance there are?

Auto Insurance is insurance to cover your auto, the vehicle you hit, and anyone hurt in either vehicle in an accident. There are many extras you can add on to car insurance to cover other things like your car if the accident was your fault and damage to your car that was not caused by an accident.

Dental Insurance is to cover dentist's visits, braces, mouth x-rays, and other services supplied by dentists. You may need dental insurance because some health plans do not cover doctors visits.

Health insurance is insurance which pays all or part of your medical bills. This covers items such as medicine, doctor visits, testing supplies, hospital bills, and lab fees.

Home Insurance is insurance to pay for your home and what was inside of it if your house caught on fire or if anything else were to happen to it via natural or unnatural disaster. Many policies also pay medical bills if someone is injured on your property.

Life insurance is paid for in monthly or annual fees called "premiums" and then paid out when the person dies. You might want life insurance if you think when you die people will need the money to pay for a mortgage or any other debt you may have. Life Insurance can also be set-up so that it is owned by the children so there are no estate taxes on it.

Term life insurance is the cheapest kind of life insurance. With this kind of insurance, it provides coverage for a specific period of time usually 5-30 years, and with some at the end of the term you will get back all the premiums you paid in minus any benefits you received.

Travel Insurance is insurance to insure that your traveling goes smoothly and as planned. This insurance will pay for your entire trip if for some medical reason your trip must be canceled. It will also return what you paid for a day of the trip if one of your flights is delayed causing you to miss part of your trip.

General Insurance Review, Solutions & Definitions

General Insurance Definitions and Information

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What type of insurance there are?

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