Campbellsville, Kentucky
300 N. Bypass
Campbellsville, KY 42718
(270) 465-2717

Understanding Your Coverage: 7 Insurance Terms to Learn February 1, 2017

Campbellsville, Taylor
Understanding Your Coverage: 7 Insurance Terms to Learn, Campbellsville, Kentucky

Whether you’re shopping for a new insurance plan or reviewing the policy you already have, it’s imperative you understand your coverage. However, this can be a challenge for those who are not familiar with the jargon used by insurance agents and carriers. To better understand your plan, the professionals at Reed Brothers Insurance encourage their Campbellsville, KY, clients to learn a few key terms and definitions. Here, they explain seven of the most common words you will stumble upon when reading or conversing about insurance.

7 Insurance Terms to Become Familiar With

1. Adjuster

Under the employment of insurance providers, adjusters work to assess reported losses and help policyholders come to a settlement with their claims. 

2. Conversion Privilege

Conversion privilege allows policyholders to switch from one policy to another without experiencing a break in coverage.

3. Claim

insuranceA claim is a formal request submitted by an insured party. In general, it asks the insurance company to disburse compensation for a covered loss.

4. Deductible

A deductible is the dollar amount a policyholder must pay out-of-pocket before their carrier covers the rest of a claim.

5. Endorsement

Endorsements—also known as riders—can be added to an insurance plan. They serve as extended coverage for specific items a standard policy neglects to cover. 

6. Policyholder

The policyholder is the owner of the insurance policy. As the individual paying the premium, they are authorized to make changes to their agreement.

7. Underwriting

When underwriting, an insurance provider determines whether they will accept an application for coverage.

The more insurance terms you know, the easier it will be to ensure you, your family, and your assets are protected. Contact Reed Brothers Insurance at (270) 465-2717 to speak with a friendly representative today. You can also visit the company’s website to obtain a free quote. 

Other Announcements, Events and Deals from Reed Brothers Insurance
5 Factors That Influence Your Auto Insurance Premiums, Campbellsville, Kentucky
Every driver needs auto insurance, and finding the right deal is important. No two drivers are alike, so no two premiums will be the same; but unless you’re familiar with the in...read more
3 Key Considerations When Seeking Top-Rated Auto Insurance, Campbellsville, Kentucky
When it comes to auto insurance, most seek a balance of affordability and quality coverage. But how can you be sure you’re getting the most out of your plan? The agents at Reed Broth...read more
Top 4 Reasons Everyone Needs Life Insurance, Campbellsville, Kentucky
You work hard to take care of your family, but what would happen to them without you? Would they have enough to live on, to pay the mortgage and continue pursuing their dreams? Could...read more
5 Money-Saving Car Insurance Tips for Teen Drivers, Campbellsville, Kentucky
For teens, learning how to drive is a milestone many look forward to. The thrill of getting behind the wheel and heading for destinations unknown seems irresistible, but what about t...read more
3 Tips for Making Sure You Choose the Right Car Insurance Policy , Campbellsville, Kentucky
There are numerous car insurance options on the market, which can make the shopping process a challenge. Choosing the right coverage is a crucial step in making sure your finances wi...read more