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9 Terms You Need to Know When Shopping for Insurance Coverage November 7, 2016

Chinatown, Manhattan
9 Terms You Need to Know When Shopping for Insurance Coverage, Manhattan, New York

Like most professional fields, insurance uses a language all its own to describe various industry-related elements. This can make shopping for insurance coverage confusing as you become inundated with words you don’t know the meaning of. Sun Ray Corp is the number one resource for a broad range of insurance products in New York City and the Tri-State area. As an independent insurance company, they take a personalized approach to finding their clients the best insurance rates and coverage possible, which includes explaining unfamiliar terminology whenever necessary.

To ensure you understand everything as you research policies and talk with your insurance agent, become acquainted with the following vocabulary:

  • Adjuster: An adjuster works for your insurance provider. They identify how much your insurer is responsible for when a claim is filed.
  • Claim: A claim is what you submit to your provider after experiencing a loss. This requests reimbursement under your policy.
  • insurance coverageCo-Pay: This is the amount you have to pay yourself before your insurance carrier covers the remaining balance that is owed. 
  • Deductible: Similar to a co-payment, a deductible is the amount you pay out-of-pocket prior to your carrier taking over for covered expenses. The amount you choose for your deductible will impact your premium rate.
  • Elimination Period: This is the designated time period you must wait to collect benefits from your insurance coverage after submitting a claim.
  • Exclusions: Exclusions are anything that is not recognized as being covered under your policy.
  • Premium: This is how much your insurance plan costs. Premiums are usually set for a certain period of time and are often paid monthly.
  • Umbrella Policy: This insurance coverage provides for any losses you might incur outside of what a general policy protects. If you have specific assets you want to insure, an umbrella policy offers extra liability coverage.
  • Underwriting: The insurance agency goes through this process to assess how risky you are to insure. Underwriting either results in acceptance or rejection. 

Knowing some of the common jargon used in the world of insurance will help you gain confidence about choosing the right insurance coverage for your needs. Contact Sun Ray Corp at (212) 732-5280 or visit their website to learn more.

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