Let’s face it--insurance can be confusing, especially for those who are purchasing it for the first time. If you’ve never purchased insurance before, it’s easy to get baffled by all of that insurance lingo. However, we at PLR think that it’s crucial that our customers understand what they are purchasing. Below, find a list of common insurance terms that all newcomers will want to know! And remember, we’re always here to answer any questions you may have. You can contact us through our website here.
Insurance - A method of transferring risk from an insured to an insurance company.
Agent - A licensed professional who advises insurance clients. All of the employees at PLR are licensed insurance agents.
Claim - A request made by a customer to an insurance company to be reimbursed for a covered loss under their insurance policy.
Copay - A payment that is made by a customer (usually in healthcare) along with payments made by an insurance company.
Deductible - The amount of money the insured is responsible for before the insurance company will contribute money to a claim.
Liability - Being legally and financially responsible.
Policy - A written contract specifying the terms of an insurance agreement.
Premium - The amount of money that the customer pays to the insurance company on a regular basis (usually monthly) in order to keep an insurance plan.