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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
Explore comprehensive definitions, etymologies, synonyms, antonyms, facts, quotes, government regulations, references, and quizzes related to insurance terms. Ideal for professionals, students, and enthusiasts.
When you make an insurance claim, you may come across unfamiliar legal terms. Here we provide a brief explanation of the most common terms you may read in your insurance documents… ab initio: Literally ‘from its inception’; a breach of a condition which may lead an insurer to treat a policy as null and void.
A complete guide to the word "NIB": definitions, pronunciations, synonyms, grammar insights, collocations, examples, and translations.
Definition of nib noun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
noun. See his nibs. Collins English Dictionary. Copyright © HarperCollins Publishers. Word origin. C19: of unknown origin. nibs in American English. (nɪbz ) noun. Informal. an important, or esp. self-important, person. preceded by his or, occas., her. Webster’s New World College Dictionary, 4th Edition.
nib in British English. (nɪb ) noun. 1. the writing point of a pen, esp an insertable tapered metal part with a split tip. 2. a point, tip, or beak. 3. (plural) crushed cocoa beans.
