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- 704 S State Rd 135 Suite D #421, Greenwood, 46143, IN
- (317) 534-6800
- 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.
Jul 5, 2024 · Life insurance works by paying your loved ones a lump sum of money if you pass away while the insurance policy is still active. These payments are tax-free and can be used for any purpose but are often used to replace lost income and to pay off large debts such as a mortgage.
Read on to gain comprehensive knowledge of the most common insurance terms and concepts relevant to business owners and a greater understanding of why the packages we source are so effective.
Term life insurance provides a cash lump sum for your loved ones if you die within a set period. Find out how level, decreasing and increasing term insurance works, and how to get the right cover for you and your family.
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
Feb 28, 2024 · Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. There are many types of insurance policies. Life, health,...
People also ask
What is a life insurance policy?
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What is term life insurance?
What is a policy term?
What is decreasing life insurance and how does it work? There are essentially two types of life insurance policies – whole life and term. Whole life insurance covers the whole of your life. It provides your beneficiaries with a payout upon your death, whenever that happens.
