Let Jargons Be Bygones
Have you come across an insurance terminology that you don’t understand and were afraid to ask to your agent? Here are a few of them for you to better understand what you are getting into.
Claim is used to describe the process of getting an insurance company to pay out on the policy you bought from them.
Exclusions are events not covered by an insurance policy
Indemnity – the principle by which insurance policyholders are put in the same financial position after a loss as they were immediately before it.
Lloyd’s of London – An insurance market organized into syndicates, which underwrites most types of policy.