Your personal insurance policy is filled with special terms that you may not even want to know or understand. There are a few terms in which you may want to understand. Check out these personal insurance terms.
Deductible
This is the specific dollar amount listed on your policy your insurance company requires you to pay before insurance benefits kick in. Some people mat select higher deductibles to keep their premiums down, it’s important to remember that if you need to file a claim, the deductible is the out of pocket costs that you must pay before your insurance would step in.
Endorsement
Also known as a rider, an endorsement is a change or addition to an existing insurance policy. This could include changing your deductible, changing your limits, or adding another person to your policy.
Exclusions
There are the specific items not coveredby your personal insurance policy. It is important that you review these to make sure you agree and understand the terms of your policy.
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