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Understand your Insurance Policy Documents

Understand your Insurance Policy Documents

When insurance policies arrive in the mail, many individuals wonder what they actually need to know. Further, here is a quick guide on all the key phrases and words used in your Insurance policy documents. – Insurance Policy Documents

 
Even though the policies are simple to grasp, the insurance industry often use terminology specific for the insurance sector. Moreover,  These words and phrases are as follows: – Insurance Policy Documents
 
  • Policy number

It is a unique number that is required to look you up in the company system and is also required at the time of making any change to your policy or reporting a claim.
  • Effective and expiry dates:

As the words read out, these are the dates that let yo u know the start date and the end date of the policy terms i.e., from which date till you are covered and till what date your policy ends
  • Underwritten by

Another term for “insurer” or “insurance company” with which the individual is  insured with
  • Name Insured

The name of the client, it is the legal contract between the client and the insurance company

Additional Name Insured:

The name of the co-owner of the vehicle or property who has equal share as the insured
  • Legal liability

It is a coverage that covers you from any amounts you are legally liable for if you accidentally cause any bodily harm or property damage. Moreover, the most common coverage limit is $1 million or $2 million.
  • Premium

The premium is the cost you pay for your insurance.

  • Endorsement – Insurance Policy Documents

An endorsement, also known as a rider, is an addition or amendment to an insurance policy. Endorsements include addition, deletion, exclusion or making any other changes to the policy coverages. For Instance, you bought a new vehicle and sold the previous one and now you want to substitute the policy for the new one.

  • Insured item

The thing that an insurance policy covers is referred to as an insured item. Your property contents, your automobile, your property, or a specialized item like a boat or travel trailer could all be considered as an Insured item.

  • Scheduled personal articles – Insurance Policy Documents

These are certain insured objects you’ve identified and that are covered for a higher limit than that of the base policy, typically because they are extremely valuable, such as jewelry, electronics, or fine arts. Scheduled personal property is covered beyond what is typically covered by a homeowner’s policy. You can go paperless and can access your policy paperwork online on the company portal or ask your insurance advisor to email them to you.

To Understand more on Insurance policy documents, please call one of our Licensed insurance advisor at 905-268-8080.

Bundle InsuranceAuto Insurance  Home InsuranceIBC Home Insurance   Author – Gurmanjot Dhanjal

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