Know These Insurance Terms to Successfully Manage Your Claim

It's never an easy experience to deal with damages or losses from an unexpected event. That's why it's essential to have an insurance policy that covers emergencies, and you should also know the insurance terms used to manage your claim. Having basic knowledge of insurance terminology will help you navigate your claim and deal with your insurance company more efficiently and effectively.

In this blog post, we will cover some essential insurance terms to help you stay informed about your insurance policies. If you're a consumer or customer, continue reading to know more.

Policyholder

This term refers to the person or entity who owns the insurance policy. As the policyholder, you have the right to control the policy's terms and conditions, pay the premiums, and make claims if necessary.

Premium

This is the amount of money that you pay for an insurance policy. It can be paid on a monthly, quarterly, or yearly basis. The premium amount depends on the coverage level, type of insurance, and other factors.

Deductible

The deductible is the amount of money that you have to pay for a covered loss before your insurance policy kicks in. For instance, if you have an auto insurance policy with a $500 deductible and get into an accident, you will pay the first $500 of the damages, and the insurance company will pay the rest.

Claim

A claim is a formal request made by the policyholder to the insurance company to compensate for financial losses or damages caused by a covered peril. The claim also includes any appropriate documentation such as bills or receipts.

Insurance Claims Adjuster

An insurance claims adjuster is a person hired by an insurance company to investigate and evaluate insurance claims. The adjuster's job is to determine the damages or losses covered by the policy and negotiate with the policyholder to settle the claim.

Conclusion

Knowing these insurance terms can help you understand your policy coverage better, communicate efficiently with the adjuster, and result in a fair outcome for your insurance claim. Make sure to read and review your policy carefully, understand the terms, and ask any questions you may have.  If you're looking for an insurance claims adjuster in Hillsborough County, FL and need assistance managing your claim, contact Five Star Claims Adjusting, and we'll be happy to help!