{"id":1128,"date":"2019-06-06T18:32:21","date_gmt":"2019-06-06T18:32:21","guid":{"rendered":"https:\/\/pablobeach.shapiroinsurancegroup.com\/?p=1128"},"modified":"2019-06-06T18:32:21","modified_gmt":"2019-06-06T18:32:21","slug":"10-insurance-terms-you-should-know","status":"publish","type":"post","link":"https:\/\/pablobeach.shapiroinsurancegroup.com\/10-insurance-terms-you-should-know\/","title":{"rendered":"10 Insurance Terms You Should Know"},"content":{"rendered":"

Insurance professionals will humbly admit that insurance policies are tough to read and understand, especially for those not in the industry. Policy language is more simple than in the past, but, the industry relies on many of the same words and phrases used decades ago. The meanings of these words have been hashed, rehashed and litigated. They are difficult to challenge as they have so much legal history behind them.<\/span><\/p>\n

The National Association of Insurance Commissioners<\/a> advocates understanding your insurance policy as an important consumer tool. As certain words will likely remain in your policies for years to come, we offer help with 10 insurance terms and their meanings.<\/strong><\/span><\/p>\n

1. Named Insured \u00a0<\/span><\/h2>\n

When you\u00a0purchase an auto or property policy<\/b><\/a>, you become the \u201cnamed insured.\u201d Your name is listed on your Declarations Page and when your policy mentions \u201cyou\u201d or \u201cyour\u201d to warn of\u00a0critical rights and duties, it is speaking to you and your spouse. Life insurance policies use the term \u201cOwner\u201d in a similar way. \u00a0<\/span><\/p>\n

2. Insurable Interest<\/span><\/h2>\n

Insurable interest\u00a0is your financial stake in real or personal property.\u00a0No matter how much insurance you purchase, you\u00a0will receive no more than your financial interest. This may occur when you owe a\u00a0lienholder\u00a0or mortgage-holder more money than the value of your damaged property. You must also have an insurable interest to insure another person\u2019s life.\u00a0<\/span><\/p>\n

3. Liability<\/span><\/h2>\n

The word \u201cliability\u201d appears numerous times throughout insurance policies \u2013 65 times in the HO-3. It\u2019s confusing because it has two meanings. Liability describes your insurance company\u2019s legal duties and responsibilities to \u201cYou\u201d as a named insured. It also refers to your legal responsibilities to others and the coverage for those exposures.<\/span><\/p>\n

4. Deductible<\/span><\/h2>\n

Your insurance company pays a claim only after the dollar value exceeds the deductible amount listed on your Declarations Page. Some commercial coverages have percentage-of-loss deductibles and time-based deductibles where coverage kicks in after a waiting period.\u00a0<\/span><\/p>\n

5. Exclusion<\/span><\/h2>\n

To make insurance coverage affordable, some perils, properties, and situations must be excluded from coverage. Exclusions are listed in\u00a0policy \u201cExclusions\u201d sections and scattered throughout your policies.\u00a0<\/span><\/p>\n

6. Replacement Cost<\/span><\/h2>\n

Replacement cost coverage\u00a0in most policies applies\u00a0to your building only and only if you\u00a0meet policy conditions. You must insure your building to at least 80% of its replacement value or your company will apply depreciation to your property settlement.<\/span><\/p>\n

For an additional cost, some carriers add replacement cost endorsements to your auto or\u00a0personal property coverage.\u00a0<\/span><\/p>\n

7. Actual Cash Value<\/span><\/h2>\n

When your personal property is damaged or destroyed, many policies pay its\u00a0actual cash value (ACV). This acknowledges\u00a0that personal property loses value during ordinary use and also due to obsolescence and the availability of newer products and technologies.<\/span><\/p>\n

8. Depreciation<\/span><\/h2>\n

Claims adjusters calculate personal property depreciation using\u00a0average life expectancies. For example,\u00a0a refrigerator that customarily lasts\u00a010 years would be subject to a 10% percent per year depreciation factor.\u00a0<\/span><\/p>\n

9. Like Kind and Quality<\/span><\/h2>\n

Insurance policies are not meant to give you new property for old. When auto adjusters designate\u00a0like kind and quality\u00a0parts to repair your older auto,\u00a0they are attempting to return you to your pre-loss condition. Used parts are one way of accomplishing this\u00a0LKQ goal.\u00a0<\/span><\/p>\n

10. Appraisal<\/span><\/h2>\n

Insurance policy appraisal provisions outline the insurance company\u2019s preferred method of handling disputes. When a claims adjuster uses the term \u201cappraisal\u201d it can have a different meaning. When an insurance company sends someone out to evaluate the damage to your auto or building, they refer to the process as an appraisal. The finished calculation of damages is also called an appraisal.<\/span><\/p>\n

\n

Florida Insurance Experts<\/strong><\/h2>\n

For almost 15 years, PBIG has been helping Florida residents\u00a0by getting them the right coverage at the right price. We are locally owned, have a casual approach, and deliver professional results.\u00a0Click below\u00a0<\/strong><\/a>to get a no-hassle, free quote from one of our experts.<\/p>\n

\"Jacksonville<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Insurance professionals will humbly admit that insurance policies are tough to read and understand, especially for those not in the industry. Policy language is more simple than in the past, but, the industry relies on many of the same words and phrases used decades ago. The meanings of these words have been hashed, rehashed and […]<\/p>\n","protected":false},"author":11,"featured_media":1129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[23,6],"tags":[],"yoast_head":"\n10 Insurance Terms You Should Know - Pablo Beach Insurance Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pablobeach.shapiroinsurancegroup.com\/10-insurance-terms-you-should-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Insurance Terms You Should Know - Pablo Beach Insurance Group\" \/>\n<meta property=\"og:description\" content=\"Insurance professionals will humbly admit that insurance policies are tough to read and understand, especially for those not in the industry. 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