Insurance Words

Insurance Words

Insurance terms can be confusing. Thankfully, Wisconsin-Michigan Insurance Agency is here to help you comprehend these tricky words.

Business Insurance

This type of policy protects companies from losses that may occur during the normal course of a business. Insurance for businesses may include coverage for property damage, employee-related risks, or legal liability.

Personal Insurance

When you need insurance that can cover you in case you contract a serious illness, lose your ability to earn, or develop a permanent disability, you will need this kind of policy.

Life Insurance

This type of coverage plan ensures that surviving dependents receive financial protection after the death of the insured person. Having life insurance will guarantee that your loved ones will be financially cared for in the event of your passing.

Farm Insurance

 If you own a farm or ranch, this kind of insurance is important. This policy usually covers all structures, livestock, tools, and appliances you have in your farm.

Retirement Annuities

This insurance coverage is a contract between you and an insurer. In exchange for a large sum of money, you will receive a certain lump sum at some point during your retirement.

Accident an unexpected event or circumstance without deliberate intent.

Accident Insurance

insurance for unforeseen bodily injury.

Alien Company

an insurance company formed according to the laws of a foreign country. The company must conform to state regulatory standards to legally sell insurance products in that state.

Balance Sheet

accounting statement showing the financial condition of a company at a particular date.

Calendar Year Deductible

in health insurance, the amount that must be paid by the insured during a calendar year before the insurer becomes responsible for further loss costs.

Claim

a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement.

Date of Issue

date when an insurance company issues a policy.

We want to help you better understand what these insurance terms mean so that you can make more informed decisions about your coverage plans. If you wish to learn more, visit this site