Accidental Death Benefit: In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. There can be certain exclusions as well as time and age limits.
Actuary: A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics. (Americanism: In most other countries the individual is known as "mathematician.")
Insurance Agent: An individual who sells and services insurance policies in either of two classifications:
Independent agent represents at least two insurance companies and (at least in theory) services clients by searching the market for the most advantageous price for the most coverage. The agent's commission is a percentage of each premium paid and includes a fee for servicing the insured's policy.
Direct or career agent represents only one company and sells only its policies. This agent is paid on a commission basis in much the same manner as the independent agent.
Broker: An insurance salesperson that searches the marketplace in the interest of clients, not insurance companies.
Broker-Agent: An Independent insurance salesperson who represents particular insurers but also might function as a broker by searching the entire insurance market to place an applicant's coverage to maximize protection and minimize cost. This person is licensed as an agent and a broker.
Deductible: The amount you must pay before your insurance company will pay a claim. There are multiple types of deductibles, but in general, a lower deducible will have a higher-cost policy.
Explanation of benefits: Explanation of benefits or also known as (EOB) is a statement from your health insurance company that shows what claims it has paid on your behalf.
Claim: An Insurance claim is a request for your insurance provider to pay for services provided by a medical professional or service provider.
Co-payment: A Co-payment is also known as “co-pay” the amount, set by your insurer, that you pay when you receive medical service or for a prescription.
When considering your needs for insurance products for your home or business remember contacting Bennett Insurance Group is the right move. Give us a call at 623-979-4140
Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
No comments:
Post a Comment