12 Basic Insurance Terms

Understanding insurance terms is crucial for making informed decisions about coverage, managing your policies, and effectively dealing with any claims.

Here are some practical examples to illustrate the importance of these terms:

1. Policyholder/Subscriber: The person or entity that holds the insurance policy. They’re responsible for paying premiums and complying with the policy’s terms and conditions. In return, they can receive the benefits or coverage outlined in the policy.
2. Premium: The amount of money the policyholder pays to the insurance company to keep the policy in effect. Premiums are typically due on a regular schedule, such as monthly or annually, and the amount can depend on various factors, including the type and amount of coverage, the policyholder’s risk profile, and others.
3. Deductible: The policyholder must pay an out-of-pocket amount before the insurance company begins covering costs. For instance, if a policy has a $1,000 deductible, the policyholder will pay the first $1,000 of covered expenses before the insurance benefits kick in.
4. Claim: A formal request made by the policyholder to the insurance company to cover an incurred loss. The insurance company will then review the claim to verify if the event or loss is covered under the policy.
5. Coverage: The specific protection provided by the insurance policy. Coverage can include a wide range of events and losses, such as medical costs, property damage, or legal liability, depending on the type of insurance.
6. Copayment (Copay): A fixed amount a policyholder pays for a covered healthcare service. It’s often paid at the time of service. The amount can vary by the type of covered healthcare service.
7. Coinsurance: Unlike a copayment, which is a fixed amount, coinsurance is typically a percentage of the cost of a covered health care service that the policyholder pays after their deductible has been met. For example, if the coinsurance is 20%, the policyholder pays 20% of each medical bill, and the health insurance company pays 80%.
8. Out-of-Pocket Maximum: You must pay most for covered services in a policy period (usually a year). After you reach your out-of-pocket max, your insurance company pays 100% of the allowed amount for covered services.
9. Exclusion: These are specific conditions or circumstances in the policy for which the insurance company will not provide coverage. For instance, some health insurance policies may have exclusions for pre-existing conditions or cosmetic surgery.
10. Endorsement (or Rider): An amendment or addition to an existing insurance contract that changes the original policy’s terms or scope. Endorsements can add or remove coverage and can be used to customize the policy to fit the policyholder’s specific needs better.
11. Underwriting: The process insurance companies use to assess a potential policyholder’s risk profile, set appropriate premium rates, and determine whether to provide insurance coverage.
12. Beneficiary: The person or party designated in the policy to receive the insurance proceeds or benefits in the event of the policyholder’s death or a specified event.

These terms form the basic insurance vocabulary, and understanding them can help you better navigate your insurance policies and the broader insurance landscape.

Insurance Policyholder or Subscriber

In insurance, a policyholder, a subscriber, is a significant player. This individual or entity has entered into a contractual agreement with an insurance company, purchasing an insurance policy to protect against specific losses or damage.

Here are the main components of a policyholder or subscriber’s role:

1. Holding the Insurance Policy: The policyholder owns the insurance policy. This person can decide who is covered under the policy, make changes to the coverage, and even cancel the policy. This could be an individual, like a homeowner with homeowner’s insurance or a driver with auto insurance, or an entity, like a business with commercial property insurance or liability coverage.
2. Paying the Premiums: The policyholder is responsible for paying the insurance premiums, which are the amounts charged by the insurance company to provide the coverage outlined in the policy. These premiums are usually due on a regular schedule, like monthly, quarterly, or annually. Failure to pay the premiums can lead to cancellation of the policy.
3. Complying with Policy Terms and Conditions: The policyholder must adhere to the terms and conditions stipulated in the policy. These can include everything from requirements to report specific incidents to the insurer to guidelines on what types of maintenance must be done on a property to keep it insurable. Non-compliance can result in denied claims or cancellation of the policy.
4. Eligibility to Receive Benefits or Coverage: In return for meeting all their obligations, the policyholder is eligible to receive the benefits or coverage outlined in the policy. This means that if a loss or damage occurs that is covered under the policy terms, the insurance company is obligated to pay for the repairs or replacement or compensate for the loss, up to the policy limits and minus any applicable deductible.

Being a policyholder or subscriber involves entering into a contractual relationship with an insurance company. The policyholder agrees to pay premiums and abide by the policy’s terms, and in exchange, the insurance company agrees to cover certain types of loss or damage. It’s a form of risk management where the policyholder transfers the financial risk of certain types of loss to the insurance company.

Insurance Premium

A premium in insurance is the amount of money that an individual or business pays to an insurance company in exchange for the insurance policy. The premium serves as the insurance company’s income and represents the cost of your insurance coverage.

Here are more specifics about how premiums work:

1. Calculation of Premium: Insurance companies calculate premiums based on the risk associated with insuring a person, a group of people, a property, or a business. They use statistical models to determine the likelihood of a claim being filed and the potential cost of that claim. Factors such as age, health, occupation, location, type of property, property value, and more can affect the premium calculation. The higher the risk, the higher the premium will be.
2. Payment Schedule: Insurance premiums are typically paid regularly, whether monthly, quarterly, semi-annually, or annually, depending on the policy terms. Some insurers might offer a discount for paying premiums annually or semi-annually, as it provides them with more upfront capital.
3. Policy Coverage: The premium amount also depends on the extent of coverage chosen by the policyholder. If the policyholder opts for a higher level of coverage, the premium will be higher. For example, a health insurance policy with lower deductibles and copays will generally have a higher premium than a policy with high deductibles and copays.
4. Policy Deductible: The premium also varies with the choice of deductible. The deductible is the loss the policyholder agrees to bear before the insurance coverage kicks in. A policy with a high deductible typically has a lower premium, while a policy with a low deductible will have a higher premium.
5. Premium Increases: Premiums can also increase over time. Factors such as filing claims, getting traffic violations, or changes in health can lead to increased premiums. Also, more prominent economic factors like changes in the insurance market or new laws and regulations can lead to changes in premium costs.

Failure to pay premiums can result in the lapse or cancellation of the policy. Sometimes, there may be a grace period during which the policyholder can pay the overdue premium without losing coverage. However, the insurance company can deduct the premium due from the claim payout during the grace period if a claim arises.

An insurance premium is the price you pay for your insurance coverage. It’s how insurance companies cover the risk they undertake to insure you or your property and how they make a profit.

Insurance Deductible

An insurance deductible is a specific amount of money that the policyholder must pay out-of-pocket before the insurance company begins to pay for losses under the terms of an insurance policy. It is a form of self-insured risk and a fundamental aspect of many insurance policies, including health, home, and auto insurance.

Let’s go into more detail on various aspects of the deductible:

1. Role in Insurance Claims: The deductible is paid first when a claim is filed. For example, suppose a policyholder has a $500 deductible on their auto insurance policy, and they have an accident causing $2,000 in damage. In that case, the policyholder will pay the first $500, and the insurance company will pay the remaining $1,500.
2. Impact on Premiums: There’s typically an inverse relationship between the deductible and the insurance premium. Higher deductibles usually result in lower premiums because the policyholder assumes more of the initial cost burden in the event of a claim, thus reducing the risk for the insurance company. Conversely, a lower deductible will generally mean higher premiums, as the insurer will have to bear a more significant portion of the costs in case of a claim.
3. Different Types of Deductibles: Deductibles can be either per incident or cumulative (an aggregate deductible). A per-incident deductible means you must pay the deductible each time you file a claim. An aggregate deductible, a standard in health insurance, is the maximum you would need to pay in a policy period (typically a year) before the insurer starts covering costs.
4. Choosing a Deductible: The decision about what level of deductible to select is a balance between what a policyholder feels comfortable paying out-of-pocket in the event of a loss and the premium they are willing and able to pay for the policy. If a policyholder can afford a higher amount in case of a loss, they may choose a higher deductible to get lower premium costs.
5. Health Insurance Deductibles: Health insurance deductibles work similarly to those in other types of insurance, but there are additional considerations. For example, some health insurance plans may pay for certain types of care (like preventive screenings) before the deductible is met. Also, family health insurance plans often have both individual and family deductibles.

It’s essential to understand the role of a deductible in an insurance policy. When selecting a policy, policyholders should carefully consider their financial situation and how much risk they’re willing to assume, as these factors will directly impact the deductible amount and the corresponding insurance premium.

Insurance Claim

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a policy event or covered loss. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.

Here’s a detailed explanation of an insurance claim:

1. Filing a Claim: The policyholder (the insured) reports the incident to the insurance company when a loss occurs. This is typically done by contacting the company or the insurance agent and providing all the necessary details of the event. The information needed can vary based on the type of insurance and the nature of the loss. For instance, an auto accident might include a police report, the other party’s contact and insurance information, and any photos or documentation of the accident.
2. Investigation: Once the claim is filed, the insurance company assigns a claims adjuster to handle the case. The adjuster’s role is to investigate the claim, review the policy coverage, determine fault or liability if necessary, and assess the extent of the damages or losses. The adjuster might need to inspect the damage, interview the claimant and witnesses, and gather other information to make these determinations.
3. Evaluation: The adjuster evaluates the claim based on the policy terms and conditions after the investigation. They determine whether the claim is covered and, if so, how much the insurance company should pay for the loss. The policy’s limit of liability, deductible, and applicable policy conditions or exclusions play a crucial role in this process.
4. Payment or Denial: If the claim is approved, the insurance company will pay the claim, typically either to the insured party or directly to a provider or other party (like a car repair shop in the case of an auto insurance claim). The payment is usually the amount of the loss minus the policyholder’s deductible. If the claim is denied, the insurance company will provide a reason for the denial, such as lack of coverage for the claimed event or misrepresentation by the policyholder.
5. Potential for Claim Disputes: There can be disagreements over handling a claim. The policyholder may dispute the claim denial or the amount paid by the insurance company. The dispute could be handled through internal appeals, mediation, arbitration, or legal action.
6. Impact on Future Coverage: The filing of claims can affect future insurance premiums and eligibility for coverage. For instance, a policyholder who files many claims in a short period might see an increase in their premiums, as they are seen to pose a higher risk.

An insurance claim is a vital part of the insurance process. It’s how policyholders request payment under their policy in the event of a loss. Understanding how to file a claim and what to expect in the process can make navigating this sometimes challenging aspect of insurance easier.

Insurance Coverage

Insurance coverage refers to the amount of risk or liability covered for an individual or entity through insurance services. Insurance coverage is often provided through an insurance policy, a contract between the insured and the insurer.

In the policy, the insurer agrees to cover potential risks the insured party faces in exchange for payment, commonly known as the insurance premium. The terms of what the insurance company will cover (and won’t cover) will be explicitly stated in the policy.

Let’s break down the details of insurance coverage:

1. Policy: The insurance policy is the legal contract that details the coverage specifics. It outlines the perimeters of the risks covered, the circumstances under which payouts occur, and the amount of coverage.
2. Premium: The premium is the payment made by the insured party (the policyholder) to the insurance company. This is usually paid regularly (monthly, semi-annually, annually), and the amount depends on the risk profile of the insured party and the amount of coverage desired.
3. Coverage Limit: Each policy will have a coverage limit, the maximum amount the insurance company will pay out for a covered loss. For example, if a homeowner’s policy has a coverage limit of $300,000, the insurance company would not pay more than that amount to repair or replace the home in the case of a covered loss.
4. Deductible: The deductible is the amount the policyholder must pay out-of-pocket before the insurance coverage kicks in. For instance, if a car owner has a $500 deductible and experiences $2000 in damages, they will have to pay the first $500, and the insurance company will cover the remaining $1500.
5. Exclusions: Almost all insurance policies have exclusions, specific conditions, or circumstances for which the policy will not provide coverage. These can vary greatly depending on the type of insurance. For example, a homeowner’s insurance policy excludes damage due to war or nuclear hazards.
6. Endorsements or Riders: These are add-ons to an insurance policy that provide additional coverage or modify the policy to fit the better insured’s needs. For example, a person with a homeowner’s insurance policy could add a rider to cover a valuable piece of jewelry that exceeds the personal property coverage limit of the policy.

Different types of insurance coverage include life insurance, health insurance, auto insurance, home insurance, disability insurance, liability insurance, and many others. Each type of insurance covers different risks and will have different terms and conditions.

Insurance Copayment (Copay)

A co-payment (often abbreviated as copay) is a fixed amount that an insured individual must pay when receiving a specific medical service or collecting a prescription. The individual’s insurance policy then covers the remaining balance of the cost of the service or medication.

The copay amount is usually outlined in the health insurance policy terms. It is one of the ways that health insurance companies share the cost of healthcare with policyholders. Here are some essential details to understand:

1. Fixed Amount: A copay is a fixed amount, not a cost percentage. For example, an insurance policy might stipulate a $20 copay for a general doctor’s visit or a $15 copay for a generic prescription medication.
2. Type of Service: The amount of the copay can depend on the type of service rendered. For instance, a visit to a specialist like a cardiologist may have a higher copay than a visit to a general practitioner. Similarly, emergency room visits, outpatient surgery, or brand-name prescription drugs often have higher copays.
3. Cost-Sharing: Copays are a form of cost-sharing meant to distribute the cost of healthcare between the insurer and the insured. This cost-sharing also discourages unnecessary medical visits or overuse of healthcare services, as the individual must incur some out-of-pocket expense each time.
4. Before Deductible: Copays are usually required regardless of whether the policyholder’s deductible has been met for the year. However, this can depend on the specifics of the individual insurance plan.
5. Not Counted Toward Deductible: In many insurance plans, the copay amount does not count toward the deductible. However, they typically do count toward the policy’s maximum out-of-pocket limit. Again, this depends on the details of the specific insurance policy.
6. Preventive Services: Under the Affordable Care Act, most insurance plans must cover certain preventive services without requiring a copay.

In summary, a copay is a small fixed fee that you pay out of pocket at the time of a medical service or when picking up a prescription, and it’s part of how you share the cost of your healthcare with your insurance company. The specific copay amounts for different services are defined in your insurance policy.

Coinsurance

Coinsurance is another form of cost-sharing in an insurance policy, much like a copayment (copay). However, unlike a copay, which is a fixed amount, coinsurance is typically expressed as a percentage of the cost of a service or treatment.

Coinsurance occurs after a policyholder has met their insurance policy’s deductible. Here are some critical aspects of coinsurance:

1. After Deductible: Coinsurance applies once you’ve met your deductible for the year. For example, if you have a deductible of $1,000, you pay 100% of your healthcare costs until you have spent $1,000. After that, coinsurance begins.
2. Percentage of Costs: With coinsurance, you pay a percentage of each healthcare cost, and your insurance pays the rest. For example, if your insurance plan has 20% coinsurance, you will pay 20% of the cost of your care after your deductible has been met, and your insurance will pay the remaining 80%.
3. Out-of-Pocket Maximum: The policyholder’s out-of-pocket costs for coinsurance will accumulate until they reach their plan’s out-of-pocket maximum. After reaching this maximum, the insurance company typically pays 100% of covered healthcare costs for the rest of the year.
4. Cost of Services: The amount you pay with coinsurance can vary significantly based on the cost of the healthcare service. High-cost services will result in higher out-of-pocket coinsurance payments, while low-cost services will result in lower out-of-pocket payments.
5. Plan Variations: The percentage you pay in coinsurance can vary based on the insurance plan. Standard coinsurance percentages are 20%, 30%, or 50%, but the specific percentage will be outlined in your insurance plan details.
6. Copay vs. Coinsurance: Some plans may require both a copay and coinsurance for different types of service. For instance, a plan might require a copay for a doctor’s visit but coinsurance for a surgical procedure or hospital stay.

In short, coinsurance is a way of sharing healthcare costs between you and your insurance company after you’ve met your deductible. Your insurance plan will define The specific percentage you pay in coinsurance.

Out-of-Pocket Maximum

The out-of-pocket maximum, or out-of-pocket limit, is a term used in health insurance policies to describe the maximum amount the policyholder will be required to pay for covered healthcare services in a given year. This includes deductibles, copayments, and coinsurance but does not usually include premiums or services not covered by the plan.

Once you have paid enough deductibles, copayments, and coinsurance to hit the out-of-pocket maximum for the year, the insurance company will typically cover any additional cost of covered services at 100% for the rest of that year.

Here’s a more detailed explanation:

1. Annual Limit: The out-of-pocket maximum is an annual limit. This means it resets every year. If your plan’s out-of-pocket maximum is $6,000, for example, and you spend $6,000 in covered healthcare expenses in April, you won’t have to pay any more for covered services until the following year when the limit resets.
2. Coverage: The out-of-pocket maximum includes the deductible, copayments, and coinsurance. However, it does not include your premiums (the regular payments you make to have insurance coverage) or the cost of any care not covered by your plan. If you go to a healthcare provider not in your insurance network, those costs may not count toward your out-of-pocket maximum.
3. Protection Against High Costs: The out-of-pocket maximum is a critical feature of health insurance plans, protecting individuals from high healthcare costs. For instance, in case of a severe illness or accident that results in high medical costs, once you reach your out-of-pocket maximum, your insurance will cover the rest of your eligible healthcare expenses for the year.
4. Variation in Limits: The specific out-of-pocket maximum can vary from one insurance policy to another. The out-of-pocket limit for a Marketplace plan can’t be more than $9,100 for an individual and $18,200 for a family in 2023.
5. Lower Cost Plans: Some insurance plans may offer lower out-of-pocket maximums as a feature. These plans typically have higher premiums because the insurance company assumes more of the cost risk.

In conclusion, the out-of-pocket maximum is a safety net in a health insurance plan that prevents the policyholder from facing limitless healthcare costs in a given year. The specifics of what counts towards this maximum can vary, so it’s essential to understand the details of individual insurance plans.

Insurance Exclusion

An exclusion in an insurance policy is a specific situation, condition, or circumstance not covered by the policy. In other words, exclusions are the risks for which the insurance company will not provide financial protection. They are written into insurance policies to limit insurance companies’ risk exposure and keep premiums affordable for policyholders.

Here are some critical aspects of exclusions:

1. Types of Exclusions: Many types of exclusions depend on the type of insurance. For example, a standard home insurance policy may exclude damage from natural disasters like floods or earthquakes, requiring policyholders in high-risk areas to purchase additional coverage. An auto insurance policy might exclude damage that occurred while the vehicle was being used for commercial purposes, such as rideshare driving. A health insurance policy might exclude specific treatments or procedures, such as elective cosmetic surgery.
2. Policy Language: Exclusions are typically clearly outlined in the insurance policy’s language. Policyholders need to read their policy documents to understand what is carefully and isn’t covered.
3. Risk Management: From the insurer’s perspective, exclusions are a way of managing risk. Insurance companies can better predict potential losses by excluding high-risk activities or situations and setting premiums accordingly.
4. Endorsements or Riders: If a policyholder needs coverage for something excluded under their policy, they might be able to purchase additional coverage in the form of an endorsement or Rider. For example, a homeowner living in a flood-prone area could buy a flood insurance endorsement to cover the typically excluded risk of flood damage.
5. Pre-existing Conditions: In health insurance, an exclusion could relate to pre-existing conditions, which are health issues that existed before the start of the policy. The Affordable Care Act (ACA) in the United States prohibits health insurers from excluding coverage due to pre-existing conditions. However, such exclusions may still apply to other types of insurance or other countries.

In summary, an exclusion in insurance is a specific risk or situation that an insurance policy does not cover. Exclusions are crucial to insurance policies, as they help define coverage limits. Therefore, policyholders need to understand the exclusions in their policies.

Insurance  Endorsement (Rider)

In insurance terms, an endorsement (also known as a rider) is an amendment or addition to an existing insurance policy that changes the terms or scope of the original policy. Endorsements can be used to add, delete, exclude, or otherwise alter coverage.

They are used to customize the policy to better fit the insured’s needs by covering situations or items not included in a standard policy. Here’s a closer look at endorsements:

1. Additional Coverage: Endorsements can provide coverage for things that aren’t included in a standard policy. For instance, a homeowner might add an endorsement for a valuable piece of jewelry that exceeds the personal property coverage limit in their homeowners’ insurance policy.
2. Exclusion Removal: Sometimes, an endorsement may be used to remove an exclusion that’s part of the standard policy. For example, flood damage is typically excluded in homeowners’ insurance policies, but a homeowner could add a flood endorsement to their policy to secure this coverage.
3. Policy Adjustments: Endorsements can also adjust the coverage limit or deductible on a policy. If a policyholder decides they want more coverage or a lower deductible than their standard policy offers, they can add an endorsement to make this change.
4. Policy Specifics: While the original insurance policy typically has a fixed term (for example, one year), the term of the endorsement might not align precisely with this. An endorsement could be added in the middle of the policy term and might only last until the end. The specific effective dates will be listed in the endorsement.
5. Additional Premium: Generally, adding an endorsement that expands coverage will increase the premium. The exact amount will depend on the risk associated with the endorsement. For instance, an endorsement covering a valuable piece of art would likely result in a higher premium.
6. Documented in Writing: All endorsements should be documented in writing and attached to the original policy document. This clarifies what changes have been made and helps avoid potential coverage disputes later.

An endorsement or Rider allows policyholders to adjust their insurance coverage to suit their needs better, whether adding protection for something valuable, removing a standard exclusion, or otherwise modifying the coverage provided by the policy. The specifics of how endorsements work can vary, so discussing the details with the insurance provider or agent is essential.

Insurance Underwriting

Underwriting in insurance is the process of evaluating the risk associated with insuring a potential client and determining the terms of the coverage. The underwriter’s role is crucial in the insurance industry because their work directly influences whether an insurance policy should be issued and, if so, its terms, limits, and premium.

Here are critical aspects of underwriting:

1. Risk Assessment: Underwriters assess the risk associated with insuring someone by reviewing factors like their health records for a life or health insurance policy, driving records for auto insurance, or the condition and location of a house for home insurance. The aim is to understand how likely the insured will make a claim.
2. Policy Terms and Premiums: Based on the risk assessment, underwriters set the terms and conditions of the insurance policy, including the cost of the premium, which is the amount the policyholder will pay for the policy. Higher-risk individuals or properties typically have higher premiums, while lower-risk individuals or properties will have lower premiums.
3. Accept or Reject: Underwriters may decide not to provide insurance if the risk associated with the individual or property is too high. For instance, a life insurance underwriter may deny coverage to someone with a terminal illness.
4. Guidelines and Regulations: Underwriters follow established guidelines and comply with laws and regulations to ensure fair and ethical evaluation. They use actuarial data, statistical models, and other relevant information to make informed decisions.
5. Automation and AI: Over time, some aspects of underwriting have become automated, with artificial intelligence and machine learning systems being used to assess risk based on various factors. However, complex or high-value cases often require a human underwriter to make final decisions.
6. Ongoing Evaluation: Underwriting is performed when issuing a new policy, renewing an existing one, or when there is a significant change in the insured risk.

In summary, underwriting is the backbone of the insurance process. It allows insurance companies to adequately assess risk and charge a fair and adequate premium, ensuring the financial sustainability of the insurance company while providing necessary coverage to policyholders.

Insurance Beneficiary

An insurance beneficiary is a person or entity designated to receive the payout or benefits from an insurance policy in the event of the policyholder’s death or a qualifying event. This term is most commonly used in life insurance policies but also applies to other types of insurance like health insurance and certain types of property insurance.

Here are some key aspects of insurance beneficiaries:

1. Designation: The policyholder chooses who the beneficiary or beneficiaries will be. This can be a person, such as a spouse, child, or other family member, or an entity, like a trust, charity, or business.
2. Primary and Contingent: There can be more than one beneficiary for an insurance policy. Beneficiaries can be classified as “primary” or “contingent.” A primary beneficiary is the first in line to receive the death benefit. If the primary beneficiary can’t or won’t accept the benefit (for instance, if they predecease the policyholder), the contingent (or secondary) beneficiary will receive the payout.
3. Splitting Benefits: The policyholder can split the benefits between multiple beneficiaries. They can stipulate the percentage each beneficiary should receive, or they can decide that the benefits should be split equally.
4. Benefit Payout: Upon the occurrence of the qualifying event (such as the death of the policyholder in the case of life insurance), the insurance company will pay out the policy benefits to the designated beneficiary or beneficiaries. Depending on the policy terms, this could be a lump sum, annuity, or other form of payment.
5. Changes: The policyholder can generally change the beneficiary at any time unless the beneficiary designation is “irrevocable.” In an irrevocable designation, the policyholder needs the consent of the current beneficiary to make any changes.
6. Legal Considerations: Beneficiary designations have significant legal implications and should be made carefully. The benefits from an insurance policy generally bypass probate (the legal process of distributing a deceased person’s assets), going directly to the named beneficiary. They should be considered part of an overall estate planning strategy.

In summary, an insurance beneficiary is a person or entity that the policyholder designates to receive the benefits of an insurance policy upon a qualifying event. The policyholder can change the choice of the beneficiary and can be split between multiple parties. It’s essential to managing an insurance policy and should be considered carefully.

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Jason Martin

Jason Martin is an experienced and knowledgeable professional in the insurance industry, with over 26 years of relevant knowledge under his belt. After completing his Bachelor's degree in Mathematics, Jason got Actuary Insurance Certification in 2005.

From 2022.,Jason writes educational insurance articles for Promtinsurance.com.

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