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Insurance Agreement
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What is an Insurance Agreement?
Key Terms in Insurance Agreements
Purpose of Insurance Agreements
Types of Insurance Agreements
3 Main Parts of an Insurance Policy
Getting Help with Insurance Agreements
Insurance can exist for virtually anything in every industry, but we often see insurance
agreements for health insurance, life insurance, and auto insurance.
Claim: An insurance claim is a formal request to the insurer for compensation for
a covered event.
Comprehensive: Comprehensive means that the insurance policy covers
everything and exclusions must be defined in the contract.
Co-Pay: Co-pays are seen in health insurance policies. This is the amount of
money the insured must pay out of pocket before the insurance company starts
paying. Often, insured parties are required to pay a set co-pay for each visit to a
medical professional.
Declaration Page: The declaration page is part of the insurance agreement that
summarizes your coverage. It will detail the limits, premiums, and deductibles of
your policy and provide instructions on filing a claim.
Deductible: A deductible is the portion of the loss that the insured is required to
pay.
Enrollment Period: Enrollment periods are the time frames in which a party can
update or change its policy. This is seen often with health insurance policies.
Liability Coverage: Liability coverage protects the insured party against injuries
and damage to other people and property claims.
Policy: A policy is the written contract that lays out the exact terms agreed upon
by the insurer and the insured
Premium: Premium is the payment that the insured agrees to pay in exchange
for the insurance coverage. Premiums can be paid monthly, quarterly, bi-
annually, and sometimes annually. When the deductible is higher, the premium
will be lower.
Risk: Risk is the possibility of losses that the insurance company agrees to
cover.
Term Insurance: Term insurance is a phrase that can be found in life insurance
policies. If a policy is term insurance, the payout will only happen if the insured's
death occurs within a specific time frame or after a specific age.
Underwriter: The underwriter for an insurance policy identifies the risk to
determine if coverage should be provided and how much it will cost.
For more key terms that you may see in your insurance policy, check out this glossary.
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The events covered by insurance agreements are uncertain. This means that they may
not happen at all—for example, a car accident. The insured agrees to pay a premium in
exchange for car insurance. If an accident occurs, the insurance company will cover the
cost of damages. However, even if an accident never happens, the insured still must
pay the premium payments.
Insurance contracts are aleatory contracts because the amount exchanged by the
parties is unequal and depend upon future uncertain events. Insurance agreements are
also considered unilateral contracts because only the insurance company is making a
legally enforceable promise.
For additional information about understanding your insurance contract, check out this
article.
Life Insurance: Life insurance policies come in two policies: term life insurance
and whole life insurance. Term life insurance provides coverage at a fixed rate of
payments for a limited period. Whole life insurance is permanent life insurance
that covers the insured until they die. Life insurance is essential for anyone who
supports a family that would not financially survive without them.
Health Insurance: Medical treatment, especially for severe injuries or diseases,
can be costly. Health insurance shifts the burden of paying for this expensive
care from the insured to the insurance company. The insured party will often pay
a monthly premium along with a co-pay at medical visits in exchange for
coverage after a certain amount of out-of-pocket expenses.
Auto Insurance: Depending on your state, auto insurance is often legally
required to operate a motor vehicle. Auto insurance doesn't only cover damage
done to a vehicle, but it will also cover medical expenses of people injured in a
car accident.
Homeowners Insurance: Homeowners insurance protects a person's home if it
is damaged. Damage can occur from natural disasters, fires, floods, or accidents.
Homeowners' insurance also usually covers the items in the house from damage
or theft and injuries on the property.
Renters Insurance: If you rent a property, renters' insurance is important for
protecting your belongings. While homeowners' insurance protects the property
owner's investment, anything you own on the property will not be covered.
Renters insurance protects personal property from theft and damage.
Umbrella Insurance: Insurance agreements usually have a cap and only cover
damages up to a certain amount. If damages surpass the cap, you could be left
paying out of pocket. Umbrella insurance covers these costs that are more than
other insurance policies.
Travel insurance
Pet insurance
Flood insurance
Uninsured motorist insurance
The type of insurance policy that you invest in will depend on your specific needs and
risks.
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The insured must understand these three parts of their insurance policy so they are not
faced with any surprises if an event requires an insurance claim.
There are many other important parts included in insurance agreements. Some other
essential elements of an insurance agreement are as follows:
Read this article for more information about the different parts you will find in an
insurance agreement.
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