Insurance policies cover all aspects of life. From mortgage insurance to life insurance, there seems to be a policy available for anything. Even with how widespread insurance policies are, most people only have a basic understanding of them.
With only 19% of people saying they understand insurance policies on a basic level, there is a lot to learn for most people. In this video, the parts of an insurance policy are broken down and explained so you can become a part of that 19%
1. Policy Forms
These forms are the legal language that define every little detail of your coverage. These are sick, legal documents that most people don’t bother reading. This is where you can find out if a policy is right for you and what you’re looking for. Usually you as a policy holder will never actually read through these forms so it’s important to have an agent who can break them down in a clear and concise manner that you can understand.
2. Declarations Pages
These are the basic pieces of insurance policies. If you have no other documentation from your insurance policies, you need these above anything else. These pages break down the specifics of your policies and they tend to be the most familiar documentation of your policy.
3. Endorsements
These are extra coverage options that aren’t on the basic policy. These come at a premium and should be considered very carefully depending on your budget.
If you have any further questions about the logistics of insurance policies, contact your agent for more information.
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