An insurance agency typically offers a wide variety of policies to protect clients against risks. If you need to increase your insurance coverage, it is a good idea to compare quotes and policies from a few different insurers. Below are several common insurance group terms to know when talking to a company representative.
Premium – An insurance premium is the amount of money an insured pays to an insurance company for their coverage. There are many factors that can influence the amount of an individual’s premiums. For instance, health insurance premiums are higher for smokers. An agency will give a client a quoted rate before they buy a policy.
Auto Liability – Auto liability insurance covers the costs of damage to property or injuries to others caused by the insured in an accident. Many states require that drivers have a minimum amount of liability insurance in order to drive a car.
Uninsured Motorist – A policy that includes uninsured or underinsured motorist coverage covers costs incurred if the insured is in an accident where the person at fault does not have insurance or enough insurance. Any medical bills or repairs not covered by the at-fault party will be covered by the uninsured motorist policy.
Homeowner’s Insurance – Homeowner’s insurance covers damage to a home caused by fire, flooding, or natural disasters. It also may cover loss of items inside the home. Similar policies are available to renters.
Group Health Plans – A group health plan is typically offered through an employer, but can be obtained from other organizations like schools. Frequently, an employer will pay a portion of the medical insurance costs and employees will pay a predetermined rate based on how many family members will be covered.
An insurance group policy is health or life insurance coverage that applies to more than one person. The purpose of this coverage is to protect the a family or group of employees against a loss. This is called indemnity, which essentially means security or protection against a financial burden or loss. There are insurance professionals located across the United States that offer group policies, and they have been in business for many decades now. In fact, there are more ways to insure yourself or your property these days than ever before.
Some of the different types of group policy agreements that companies handle pertain to health, auto, home, business, and life insurance coverage. For instance, many people acquire health and dental insurance so that routine check-ups or emergencies are not so expensive when they arise. Just so you know, the premium rate is basically the sum of money that is paid toward the coverage plan. Some businesses assist their employees with getting casualty insurance coverage to protect them against risks and accidents, and this commonly makes the individual coverage less expensive for each employee. Different insurance policy brokers and agencies offer different kinds of group benefits and health or life coverage packages.
The internet is an excellent way to learn a great deal more about group insurance policy agreements that are offered in your area and around the country. In fact, online you can actually pull up agency websites to see what types of group or family coverage they offer. You may even want to speak with a certain agency or broker to get more details on policies.