Insurance terms explained
By Kathleen Gorman
|There are two key terms included in almost every type of insurance policy: deductible and limit.|
Let’s break down how these terms apply to personal insurance:
A deductible is the amount of money to be paid out of your pocket on a claim before your insurance kicks in. In most cases, your insurance carrier will subtract the deductible from the total and cut you a check for the rest. Work with your agent to determine how your specific policy is structured.
A limit is the maximum amount that your insurance carrier will pay toward your claim, leaving you responsible for the rest. In high-risk situations where the limits seem insufficient, ask your agent about an umbrella policy.
As always, our agents are standing by to help you understand and make the most of your insurance.
If you have any questions, we invite you to call our experts at 800-268-1830 or email us at [email protected].
Kathleen Gorman is senior vice president of personal insurance at OneGroup.
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