My Insurance Policy

My Insurance Policy - Who is the Policyholder/Insured?

The last post here at My Insurance Policy defined what an insurer was, and provided a rating chart that gave you a good idea of financial stability and operating quality of an insurance company. Today, we’re getting a little more personal - and talking about YOU. Well, maybe not you specifically, but the policyholder and insured of an insurance policy.

Please note that although most commonly the policyholder is included as an insured (and actually, most referenced definitions indicated these terms are one in the same), it is the opinion of this writer that it does not stand that these two terms are interchangeable.

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My Insurance Policy - What is an Insurer?

We’ve covered some basic parts, characteristics, and definitions of insurance and the insurance policy.  We’ve given you a few easy insurance definitions to give you a heads up when you discuss how insurance works; we’ve taken time to overview the parts of a insurance policy and the basic principles on which an insurance contract is designed. Review our archives to see those posts.

Today, we’ll continue down our list of basic insurance definitions and overview some things you should know about the insurer, or the insurance company.

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My Insurance Policy – What is a Policy? Continued

Recently, MyInsurancePolicy gave you a brief overview of what an insurance policy, or insurance contract, sets out to define with the relationship between the insurer (insurance company) and the insured (the policyholder, you!). The previous post also went over the five basic parts of a insurance policy: Definitions, Insuring Agreement, Declarations, Exclusions, and Conditions.

Aside from the parts of the insurance policy, there are also some general features you should be aware of – outlining these features gives better perspective of the characteristics of an insurance contract, and how that might relate to you as a consumer.

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My Insurance Policy - What is a Policy?

The title of this post, “What is a Policy?” is not meant to be condescending in any way, shape, or form. But the intent of this site is to make insurance a less complicated matter, keeping terms, definitions, and principles understandable by the common consumer.

In our first post, “What is Insurance?” we gave a simple and brief explanation of this financial service product. With that, we also laid out some common terms that might be used by an insurance agent when discussing it with you. The first of those terms was: Policy - legal agreement or contract between 2 or more parties usually pertaining to insurance.

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My Insurance Policy - What is Insurance?

We have all heard of it, we all know that it many scenarios it is required and/or desired, and we think we know what it is for.  But how many times have people said, what exactly is insurance and what does my insurance policy cover?

Whether it’s for a automobile accident, hail damage to our roof, offsetting medical bills, or in the event of death - insurance is one of those abstract services that many despise dealing with and paying for, but are relieved and glad they were carrying it.

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