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Life Insurance Glossary

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Life insurance may be something you aren’t thinking about at this stage in your life but learning more about how you can protect your loved one’s financial future is important. It’s a lot easier to feel good about your decisions when you understand the language in the policy. Here are some of the common terms you may see as you’re shopping.

Deductible

In an insurance policy, the deductible is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.

Collision Coverage

Collision insurance is coverage that reimburses the insured for damage sustained to their automobile when they are not at fault. This type of insurance is separate from a comprehensive automobile insurance policy but often added an extension.

Uninsured Motorist

UNINSURED MOTORIST Uninsured motorist (UM) coverage is a component of an auto insurance policy that provides coverage when the policyholder is in an accident with someone who does not have insurance.

Deductible

In an insurance policy, the deductible is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.

Collision Coverage

Collision insurance is coverage that reimburses the insured for damage sustained to their automobile when they are not at fault. This type of insurance is separate from a comprehensive automobile insurance policy but often added an extension.

Uninsured Motorist

UNINSURED MOTORIST Uninsured motorist (UM) coverage is a component of an auto insurance policy that provides coverage when the policyholder is in an accident with someone who does not have insurance.

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