Insurance Has a Language.Let's Translate It.
You shouldn't need an insurance license just to understand your own policy. Here's a plain-English guide to some of the words you'll hear along the way.
No insurance dictionary required.
Let's Make the Fine Print Make More Sense.
Insurance comes with its own vocabulary. Understanding a few of the basics can make it easier to ask questions, compare options, and understand what you're looking at.
The amount charged for an insurance policy, typically paid according to the billing schedule established by the carrier.
The amount the policyholder may be responsible for paying toward a covered loss before applicable insurance benefits begin, depending on the policy.
The maximum amount an insurance policy may pay for a particular covered loss or category of coverage, subject to the policy terms.
A provision identifying something the policy does not cover.
A change or addition to an insurance policy that can modify its terms or coverage.
A request for coverage or payment under an insurance policy after a loss or covered event.
The date insurance coverage is scheduled to begin, subject to carrier acceptance and applicable policy terms.
The continuation or replacement of an insurance policy for another policy term, subject to carrier terms and eligibility.
Termination of a policy before its scheduled expiration date.
When an insurance policy is not continued for another policy term.
These definitions are provided for general educational purposes and are simplified explanations of common insurance terminology. Actual coverage is determined by the specific insurance policy, endorsements, exclusions, carrier requirements, and applicable terms and conditions. If there is a difference between information on this website and an issued insurance policy, the policy documents govern.
Insurance shouldn't require a translator.
That's why education comes before the policy.
More Options. More Possibilities.
As an independent insurance agency, Shay Koko Insurance works with and has access to multiple insurance carriers and markets. That gives us the ability to explore available options based on the type of coverage, individual risk, eligibility, underwriting, and market availability.
Carrier and product availability varies by product, location, underwriting eligibility, and market access. Inclusion on this website does not indicate that every product is available to every applicant or that every carrier relationship is a direct appointment.
With Intent by Shay
For deeper conversations about insurance, protection, business, life, and everything in between — read With Intent by Shay on Substack.
Read With Intent by ShayDefinitions Explain the Words. A Conversation Makes Them Personal.
If you're looking at coverage and something doesn't make sense, ask. Insurance is easier to navigate when you understand what you're looking at.
Insurance with Intent. Service with Soul.