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Confusing Insurance Terms – Translated into English!

Get to know your insurance policy by understanding the terms! Fumbled by jargon? Stumped by specifics? Perplexed by policies? You’re not alone! Trying to understand an insurance plan is like reading a technical manual in a foreign language – that’s why insurance agents must be well-trained and knowledgeable! So that you can properly understand potential policies and find the best coverage for you, here’s a breakdown of what insurance terms mean. Open enrollment: This is the period you’re allowed to sign up for next year’s insurance. Most insurance companies allow you to choose your coverage for the next year during a specific amount of time that is “open enrollment” unless you’ve changed jobs or had a qualifying life event! Premium: This is your monthly bill! Therefore, your monthly premium is what you pay for your insurance policy. Deductible: The total amount that you have to pay out-of-pocket before insurance kicks in. If you have ... Read more