What Benefit This "Glossary of Insurance Terminology" Would I get? | Insurances Guidance

Glossary of Insurance Terminology

In my humble opinion, I think the "Glossary of Insurance Terminology" is a dictionary of insurances a plan of protection from any risk/loss of contingent occurring or existing only if (certain other circumstances) are the case; dependent on that you want to hedge.

Therefore, the number of "Glossary of Insurance Terminology" is very important if we are talking about an insurance. Nobody knows all the words or vocabularies which we are using them in our daily life so that, in a similar way, we will never recognize or define every vocabulary about an insurance.

Am I right?

In these days, the world is changeable dramatically. We create lots of things new every day, such as online trading, business online, financial online service and application, learning online, inbound-outbound traveling service, auto manufacturing, natural disaster, new germs...

All immediate above lines as I have mentioned, they are risky. We cannot predict what would be happened against ours.

It's hard to let our business goes to the fate without closely monitoring amid unseen risk and severe competitive. Or you think you have had enough any tools to use to save your enterprise from any damages. If so, it's a great deal for you having a security company in your hand.

On the contrary, what will you do if you look at the right; - find nothing, at the left; - see none, some approaches protecting your assets...

You think, your health is excellent for long? How many times do you exercise in a week? How long do you take each time?

Yes, you may rethink again if you want to look after your business and or your health much more than as it is.

How Important Does This The "Glossary of Insurance Terminology"" For Me?

This is a sequence from the first question, the benefit of a glossary of insurance terminology. Once you want to make any decision choosing your insurance policies or select your options.

If you know as much as the wording of insurance terms, it will help you a lot when you discussing, making the mated choices for protection from any uncertain loss, financial damage, and even the risk of your contingents.

Can you guess?

How many people know the comprehensives glossary of insurance terms very well?

Very little, because they are written by the technical term or terminology of insurance particularly. Not easy to understand all their definition.

However, you cannot escape from this puzzling world(words) of insurance. According to how it is important for us; hence, I suggest you should adjust yourself to become familiar with it. Then life will be easier, especially when the time of talking about insurance come.

Where Can I Find This "Glossary of Insurance Terminology"?

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↪ 🔺 Useful links recommended to visit:

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After you realize how the importance of the insurance terminology is, next question is where you can get them.

There are several information sources for you to find out the words using many terms of insurances.

• Re-visit this blog and read our posts 
• Searching for a website via the internet
• Buying an insurance book
• Watching them from YouTube videos

What are the differences between the sources of knowledge above?

It's our plan to posting the glossary of insurance terminologies alphabetically; - starting from A...letter onward.

Re-visit this blog and read our posts.

Our post will be published every 3 days, for example, if the pre-posting first written and published on Wednesday, thus, the post-blogging will be seen on the following Saturday. That's our tentative schedule.

Our world today is enriched by the bulk of information on the internet platform. You only have a smartphone, desktop, tablet,...and...of course free time, then you just simply search for the line of insurance business, do this, you could get some of the glossaries of insurance wording out there as well.

Buying an insurance book.

It's not a bad idea at all to buy and own one an insurance book or an insurance handbook. Your belonging, it's handy and more compatible whenever you want to use it, you get it, anywhere, anytime.

Watch it on YouTube. 

With short and long videos teaching about insurance knowledge are available on YouTube, try to watch them yourself if you have an internet with medium speed whenever you have free time or it's just in need.

When Must I Focus The "Glossary of Insurance Terminology"?

Whenever you would like to have one, an insurance policy.

Should you know the core of your contract first before doing an insurance?

You would be a good planner as you know somewhat about an insurer, insurance company or a person who provides you an insurance policy and you, yourself!- an insured.

At least, when you are going to buy an insurance, here are some of the insurance technical wording that you must know:

• Insurer 
• Deductible 
• Beneficiary
• Coverage
• Insured

I am humble to tell you that those majority of insurance terminology you should know their meaning before you making choices for the best price, the right an insurance policy for your life or your property.

May I tell you a real story of mine about insurance terminology?

One day, I had the call from the insurance direct sales telemarketer. After she had told me a bit about herself, then she threw several questions regarding persuade me feeling insecure about my life after retirement, my future income, and expense, etc.

Well, she was really a very good insurance representative, tried to sell a retirement plan policy to me. For the first time she called, I gave her a sadness by saying "Nope".

Why did I say that so?

At that time, I thought I didn't understand much what she had tried to describe somewhat benefits I should get if I had had one; - a retirement policy.

Can you imagine such as the tough the two people talking about insurance via cellphone?

Moreover, how hard it was for the guy who lacks the knowledge of insurance terminology to get along with the specific wording using in an individual insurance business! That's why I have heard that insurance sales representatives, agencies, and insurance brokers getting much commission for each case that they have closed.

Well, It doesn't any matter for me how many cents or dollars banknotes they can collect. I have never taken a look at their side at all. But the problem is with respect to me, currently, I don't have any retirement policy even just one.

Or I made a big mistake that I didn't make any decision to have one in the past?

I blame myself that I have lost my opportunity because I was very weak about knowledge of insurance and also its terminology. It's a bit too late for me to hold some insurance policies with my current age; such that kind of insurance policies; - retirement program...

Who Is Involved With It, "Glossary of Insurance Terminology"?

I would say that, basically, there are 2 parties to concern to the insurance terminology; the insurance company(insurer) and the one who want to make an insurance policy(insured) or that is often called the policyholder.

Summary of the 2 parties involved

1. Insurer -> issue an insurance policy, receive a premium, pay claim amount
2. Insured -> hold an insurance policy, pay a premium, receive claim amount.

Why Should I Know This The "Glossary of Insurance Terminology"?

Do you know that the insurance company has its own law team to protect its benefit?

They, the lawyers to the insurance company, do not only know about the law which is relevant to the policy, but also the insurance terminologies thoroughly.

That's the reason why you must know some keywords of insurance technical wording too. If not so, how could you defend your compensation when having a claim?

Here we come to our final what we have come along together on this topic about "Glossary of Insurance Terminology."

I really hope that the things I have posted and shared with you today would help you to prepare yourself prior you jump into an insurance policy.

Please, learn more and more until your insurance knowledge level is adequate to judge what is really you want from the insurer in case you had to claim the amount against the damaging of your contingent or your property.

Thanks for reading.

Posted by: Michael Leng



I've known, then I've grown.