About Me
Jennifer Smith is an expert in the health, car, and property insurance industry who possesses the licensing and experience needed to offer the best possible service to his customers. Her mission is to build customized insurance policies tailored to each client’s specific personal, business, or health insurance needs. As your insurance agent, Holland can advise you on a multitude of products and services regarding insurance.
Insurance Guide
Insurance is a written contract between an insurance company (insurer) and an individual or entity for which the insurer provides protection against financial losses. The insurance company is able to provide this protection by pooling risk from a large group of individuals and entities with similar needs.
Insurance is generally designed to protect you in the event of a loss you can’t otherwise pay for, such as if you total your car or require expensive surgery. If you don’t carry insurance, you may be 100% responsible for all related costs and expenses when an accident happens.
An insurance policy is a legal contract through which an individual or entity receives protection against unexpected financial losses from an insurance company. In exchange for a premium, the insurance company will reimburse you for losses should a covered contingency arise.
Let’s say you just bought a car and want to buy insurance, as your state requires. You and the insurance company would enter into a contractual agreement in which the insurance company agrees to protect your car against certain types of damage. Six months later, you’re involved in an accident that ruins your front fender. If your car insurance policy is in force and the damage to your fender is covered, your insurer will pay to repair the damage to any extent or limits specified in the policy.
Insurance contract
An insurance contract typically will have these basic parts:
I
The insurance declaration page is the first page of your policy and it identifies policy basics, including the insured, what risks are covered, the policy limits, and the term of the policy.
II
The conditions section has provisions that qualify or limit your insurer’s promise to reimburse or perform. The insurer can deny a claim if you fail to meet these conditions.
III
The insuring agreement summarizes what the insurer promises to do in exchange for your premium.
IV
The exclusions section comes after the Insuring Agreement and highlights what your policy doesn’t cover.
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