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When it comes to procuring the right insurance policy, knowledge is key. This is especially true for insurance terms, which can sometimes be confusing to the average person. In this case, the Phillip Kent Beck Agency of High Point, NC, goes above and beyond to provide clients with the information they need to make an informed decision. As a Nationwide® insurance agency, you know you can trust in the guidance provided by this skilled and capable firm, whether you’re in search of a life insurance policy or are looking for auto coverage.

Understanding Insurance: 7 Important Terms to Know

Co-Payment

insuranceMany policies include provisions that stipulate both the insurance company and the insured must be responsible for a claim. In most cases, a ratio will be applied that states how much financial responsibility each have regarding a claim.   

Deductible

A deductible is how much money you’ll have to pay before insurance coverage kicks in. In some cases, a deductible may be a percentage of the total claim, or it can be a pre-established amount.

Premium

A premium is the regular payments you must make to the company issuing your policy. The higher the deductible you pay, the lower your premiums will be.

Group Insurance

In the workplace, group insurance is how health or life insurance policies are afforded to workers. The employer secures a master policy, and each employee is then given individual membership cards.

Beneficiary

The insured can name beneficiaries on their policies, which means that any money accumulated on a policy will be given to the beneficiary upon the insured’s death.

Coverage

Within an insurance contract, coverage refers to the area of protection included in the policy.

Network

The insurance network refers to the health care providers covered under a given policy. If you choose to go out of network, the cost of treatment can be claimed for reimbursement.

Have questions about insurance in High Point? Contact the Phillip Kent Beck Agency today to learn more about how you can protect the things that matter most to you. Call (336) 434­-2111 today to speak to a friendly and knowledgeable representative about your current insurance needs. You can also visit this agency online for more information on the insurance products that are currently available.

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