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Suggestions for understanding insurance policies

For many Kentucky families, having adequate insurance coverage is critical to protecting their financial future and facilitating recovery in the wake of unforeseen disasters. However, more often than not, people do not fully understand the details of their insurance policy. Failure to take the time to become educated on the type of coverage a person has, can create considerable confusion that could end up resulting in costly consequences if an emergency occurs. 

When someone invests in an insurance policy of any kind, he or she should take the adequate time to familiarize with the terms and conditions. According to Nationwide, some of the important topics people should look for when reading through their policy include the following:

  • Exclusions
  • Definitions
  • Endorsements
  • Conditions
  • Insurance declarations
  • Coverages

Someone who has never had insurance before may be a bit overwhelmed by the wordiness of their policy. However, when people understand how to read their policy and what the terms and conditions of their coverage mean, they may feel much more confident that they will not run into problems with bad faith claims down the road. Insurance Journal provides some excellent suggestions for people to remember including the following:

  • They should watch for keywords and phrases that indicate the purpose of their policy.
  • They should be familiar with who is considered to be insured.
  • They should pay close attention to coverage limits to determine that they are adequate for their personal needs.
  • They should follow the prompts closely. For example, if one section refers to another paragraph, they should immediately find and read the cited paragraph.

People should always read and fully understand their insuring agreement to avoid costly misunderstandings about the function and coverage of their policy. 

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