When it comes to insurance, most people get the proverbial "deer in the headlights" look when an agent is talking to them. Numerous terms are being used during a presentation--e.g. pre-existing, grace period, reinstatement--just to name a few. I have had a tendency in the past to rattle these terms off without a second thought, taking for granted the person knew what these terms meant. Now I am making it a point to educate all of my prospective and current clients about what different terms mean, so they'll have a full understanding of what a particular policy does/does not do. After all, it is my job - to explain all aspects of a policy, from the terms, to the premiums, to how to file claims. Unfortunately, though, there are agents who do not explain policies in full as they are supposed to. I know this because I've had some not-so-pleasant conversations with other agent's clients where they didn't know how their policy/policies worked, what benefits were payable, etc.
As a resulf of past experiences (and in keeping in line with my mantra of educating), I have developed a blog series, titled "Glossary of Terms". This series will feature a different insurance term--from its definition, how and why it's used, to showing examples. The ultimate goal of this series is to educate you, the consumer. The more you know, the more you'll be able to make the right choice(s) for you and your family.
I hope you enjoy this series!