These are the 3 most important terms in the insurance world

I think in life, there are some basic things we should be familiar with and one of them is insurance. Why? Well, you need to be aware that accidents are a risk for anyone in life and that there are ways to diminish the expenses you must incur in when these accidents happen.

Now, like anything in life unless you have a career in insurance, there are probably some terms you will need to look up and get familiar with as they will be constantly in your mouth if you happen to get insurance, especially if you go for foremost insurance.

These are 3 of these words.

1.                 Repatriation of Rema-what?

Repatriation of remains. This is one of the reasons people get insurance. Since at some point accidents could result in the death of the person that is insured, this is where this term comes in. It means that all the expenses related to moving the deceased’s body to where family members want it to be buried is covered by their insurance company and this is called repatriation of remains.

2.                 Beneficiary

I am guessing when you first read this term you may think that its definition is something relating to benefits, right? Well, you are correct my friend. This term related to the person that is actually going to benefit from the company that is insuring him or her. They are the insurance policy holders and therefore, get all the benefits that come from this insurance.

3.                 Deductible

Now, you are aware that depending on the insurance plan that you are covered with, you may or may not have all expenses covered by your insurance company.

This is where this term plays a role. Deductibles are all the expenses you must incur in which means; this is the part of the expenses relating to medical emergencies that you must pay.

You can’t complain as you are probably paying a lot less than you would have if you were not insured so, you can kind of say it is a small price to pay for being insured.

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