4 Basic insurance concepts you should know

David Esteva
Web Developer

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In the current time where we live, having insurance is essential since we can not only protect our personal and real property, but also be supported in the event of an accident or illness. It is for the above, that contracting insurance becomes necessary and of great importance, but what concepts should we have clear before contracting any insurance? Here we explain it in a simple way:

What is an Insurance Premium?

It refers to the amount of money that the insured pays for the risks that he is transferring and this is usually paid in installments for a year, monthly, semi-annual, weekly or all at once.

The value of the premium will depend on factors such as the probability of an accident occurring or the frequency in which this can happen. When paying the premium, the insurance company must comply with the coverage stipulated in the insurance policy.

What is a policy?

It is the document that certifies the support that the insured person accesses when they pay a premium for this.

What is a deductible?

It refers to the sum of money established in the particular conditions of the policy, which will be the responsibility of the insured in the event of any claim.

In the case of having contracted some deductible coverage, the insurance company will be responsible only for the amount that exceeds it. On the other hand, if the deductible is agreed as a percentage of the loss, this will be applied to the final net loss, that is, in the sum of all the disbursements and expenses incurred less I recover them.

What are coverages?

These are the risks that the insurer will assume in the event of a claim. In addition, there are different types of coverage in insurance contracting, so you should analyze and choose the ones that best suit your needs.

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