Some examples of the daily jargon used are: 1. Umbrella- which is an extra liability coverage for when the client’s original policy does not cover the full cost of the loss. 2. Waiver: A right to waive the policyholder’s obligation to pay further premium payments in the event they become disabled and cannot work. 3. Deductible: The amount a policyholder must pay for a loss before the insurance policy pays out. 4. Premium: monthly payment for coverage provided by a policy. 5. PIR- a personal insurance review for clients who haven’t reviewed their insurance in a while. 6. Warranty- promise by the insureds that statements made in the policy are true to the best of their knowledge. Some of these terms have a different meaning to those outside of the insurance industry. For example, some people tend to think of an umbrella as something that keeps them dry on a rainy day or a warranty as something that guarantees their money back if there is a defect in their product. These differences in speech are what makes the insurance industry so unique. Every agent and staffer are required to go through extensive training where they learn terms such as these so that they can effectively communicate within the agency. This exclusive language also brings about a sense of community within the
Some examples of the daily jargon used are: 1. Umbrella- which is an extra liability coverage for when the client’s original policy does not cover the full cost of the loss. 2. Waiver: A right to waive the policyholder’s obligation to pay further premium payments in the event they become disabled and cannot work. 3. Deductible: The amount a policyholder must pay for a loss before the insurance policy pays out. 4. Premium: monthly payment for coverage provided by a policy. 5. PIR- a personal insurance review for clients who haven’t reviewed their insurance in a while. 6. Warranty- promise by the insureds that statements made in the policy are true to the best of their knowledge. Some of these terms have a different meaning to those outside of the insurance industry. For example, some people tend to think of an umbrella as something that keeps them dry on a rainy day or a warranty as something that guarantees their money back if there is a defect in their product. These differences in speech are what makes the insurance industry so unique. Every agent and staffer are required to go through extensive training where they learn terms such as these so that they can effectively communicate within the agency. This exclusive language also brings about a sense of community within the