Rule 1 - Insurance is all fine print - work to understand it.
Insurance policies are written by insurance companies to cover specific risks and exposures. Every word is carefully placed to clarify, expand, and restrict coverage. There are no hidden meanings. There is no subterfuge. Ambiguity in insurance contracts can be disastrous for the insurance company as courts always read confusing language in favor of the insured.
Courts, too, help define insurance contract language. Precedent moves insurers to further clarify language.
A basic understanding of insurance is not a Herculean task. For almost 5 years, I have made 480 posts trying to explain insurance concepts and issues to insurance buyers. Your insurance agent is available to help too. Heck, helping insurance buyers is why I'm in business. All you have to do is call.
Insurance policies are written by insurance companies to cover specific risks and exposures. Every word is carefully placed to clarify, expand, and restrict coverage. There are no hidden meanings. There is no subterfuge. Ambiguity in insurance contracts can be disastrous for the insurance company as courts always read confusing language in favor of the insured.
Courts, too, help define insurance contract language. Precedent moves insurers to further clarify language.
A basic understanding of insurance is not a Herculean task. For almost 5 years, I have made 480 posts trying to explain insurance concepts and issues to insurance buyers. Your insurance agent is available to help too. Heck, helping insurance buyers is why I'm in business. All you have to do is call.
No comments:
Post a Comment