Confusing Insurance Terms ExplainedPosted: June 2, 2012
Here is an excerpt from a new blog post at GreggMarcus.com:
Many people upon receiving an insurance policy renewal of any sort often find that many insurance terms are confusing and indefinable. Of course those in the business itself have little to any trouble conceiving the long and tedious contracts. If you don’t ask for explanations of specific terms and concepts there is an assumption that you understand them, many of these terms are quite befuddling to the layperson. In this post, Long Island Insurance Executive, Gregg S. Marcuswill define and elaborately clarify many confusing insurance terms and conditions.
Two very common phrases often uttered throughout an insurance policy are replacement cost and market value; this is of course when referring to a homeowner’s insurance policy. Replacement cost and market value are affected by the fluctuations in the economy, including the costs of labor and other materials or housing demands. Often the market value of a home will be a bit higher than the replacement costs or vice versa.
To read this post in it’s entirety, click here to visit the Gregg Marcus official website.