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Common Insurance Terms

As insurance claims adjusters serving the Twin Cities, we realize that sometimes the insurance world lingo can be a bit confusing. Having some knowledge of what certain terms mean can be a big help when navigating the often baffling world of insurance and insurance claims adjusters. So we thought we would take the time to define some of the most commonly used terms.

Accident: An event that is unforeseen and unintended.

Adjuster: There are two kinds of adjusters. There is an insurance company adjuster, who works for the insurance company. There is a public insurance adjuster, who works independently of an insurance company and is usually hired by the claimant.

Claimant: The person making the insurance claim.

Contract: The agreement between the insurance company and the policyholder. Another name for this is “insurance policy.”

Deductible: This is the amount of money the policyholder must pay before the insurance company will pay out.

Independent adjuster: This is a person who charges the insurance company a specified fee to adjust the insurance company’s claim.

Loss: This is the amount of money an insurance company will pay on a claim.

Market value: The current amount that your house is worth. This also includes the price of the land you own.

Peril: This is a specific risk covered by an insurance policy for properties. Examples include flood, fire, theft or windstorm.

Policy owner: This is the person who owns the policy. Usually it is the person who is paying the premiums and is the only person who is allowed to make changes to the policy.

Premium: The amount the insured person pays to the insurance company to get or maintain an insurance policy.

For more information on insurance claims adjusters in the Twin Cities, call Norcia Insurance Consultants at 1-866-512-LOSS (5677) or contact us for a Free Consultation.

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