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Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

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Homeowners Insurance HOME

A standard policy insures the home itself and the things you keep in it.

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Discover the perfect insurance options to meet your specific and unique needs.

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Browse a variety of insurance options in order to find the right one for you.

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Learn about different health coverage options that fit your specific needs.

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 Insurance Policy 

When it comes to insurance, you have more than likely encountered a handful of terms and you were not exactly sure what they meant. Insurance is not always the most exciting and glamorous industry to discuss and the terminology can be difficult to understand. With that being said, it is important to have an understanding of the most basic insurance vocabulary to help you know if you have the right policy for your needs. Here is a beginners guide that will teach you a few of the essentials to add to your insurance lingo.

1. Insured: The person or parties who are protected by an insurance policy (you.)

2. Risk: A broad term referring to the chance of loss on any particular item of insurance.

3. Policy: A written insurance contract.

4. Coverage: The specific protection provided by an insurance policy including properties, locations, and individuals insured, as well as limits of such protection.

5. Premium: The amount of money an insurance company charges in return for providing coverage.

6. Deductible: A specific dollar amount a policyholder agrees to pay out of their own pocket before the insurance company covers the rest of the loss. Keep in mind that a high deductible means a low premium and a low deductible means a high premium.

7. Limit: The maximum value to be paid out by the policy to the insured.

8. Peril: The specific cause of a loss. (Examples: fire, windstorm)

9. Claim: A request made by the insured seeking payment from an insurance company for a loss that may be covered by an insurance policy.

10. Exclusions: The section of the policy contract that specifies the condition or item not protected by the policy.

At The Louisiana Insurance Center, our mission is to protect our client as well as to educate them too. If you have questions about insurance terms, your current policy, or any other insurance-related issue, please feel free to contact our office at (225)292-7680.
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