Table of Contents
- 1 What Is Insurance?
- 2 How Insurance Works
- 2.1 Key Takeaways
- 2.2 In order to select the best policy for you or your family, it is important to pay attention to the three critical components of most insurance policies—the deductible, premium, and policy limit There are also insurance policies available for very specific needs, such as kidnap and ransom (K&R), medical malpractice, and professional liability insurance, also known as errors and omissions insurance. Insurance Policy Components When choosing a policy, it is important to understand how insurance works. A firm understanding of these concepts goes a long way in helping you choose the policy that best suits your needs. There are three components (premium, policy limit, and deductible) to most insurance policies that are crucial. Premium
- 2.3 Policy Limit
- 2.4 Deductible
- 3 Special Considerations