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Insurance Terms That Relate to RV Life

July 13, 2022

Insurance can be a complicated topic, especially when terms are being used that are specific to the insurance field. Not everyone is an insurance specialist, but that’s okay! Below are some of the most important terms that have to do with insurance. You have probably heard these words before when researching a policy or contacting an insurance company, and now you will know exactly what they mean.


Agent – the person in charge of helping you through the insurance process. 


Appraisal – an assessment or evaluation of an object/property for an estimated value 


At-fault – points to a specific party in an incident in which they caused the situation because of reckless and/or careless actions


Claim – a formal request to an insurance company to receive compensation or coverage for an object or event that can be covered by a policy


Contingent beneficiary – person identified in will or trust that is second in line to receive benefits outlined in that said document; second in line to the primary beneficiary


Declarations page – an informational page that outlines the kinds of coverage and the costs for coverage that a person is committing to


Deductible – the amount of money that a person themself is responsible for paying for when it comes to insured loss


Estimate – a calculated dollar amount that identifies the cost of damage after an incident or need for coverage


Insured – covered by an insurance policy


Liability – the responsibility that one party has to provide assistance to damage that was committed by that party


Limits – the maximum amount of coverage that an insurance company agrees to offer for a certain policy


Loss – when something that is insured experiences damage


Policy – the agreement or contract between the insured and the insurance company on the details of coverage


Policyholder – identifies the person which the insurance policy covers or the person that owns the policy


Premiums – the amount of money that a policyholder will pay to the insurance company in order to be covered


Primary beneficiary – person identified in will or trust that is first in line to receive benefits outlined in the said document


Term life coverage – a type of life insurance that has a specified end date


Whole life coverage – a type of life insurance that is permanent with no end date (if all premiums are paid on time)