Every industry has their own jargon and set of acronyms used by insiders. Sometimes they are technical terms or language that people use to describe a precise process, a part, or a concept; sometimes, they are slang that develops among colleagues in an organization or an industry over time. But industry-specific terminology can be confusing,…
Sometimes, insurance lingo is quite confusing. Even simple terms can be misunderstood when you review your policies. One question that our agents hear all the time is “What’s the difference between cash value vs. replacement costs in homeowners insurance?” Here’s the scoop. Cash value insurance coverage is the cost of the item minus depreciation. So,…
Every industry has its own business jargon and insurance is certainly no exception … in fact, we may have more than our fair share, and a lot of lingo can be quite confusing to the average person. One question that we get on the regular is “what’s an insurance rider?” An “insurance rider” is more…
