You don't need an insurance license to be a great Truvo partner, and you'll never quote, advise, or bind a policy yourself. But when a customer asks a quick question, knowing a handful of basics helps you point them in the right direction with confidence. This is a plain-English primer on the terms and mechanics that come up most.
What are the core insurance terms partners should know?
A few words do most of the heavy lifting. If you understand these, you'll follow almost any insurance conversation.
- Premium — the price the customer pays for the policy, usually monthly or every six or twelve months.
- Deductible — the amount the customer pays out of pocket on a claim before the insurer pays the rest. Higher deductibles usually mean lower premiums.
- Coverage limit — the maximum the insurer will pay for a covered loss.
- Policy term — how long the coverage lasts before renewal (commonly six months for auto, one year for home).
- Carrier — the licensed insurance company that actually issues the policy and pays claims.
- Claim — the request a customer files to be paid for a covered loss.
A useful mental model: the is the ongoing price, the is the customer's share when something goes wrong, and the is the ceiling on what the insurer will pay.