Insurance 101: Defenition, Components, and Benefits – Paul Traynor, assistant professor of law, shares expert advice
Insurance policies offer a helpful solution to safeguarding your assets. Learning key insurance terms and coverage types can help you navigate its processes.
Expert Insights
Paul E. Traynor
Assistant Professor of Law at School of Law at University of North Dakota
What should be key considerations for people buying insurance policies?
People should consider the coverage provided for losses they may be at increased risk of experiencing when buying insurance policies. For example, insuring a home in California may expose the home to an increase in loss by wildfire, or a home in coastal Florida may be at an increased risk of loss by hurricane. Most personal lines insurance policies are similar, but each state has different amendatory endorsements, so pay close attention to the state amendments to the policy. It also depends on the type of insurance coverage a person may be seeking, auto, commercial, homeowners or life insurance, for example.
What should people look for when choosing insurance providers?
Insurance providers should be financially sound companies that are known within the industry. Captive or independent agents can match your needs with an appropriate insurer.
