Here is an excerpt from a new blog post at GreggMarcus.com:
Many
people upon receiving an insurance policy renewal of any sort often
find that many insurance terms are confusing and indefinable. Of course
those in the business itself have little to any trouble conceiving the
long and tedious contracts. If you don’t ask for explanations of
specific terms and concepts there is an assumption that you understand
them, many of these terms are quite befuddling to the layperson. In
this post, Long Island Insurance Executive, Gregg S. Marcuswill define
and elaborately clarify many confusing insurance terms and conditions.
Two
very common phrases often uttered throughout an insurance policy are
replacement cost and market value; this is of course when referring to a
homeowner’s insurance policy. Replacement cost and market value are
affected by the fluctuations in the economy, including the costs of
labor and other materials or housing demands. Often the market value of a
home will be a bit higher than the replacement costs or vice versa.
To read this post in it’s entirety, click here to visit the Gregg Marcus official website.
