What is "coverage"?

What is "coverage"?

Elliot Matloff (President and Broker, The Matloff Company) gives expert video advice on: What is an "underwriter"?; What is "coverage"? and more...

Coverage is what the insurance company says they are going to do if you ever have a claim. When you buy a disability insurance policy they might say that after 90 days, we'll start paying you $4000 a month because of your disability which was due to accident or sickness. They are going to spell out every single definition of what a disability is, how long you are going to have to wait, how long they are going to pay you your benefits. The coverage is what you are getting for those hard earned dollars that you pay out in premiums to the insurance company.