No matter the industry, we are seem to come up with a new foreign language. We have certain catch phrases and acronyms that is widely used and understood by persons within that particular realm. However, people outside that particular realm do not have the same understanding, which leads to mis-communication.
We in the insurance industry are very good at understanding acronyms since we use so much of them. However, even after 30 years in the insurance industry, I am having to ask for clarification so I have to wonder how a lay person can possibly understand and interpret our language. I am sure many of us speak a foreign language to them because these terms are so common to us, we do not consider they can be misinterpreted. When talking with your agent, please ask what certain terms mean to you and your business. We may forget acronyms and catch phrases are not an all encompassing language. Please call one of our agents, and we will be happy to speak to you in plain talk.
Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect. Always check with your chosen professional as to statements made in this blog for your particular situation.