FAQ Category: Terminology
What is a rider or endorsement?
A change or addition to an insurance policy that that either expands or limits the coverage and benefits of the policy. A rider or endorsement can be purchased at the beginning of the policy term, or added later.
What is an exclusion?
Things that are specifically not covered by an insurance policy. These are usually factors that would increase the risk associated with your policy.
What is a liability?
The personal liability included in your policy protects you in the event that you should be found legally liable for damages.
What is a premium?
The amount of money you pay for your insurance policy.
What is a deductible?
A deductible is the amount you need to pay when you make an insurance claim. The basic deductible with MPI is $500. When you register your car (or motorcycle, off-road vehicle, or camper for that matter), you have the opportunity to select a lower one. Extension deductibles are usually $300,… Read more
What are coverages?
The different pieces that make up the insurance policy. These include standard coverages that are included in a package (such as dwelling, contents, or legal liability) and any optional coverages you purchase (such as sewer back-up or liability extensions).