Insurance jargon can be confusing to those who don’t use it everyday (just like in ANY industry). But, with insurance, it’s important that YOU understand what the words on your policies mean so you can make informed and confident decisions about your coverage and know what questions to ask your agent.

This week we’re starting a list of some common insurance terms that we think are important to have in your vocabulary. The second part of the list will be shared next week, so stay tuned. Print the list or bookmark it for future reference. And as always, contact Schwartz Insurance Group any time if you have other questions or need further explanation.

• Accidental Death Benefit – In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. There can be certain exclusions as well as time and age limits.

• Adjuster – A representative of the insurer who seeks to determine the extent of the insurer’s liability for loss when a claim is submitted.

• Assets – All the available properties of every kind or possession of an insurance company that might be used to pay its debts.

• Invested Assets – Things such as bonds, stocks, cash and income-producing real estate.

• All Other Assets – Non-income producing possessions such as the building the company occupies, office furniture, and debts owed, usually in the form of deferred and unpaid premiums.

• Total Admitted Assets – Everything a company owns. All other plus invested assets equals total admitted assets.

• Benefit Period – In health or disability insurance, the number of days for which benefits are paid to the named insured and his or her dependents.

• Casualty Insurance – That type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed upon the insured for such injury or for damage to property of others.

• Coinsurance – In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss. For health insurance, it is a percentage of each claim after the deductible paid by the policyholder.

source: http://www.ambest.com/resource/glossary.html

Finding ways to reward employees is a priority for most businesses. At Schwartz Insurance Group, we have long believed that we can never thank our people enough for going above and beyond in taking care of customers.

Buddy Bucks is the name of our internal rewards program, created several years ago in honor of our founder, Buddy Schwartz. We often talk about the daily opportunity we each have to continue “building on a legacy” of service. Buddy would have been thrilled to have his name attached to EVERY thank you we give for a job well done.

At our monthly agency meeting, it’s not uncommon to have ten solid minutes of quick anecdotes … some are thanks for internal teamwork, others come directly from clients and sometimes, it’s our chance to thank the person who led a community service project. Whatever the reason, it’s gratifying to reward someone with Buddy Bucks!

Buddy Bucks can be then be “cashed in” for gift cards, a day off work, a jeans day and more. Truth be told, it’s not uncommon for some people to build up a stockpile …

Creating a fun and rewarding culture reflects on all of our people’s caring nature and the service they provide to our customers. If you want to find lower insurance rates or would like a quick review of your individual, business or professional coverage, contact us. One of our team members will be happy to assist you.

Again this month, Schwartz Insurance Group selected one peer-nominated associate to receive a Core Value award. The winner is chosen because they "lived” one of our agency’s core values … typically an event or accomplishment above and beyond the call of duty in servicing our customers. This month, Melissa Stewart was selected – here’s Melissa’s story:

Opportunity comes in many forms. At Schwartz, we might simply mention all the areas we handle to our current clients or even to prospects we’ve just met. By opening that door, we’ve done the easy part.

The hard part is delivering on the promise and then bringing the decision to close. A financial services firm is a great example – our two leaders met over a year ago. The initial focus was benefits and several personal lines successes followed … the business insurance opportunity finally came. They came to understand what they really needed – corrected a few issues – and after working diligently for 4 months, Melissa finally proved the timeless reality of doing good … success will come!

Congratulations Melissa! Here’s a bit more about her, in her own words:

My main goal is to educate our clients on the best way to protect the business that they have spent their time building.

When I’m not at work, my family keeps me very busy. I have an 18 year old daughter that plays volleyball year round and a 12 year old son that plays most every sport that is offered. We travel quite a bit cheering them on.

A quick story about how I got into the insurance industry. While in high school, my house burned to the ground. I remember our insurance agent bringing my sister and me some clothes – she became the one person my mom could trust and lean on in all that chaos. Now, to say I ran out and got a job from there would be great … but honestly, I started as a receptionist at an insurance company because I didn’t want to work weekends. While there, I realized I could help others the way Martha helped our family.

In December, I celebrated my 17th anniversary with Schwartz Insurance Group. I love the relationships I have built. I love the fact that I often receive voice mail messages that simply say, “Hey Melissa, call me back” and that I usually know who to call. My clients are like family – I care about them and we have become that comfortable.

When I’m not at work, I love to be outside – walking, jogging, hiking or just in a chair reading. If I was not in the insurance industry, I would spend my time mentoring preteen girls, helping build their self esteem and confidence.

By the way, Go CARDS!

Nearly everyone WANTS to live a healthier lifestyle. There’s that little voice in the back of our minds always saying, “I should eat better and exercise more.” And, that’s where it usually stays … as a nice thought with no action plan.

But, most people just aren’t sure how to start a “health plan” or where to start. And keeping it going once they do start is very tough!

For employers, a focus on helping instill healthy habits among employees and keeping healthy employees committed to that lifestyle is good for business. It is considered one of the biggest business challenges, especially when the cost of insurance is increasing.

The 4th Annual Kentucky Worksite Wellness Conference may shed some light to the issue. This year’s conference will be held at the Griffin Gate Marriott Resort & Spa in Lexington, KY. The conference brochure notes:

The focus of wellness is changing: employers are more focused on keeping healthy employees healthy — not just encouraging unhealthy employees to change their lifestyles. Improving the health of at-risk employees, while maintaining the wellness levels of already healthy employees is the key to lower health care costs and higher workplace productivity. Employers who take aggressive action toward implementing wellness programs will see decreased health care costs, increased awareness for both low and high risk employees, and reduced absenteeism, which can save the company thousands of dollars on down-time, temporary employment and other factors that come into play when employees cannot work due to illness. This conference will help you understand exactly what it takes to create and implement an effective wellness program, how to measure your return on investment, how to create a culture of health and the legal implications you need to be aware of when implementing or maintaining a worksite wellness program. This is a must attend event for any company that is serious about worksite wellness.

The conference is February 8-9. Download the full brochure or register for the event here.