I want to tell you a story and try and keep it light and
gentle. So lend me an ear and park yourself in front of the screen for a few
minutes and listen to what I have to say.
A few weeks ago, I met a young lady through a Networking
meeting. I was impressed with her knowledge of the finer arts of Accounting,
from conducting a balance sheet audit to process management; I was truly
dazzled by the array of words she used that I understood on their own, but not
when linked together.
You know the kind of thing; I came across a Project Manager
the other day and he used the phrase critical
path method.
Now I know what is critical; making sure I achieve my targets,
whether that is Merlot or Money and I know what a path is; how to follow one
and why it might not lead where I want to go; and I don’t struggle with method;-
it is how something is done, or not done or just madness.
But put them all together
and I am baffled at what the meaning is.
Anyway, insurance is a little bit like that. We have filled the
policies we sell (encourage you to feel the need to buy) with terms that can be
just a little too fancy for their own good.
Indemnity is a great
example – quite simply you are put in the same position as before the claim –
but you never are. Ask anyone.
Average is even better. When a claim is
settled, average will be applied if you failed to insure your stuff for the
full amount it would take to replace it. So the claim payment will be reduced in
the same ratio of underinsurance. Makes sense when you spell it out and sounds
fair yes, but average.
Average is
Stoke City on a good day. Average is what Bradman wasn’t at cricket and his average
of 99.94 proved it.
So words can be a stumbling block to understanding.
Nothing new there, but spare these word-makers a thought and
take advantage of the best word-makers around and choose the person for the
job, not the on-line App that promises to meet your every need. It wont.
I am sure that internet is great for many things, but
getting a hair cut is not one of them.
So you go to the barbers for styling and snipping and if you
want solid, honest and above all clear advice on insurance, please come to me.
For more information on words see link below and clear the fog
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