Insurance policies come with a variety of features and benefits that policyholders should be aware of. These features can vary depending on the type of insurance, but some common ones include:

Deductibles:

This is the amount of money that policyholders are responsible for paying before their insurance coverage kicks in. For example, if you have a $1,000 deductible on your auto insurance policy and you get in an accident that causes $5,000 in damage, you would be responsible for paying the first $1,000 and your insurance company would pay the remaining $4,000.

Limits:

This refers to the maximum amount that an insurance company will pay out for a claim. For example, if you have a $100,000 limit on your homeowner's insurance policy and your home is destroyed in a fire that causes $200,000 in damage, your insurance company would only pay out $100,000.

Riders:

These are additional benefits that can be added to an insurance policy for an extra cost. For example, some auto insurance policies offer roadside assistance as a rider, which would cover the cost of a tow truck or other assistance if your car breaks down.

Exclusions:

These are situations or events that are not covered by an insurance policy. For example, most homeowner's insurance policies do not cover damage caused by floods or earthquakes.

Premiums:

This is the amount of money that policyholders pay to their insurance company in exchange for coverage. Premiums can vary depending on a variety of factors, such as the type of insurance, the amount of coverage, and the policyholder's risk profile.

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