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"Well, first of all, carriers may not give a choice and may only offer a SIR. If you want their policy, you may have to take it. But one of the differences is that deductibles will actually erode the limits on the insurance policy whereas the SIR does not."

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"Is there any time that an SIR would be better than a deductible? Why would anyone want an SIR?"

"We talked in our earlier example about having a policy with a $1 million limit on it. When there's an SIR, even if the insured pays that $50k that they're required to pay to get the ball rolling on making any other payments from the insurance company side, they still have their full $1 million limits left over.""When there's a deductible, the insurance company is subtracting the $50,000 that the insured owes from the amount of limits left. It basically means that really they're only providing $950,000 in coverage for the policy after the insurance deductible is taken out of there."