- Premium
- The amount paid for an insurance policy, typically monthly or annually.
- Deductible
- The amount you pay out of pocket before insurance coverage kicks in.
- Coverage Limit
- The maximum amount an insurance policy will pay for a covered loss.
- Policyholder
- The person or entity who owns the insurance policy.
- Beneficiary
- The person designated to receive benefits from a policy.
- Underwriting
- The process of evaluating risk to determine coverage eligibility and pricing.
- Exclusion
- Specific situations or circumstances not covered by a policy.
- Rider
- An add-on to a standard policy that provides additional coverage.
- Claim
- A formal request to an insurance company for payment of covered losses.
- Liability
- Legal responsibility for damages or injuries to another party.
This glossary covers key terms related to insurance. For more information, consult a licensed professional.