- Actual cash value
- A property settlement basis that commonly reflects depreciation, subject to the exact policy wording and local law.
- Additional insured
- A person or organization added to certain liability protection under an endorsement, not automatically the same as a named insured.
- Agent
- A licensed insurance representative whose legal role and relationship to insurers depend on local law.
- Aggregate limit
- The maximum the insurer may pay for a group of claims during a stated period.
- Application
- The information and declarations submitted when requesting insurance; answers may affect underwriting and coverage.
- Beneficiary
- A person or entity designated to receive a benefit under certain policies, subject to policy and local succession rules.
- Broker
- An insurance intermediary whose market access, duties, and remuneration depend on the jurisdiction.
- Cancellation
- Ending a policy before its scheduled expiry, subject to contract terms and local notice rules.
- Certificate of insurance
- Evidence or a summary of cover; it is not always the complete contract.
- Claim
- A request for payment or another benefit under an insurance policy.
- Claims-made policy
- A liability form generally triggered by a claim made and reported under stated timing rules.
- Coinsurance
- A percentage of an eligible cost paid by the insured in some health plans; in property insurance the word can describe a different valuation condition.
- Comprehensive
- A product label often used for broad motor or property cover, but it has no single international meaning.
- Cooling-off period
- A locally defined period during which some policies may be cancelled under special consumer rules.
- Copayment
- A fixed amount paid by the insured for an eligible service under some health plans.
- Coverage
- The protection or benefit provided by the policy, subject to definitions, conditions, limits, and exclusions.
- Declarations
- A policy section or document showing key insured details, dates, limits, deductibles, and forms.
- Deductible
- An amount or portion borne by the insured before or alongside insurer payment; often called an excess in other markets.
- Direct insurer
- An insurer that sells without a traditional external broker or agent, though other intermediaries or platforms may still be involved.
- Duty of disclosure
- A legal or contractual obligation to provide relevant information; its scope varies by jurisdiction and product.
- Endorsement
- A document changing the standard policy wording; also called a rider, extension, or amendment in some markets.
- Excess
- A term widely used for the amount the insured bears toward a claim; similar to deductible, but the operation must be checked.
- Exclusion
- A provision removing particular events, causes, people, property, activities, or losses from cover.
- Grace period
- A limited period after a payment due date during which certain rights may continue, subject to policy and local law.
- Indemnity
- A principle or benefit intended to compensate for a covered loss rather than create a profit, subject to the product type.
- Insured
- A person or entity protected by the policy definition, schedule, or endorsement.
- Insurer
- The legal company accepting the insurance risk and issuing or underwriting the policy.
- Limit
- The maximum amount or benefit available under a policy or section.
- Material fact
- Information that may affect underwriting or the insurer’s decision; the legal test varies by jurisdiction.
- Named insured
- The person or entity specifically identified as the principal insured in the schedule or declarations.
- Occurrence policy
- A liability form generally triggered by an event occurring during the policy period, subject to the wording.
- Out-of-pocket maximum
- A health-plan limit on certain eligible cost sharing; not every payment necessarily counts toward it.
- Peril
- A cause of loss, such as fire or theft, as used and defined by the policy.
- Policy schedule
- A document identifying policy-specific facts such as the insured, dates, limits, deductibles, and selected options.
- Policy term
- The period during which the policy is intended to operate, subject to payment, cancellation, and conditions.
- Pre-existing condition
- A condition defined by the policy using symptoms, diagnosis, treatment, medication, or look-back rules.
- Premium
- The price charged for insurance, before or after taxes, levies, and fees depending on the quote format.
- Product information document
- A standardized or prescribed summary used in some jurisdictions for certain insurance products.
- Quote
- A price indication based on supplied information and assumptions; it may not be a final offer or issued policy.
- Reinstatement
- Restoring a lapsed or cancelled policy under stated conditions; not always available.
- Renewal
- Continuation or replacement of cover for a new term, often with a new premium and potentially changed wording.
- Replacement cost
- A property valuation basis related to repair or replacement without certain depreciation, subject to conditions and limits.
- Retroactive date
- A date used in some claims-made policies to limit cover for earlier acts or events.
- Rider
- An addition or change to policy coverage, often used in life and health products; similar terms include endorsement or add-on.
- Sublimit
- A smaller limit applying to a particular item, event, benefit, or category inside a broader limit.
- Sum insured
- A stated amount used in property or benefit cover, subject to valuation and settlement rules.
- Territory
- The geographic area in which cover or certain benefits apply.
- Underinsurance
- Having less effective cover than the value or risk requires, sometimes producing proportional claim reductions.
- Underwriting
- The process of evaluating risk and deciding acceptance, price, conditions, limits, or exclusions.
- Waiting period
- A period before certain coverage or benefit eligibility begins.
- Warranty
- A policy term, promise, or separate product guarantee; its legal significance varies and should not be assumed from everyday language.
