Premium
The amount you pay to keep an insurance policy active.
Insurance in plain English
Less jargon. More understanding.
Sum insured / sum assured
The amount of cover stated in your policy, subject to its terms.
Waiting period
A period during which specified claims are not covered.
Exclusion
An event, condition, or expense that the policy does not cover.
Co-payment
The portion of an admissible claim that you pay yourself.
Deductible
An amount you must bear before the applicable cover starts paying.
Nominee
The person designated to receive the benefit, subject to the policy and applicable law.
Underwriting
The insurer’s process for assessing an application and deciding its terms.