Insurance Glossary

Insurance jargon can be confusing. Our glossary explains key terms in plain English so you can understand your policy better.

A C D E L O P R U W

A

Actual Cash Value (ACV)

The value of property at the time of loss, calculated as replacement cost minus depreciation.

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C

Coverage Limit

The maximum amount your insurance company will pay for a covered claim.

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Coinsurance

The percentage of costs you share with your insurance company after meeting your deductible.

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Copay (Copayment)

A fixed amount you pay for a healthcare service at the time of the visit.

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Claim

A formal request to your insurance company for payment or coverage for a loss or policy event.

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D

Deductible

The amount you pay out of pocket before your insurance coverage kicks in.

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E

Exclusion

Specific situations, conditions, or types of damage that your insurance policy does not cover.

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Endorsement

An add-on or modification to your insurance policy that changes or expands your coverage.

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L

Liability

Legal responsibility for causing harm or damage to another person or their property.

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O

Out-of-Pocket Maximum

The most you'll pay for covered healthcare services in a plan year, after which insurance pays 100%.

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P

Premium

The amount you pay to your insurance company for your coverage, typically monthly or annually.

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Pre-Existing Condition

A health condition that existed before your insurance coverage began.

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R

Rider

An add-on provision to an insurance policy that changes or extends coverage.

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Replacement Cost

The amount needed to replace damaged or lost property with new items of similar kind and quality.

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U

Umbrella Insurance

Extra liability coverage that kicks in when your auto, home, or other policy limits are exceeded.

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W

Waiting Period

The time between when a policy starts and when certain coverages become effective.

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Know the Terms. Know Your Coverage.

Understanding insurance terminology is just the first step. Upload your policy and extract all the data in structured, Excel-ready format.