Glossary
Policy terminology
These plain-English definitions are a starting point. A policy schedule, customer information sheet, and policy wording take priority for the meaning that applies to your cover.
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Talk it through with a person.
Book a free consultation or start a consent-based WhatsApp chat. We can help you understand questions to ask; the insurer makes the final decision.
Cover and claim terms
Sum insured: the stated maximum amount available under a policy, subject to its conditions. Deductible: an amount you may pay before or toward an eligible claim. Co-payment: a share of an eligible claim you may pay. Exclusion: something the policy does not cover.
Health and motor terms
Waiting period: a stated period when specified conditions or treatments may not be covered. Cashless network: hospitals or garages that may coordinate payment with the insurer, subject to approval. IDV: the stated vehicle value used for motor insurance purposes.
Life insurance terms
Nominee: a person named to receive policy proceeds according to the policy and applicable law. Underwriting: the insurer’s assessment of the application and risk. Policy term: how long cover lasts. Premium-paying term: how long premiums are due.
Use the right document
If a word affects a decision, find it in the policy wording and customer information sheet. Ask the insurer or an advisor to explain it before you buy, renew, or make a claim.
Need a clearer answer?
Talk it through with a person.
Book a free consultation or start a consent-based WhatsApp chat. We can help you understand questions to ask; the insurer makes the final decision.