Plain language, please
Insurance without the jargon.
Simple starting definitions. The exact meaning in an actual policy is the one that matters.
- Sum insured
- The cover limit, subject to the policy’s benefit limits and conditions.
- Premium
- The cost of an insurance policy for its stated period.
- Co-payment
- The percentage of an admissible claim you pay.
- Deductible
- The amount paid by you before cover pays under its terms.
- Waiting period
- Time before a specified benefit becomes available.
- Exclusion
- An event, service or condition the policy does not cover.
- Sub-limit
- A smaller limit for a particular benefit within the overall cover.
- Underwriting
- Individual assessment of an insurance proposal by an insurer.
- Pre-existing disease
- A condition meeting the policy’s definition of an existing disease before purchase.
- Cashless claim
- An approved arrangement for an insurer to settle admissible hospital costs directly; other costs can remain yours.
- Reimbursement
- A process of claiming admissible expenses after paying them yourself.
- Endorsement
- A written amendment to a policy.
- Nominee
- A person designated under the applicable policy process to receive a benefit; legal effects depend on the policy and law.
- Portability
- A process for moving health cover between insurers under applicable rules.
- Family floater
- A policy where eligible family members share a cover limit.
- Renewal
- Continuation of a policy for a new period under applicable terms.