Every insurance term, in plain English

The insurer settles your bill directly with a network hospital.

The percentage of claims an insurer pays out.

A fixed percentage of each claim that you pay yourself.

Full motor cover: your own vehicle plus third-party liability.

A lump-sum payout on diagnosis of a listed serious illness.

The amount paid to your nominee if you pass away.

The amount you pay yourself before the insurer starts paying.

An official change made to your policy after it's issued.

A window to review a new policy and cancel for a refund.

Extra time to pay a missed premium without losing cover.

The current market value of your vehicle — its cover amount.

The amount you receive if you survive the policy term.

A hospital tied up with your insurer for cashless treatment.

A reward — discount or extra cover — for not making a claim.

The person who receives your policy's payout.

The part of motor cover that pays for damage to your own vehicle.

Lump-sum payout for accidental death or disability.

A health condition you already have when buying a policy.

The amount you pay an insurer to keep your policy active.

You pay the hospital first, then claim the amount back.

An optional add-on that enhances your base policy.

A cap on the hospital room charge your policy will cover.

The guaranteed amount a life insurer pays your nominee on death.

The maximum amount an insurer will pay for claims in a policy year.

Affordable extra cover that pays above a yearly deductible.

The amount you get if you exit a policy before maturity.

Pure life cover that pays your family if you die during the term.

Cover for damage or injury you cause to others — legally mandatory.

The intermediary that processes your health claims.

How an insurer assesses your risk and prices your cover.

The time before certain conditions become claimable.

An add-on that pays the full cost of replaced parts, no depreciation cut.