Beneficiary
The person or entity named to receive the payout from a policy, most often used in life insurance.
Broker
An independent professional who compares policies across insurers on your behalf and represents your interests, not the insurer's.
Claim
A formal request to your insurer for payment following a loss covered by your policy.
Co-insurance
The share of a covered cost you pay yourself after any deductible has been met.
Deductible
The amount you pay out of pocket before your insurer starts covering a claim.
Direct billing
An arrangement where the insurer pays the hospital or provider directly, so you don't pay upfront and claim it back.
Evacuation / Medevac
Emergency transport to the nearest facility capable of treating a serious condition, typically included in international health plans.
Exclusion
A specific situation, condition or item that a policy explicitly does not cover.
Indemnity
Compensation intended to restore you to the financial position you were in before the loss — not to leave you better off.
Insured
The person or entity a policy protects.
Insurer
The company that underwrites the risk and pays valid claims.
No-claim bonus
A discount or benefit earned for not making a claim during a policy period.
Policyholder
The person or entity that owns the policy — usually the same as the insured, but not always.
Premium
The amount you pay, usually annually, to keep a policy in force.
Public liability
Cover for injury or damage your business causes to a third party.
Reinsurance
When an insurer transfers part of its own risk to another insurer — a background mechanism that keeps large claims payable.
Subrogation
Your insurer's right to recover what it paid you from whoever was actually responsible for the loss.
Third-party insurance
Cover for damage or injury you cause to someone else — not your own losses.
Underwriting
The insurer's process of assessing a risk and deciding the terms and price of cover.