Insurance Glossary

Confused by insurance jargon? Here’s a list of common terms explained simply.

Premium

The amount you pay for your insurance policy, usually monthly or annually.

Deductible

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

Copay

A fixed fee you pay for medical services, typically after insurance has paid its share.

Underwriting

The process insurers use to evaluate risk and determine policy terms and pricing.