A short glossary

Section 08

Words as they are often used in insurance documents. A policy may define the same word more narrowly. When it does, the policy’s definition is the one that applies to that contract.

• Schedule or certificate. The page or pages that apply the policy to a named person, property, or period, including limits and dates.
• Wording or policy wording. The main set of terms, usually including definitions, cover, exclusions, and conditions.
• Premium. The amount payable to keep the policy in force for the stated period.
• Deductible or excess. An amount you may have to bear, or that may be subtracted, as described in the document.
• Limit or sum insured. A maximum the policy may pay, sometimes with lower sub-limits for named items or types of expense.
• Exclusion. Something the policy says it does not cover.
• Condition. Something the policy says you may have to do, or not do, for cover or for a claim to be considered.
• Endorsement. A written change attached to the policy or schedule, which may add, remove, or alter a term.
• Pre-existing. A term that, when defined in a health or travel policy, usually refers to a medical condition that existed before a stated date. The definition in the document is the one that matters.

This glossary is a reading aid. It is not a legal dictionary and it is not part of any policy.