Premium

The written contract between the insurer and insured that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.

The amount you must pay out-of-pocket before your insurance coverage begins to pay for covered losses.

The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.

An unexpected event or circumstance without deliberate intent that results in injury, damage, or loss.

Specific conditions, circumstances, or types of losses that are not covered by an insurance policy.

A written amendment or addition to an insurance policy that modifies the coverage, terms, or conditions.

A specified period after a premium payment is due during which the policy remains in force without penalty.