Insurance terms glossary: 25 words explained simply

Insurance has its own language. Here are the core terms, in plain English.

The essentials

• Premium: what you pay for the policy.
• Deductible: what you pay before coverage kicks in.
• Coinsurance: the percentage you split after the deductible.
• Endorsement/rider: an add-on that changes coverage.
• Underwriting: how carriers assess and price your risk.
• Claim: a request for the insurer to pay a covered loss.