Insurance Jargon Glossary for Indian Consumers

Understanding insurance terminology helps you make better decisions. Key terms: Sum Insured (maximum amount the insurer pays), Premium (amount you pay for the policy), Deductible (amount you pay before insurance kicks in), Co-pay (percentage you share per claim), Sub-limit (cap on specific expenses like room rent), Waiting Period (time before certain coverages activate), NCB (reward for claim-free years), IDV (vehicle's insured value), CSR (claim settlement ratio), TPA (third party administrator who processes claims), Cashless (insurer pays hospital directly), and Reimbursement (you pay first, insurer reimburses).