Sum assured / sum insured
The maximum amount the insurer will pay. In life insurance it goes to your family. In health insurance it caps your yearly hospital bills.
Claim settlement ratio
The share of claims an insurer paid out in a year. A higher figure is a good sign, and it is worth reading alongside how fast claims are processed.
Waiting period
The time after you buy before certain claims are payable, often for existing conditions in health plans. Shorter is better.
Co-payment
The share of every claim you pay yourself. It lowers the premium, and it raises what you pay at the hospital.
IDV (Insured Declared Value)
The current market value of your car, which is the most the insurer pays if it is stolen or totally damaged.
No-claim bonus
A discount on car premiums, or extra cover in health plans, for each year you do not claim.
Free-look period
A short window after you receive your policy, usually 15 days, to return it if the terms do not suit you.