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Policy terminology

Premium: The amount you pay, often monthly or annually, to keep a policy in force.
Deductible: The amount you pay on a covered loss before the policy begins paying, where it applies.
Copay and coinsurance: A copay is a flat fee; coinsurance is a percentage of cost you share.
Coverage limit and sublimit: The most a policy pays, and smaller caps for specific categories within it.
Rider or endorsement: An add-on that changes or extends the base policy.
Exclusion: A cause of loss, item or situation the policy does not cover.