Decoding your policy?
Insurance Policy Glossary (Plain English)
Endorsement, rider, subrogation, indemnity — the terms in your policy decoded in plain English.
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The 12 terms that matter most
Memorize these and 80% of any policy makes sense.
- Endorsement / rider — an add-on that changes the base policy.
- Schedule — the page showing your specific cover and limits.
- Subrogation — your insurer recovering from the at-fault party.
- Indemnity — restoring you to pre-loss financial position.
- Material fact — anything that affects the risk.
- Sub-limit — a cap on a specific item or peril within the policy.
- Exclusion — a peril or item the policy does not cover.
- Co-insurance — a requirement to insure to a percentage of value.
- Loss settlement — the method used to pay (ACV vs RC).
- Aggregate limit — total payout cap over the policy period.
- Pro-rata — proportional sharing across insurers.
- Salvage — the insurer's right to the damaged property after payout.
Frequently asked
- Why do policies use so much jargon?
- Most policy wording is templated from reinsurance treaties dating back decades. PolicyPal translates yours specifically.
Your policy is the only source of truth
Stop guessing. Check your actual policy.
Generic answers don't pay claims. PolicyPal reads your policy wording in seconds and tells you, in one sentence, whether you're covered.
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