Beneficiary: The person or entity designated to receive the proceeds of an insurance policy, typically in the event of the policyholder's death.

Claim: A formal request made by a policyholder to an insurance company for payment or benefits as provided under the terms of the insurance policy.

Coverage: The scope of protection provided under an insurance policy, including the specific risks, events, or losses that are covered.

Deductible: The amount a policyholder is responsible for paying before the insurance company begins to cover expenses under the policy.

Exclusion: A specific event, condition, or risk that is not covered by an insurance policy.

Grace Period: A specified period of time following a premium due date during which a policyholder can make a payment without any penalty or lapse in coverage.

Insurance Premium: The amount paid by a policyholder to the insurance company in exchange for coverage under an insurance policy. Premiums can be paid monthly, quarterly, semi-annually, or annually, depending on the terms of the policy.

Insured: The individual or entity protected by an insurance policy.

Insurer: The insurance company or organization that provides insurance coverage and assumes the financial risk associated with the insured's potential losses.

Policyholder: The person or entity that owns an insurance policy and is responsible for paying the premiums.

Policy Term: The period of time during which an insurance policy is in effect and provides coverage.

Rider: An optional addition or amendment to an insurance policy that provides additional coverage or modifies the terms of the policy, often at an additional cost.

Sum Insured: The maximum amount an insurance company will pay out under a policy, as specified in the policy document.

Underwriting: The process by which an insurance company evaluates the risks associated with insuring a potential policyholder and determines the appropriate premium, coverage, and terms for the policy.

Waiting Period: A specified period of time after the start of an insurance policy during which coverage for certain events, conditions, or risks may not apply.