Underwriting
The process where the insurance company evaluates your risk and determines your suitability for coverage.
Exclusions
The list of risks or events that you are not being covered for, such as treatments for conditions you had before applying for the insurance policy.
Sum insured / sum assured
The amount that you are covered for if an event covered under the policy happens.
Premium
The amount you pay for an insurance policy. The frequency of premium payments can range from monthly to annually. Your premium varies based on your coverage level, coverage period, and health condition.
Rider
Additional cover you add on to your policy. An example is a critical illness rider on life insurance policies which provides benefits if the insured person is diagnosed with a covered critical illness.
Free look period
The cooling period after you purchase an insurance policy during which you can cancel the policy with no penalties or charges. This period typically lasts 14 days for life insurance plans and 21 days for Integrated Shield Plans, starting from the date you receive your policy documents.
Maturity
The date that the policy ends when the insured outlives the policy. The policy pays out any form of accumulated cash value at this point.
Lapse
Policy stops covering the insured, and usually occurs when the policyholder fails to make premium payments on time.
Deductible
A portion of your claim that you have to pay before your insurance provider pays any claim.
Co-insurance
The percentage amount of the bill you have to split with the insurance provider after you’ve paid your deductible.
Co-payment
Out of pocket expenses borne by you in relation to eligible expense for your hospitalisation, treatment or surgical bills. This includes a deductible and/or Co-Insurance. | 
