Understanding Insurance Terminology: A Simplified Guide

Insurance jargon confusing you? Here are the basics simplified: Term meanings and explanations to help you navigate your insurance policy.

Term	Meaning
Premium	Amount you pay for insurance
Sum Insured	Maximum amount payable by insurer
Deductible	The part you pay before claim kicks in
No Claim Bonus (NCB)	Discount for not claiming in a year
IDV	Insured Declared Value – car’s market value
Rider/Add-on	Extra coverage on top of base policy

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