Glossary of Terms Conclusion Claim A formal request for payment or benefits under an insurance policy due to a loss or damage Exclusion Specific conditions or situations that are not covered by your insurance policy. Deductible The amount you must pay out of pocket before your insurance coverage kicks in. Proof of Loss Documentation required to substantiate a claim, including receipts, medical records, and photos. Policy Number A unique identifier assigned to your insurance policy. Premium The amount paid periodically (e.g., monthly, annually) for insurance coverage. Subrogation How an insurer seeks reimbursement from a third party responsible for a loss after paying out a claim. Underwriting The process of evaluating risks and determining the terms and premiums for an insurance policy.