Exclusions (Insurance)
InsuranceGlossary term
Definition
Specific conditions, events, or circumstances that an insurance policy does not cover. Common exclusions include pre-existing conditions, acts of war, intentional damage, and flood damage in standard homeowners policies. Understanding exclusions prevents coverage surprises.
Related terms
- Riders (Insurance)Optional add-ons to an insurance policy that provide additional coverage or modify existing terms for an extra premium. Common examples include a waiver of premium rider on life insurance or scheduled personal property riders on homeowners policies.
- PremiumThe amount paid for an insurance policy, typically monthly, quarterly, or annually. Premium costs vary based on coverage amount, deductible, and risk factors.
- DeductibleThe amount you must pay out-of-pocket before your insurance coverage begins. Higher deductibles typically result in lower premium costs.
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