Insurance glossary
Insurance terms in plain language
Deductible, exclusion, sum insured: short, clear explanations of the terms that decide what you pay and what you receive — with a guide to finding each one in your own policy.
Insurance policy (asfalistirio)
An asfalistirio (insurance policy) is the document that proves your insurance contract. The insurer issues it and it sets out which risks are covered, with what limits and deductibles, what is excluded, plus the duration, the premium and the details of the parties.
Read the definitionDeductible (apallagi)
A deductible (apallagi) is the amount you bear on each claim before the insurer starts paying. If the deductible is €300 and the loss is €1,000, you receive €700. The higher the deductible, the lower the premium usually is — and vice versa.
Read the definitionExclusion (exairesi)
An exclusion is any case, cause or asset that the policy expressly does not cover. Exclusions define the boundary of cover just as much as the covers themselves: a loss can fall under a covered risk and still be denied because it meets an exclusion.
Read the definitionSum insured
The sum insured is the maximum the insurer can pay for a cover. For a home it corresponds to the rebuild cost, not the market value; for life it is the amount the beneficiaries receive. If set below the real value, the payout is reduced proportionally.
Read the definitionPremium
A premium is the amount you pay the insurer to keep cover in force, annually or in instalments. It is shaped by the insured risk, the sum insured, the deductibles and the covers you choose. Two very different premiums often hide different covers or deductibles.
Read the definitionUnderinsurance
Underinsurance occurs when the sum insured is lower than the real value of the insured item. In a claim, the 'average rule' applies: if the sum insured covers 70% of the value, you receive 70% of every loss — even a small, partial one.
Read the definitionWaiting period
A waiting period is the interval from the start of the policy during which a specific cover does not yet apply. It is common in health insurance (e.g. for maternity or pre-existing conditions) and in legal expenses cover. A loss or event within the waiting period is usually not paid.
Read the definitionBeneficiary
A beneficiary is the person or persons you designate to receive the sum insured of a life policy when the insured event occurs. The beneficiary designation is not updated automatically with life changes — marriage, divorce or the birth of a child do not by themselves change who gets paid.
Read the definitionRoadside assistance
Roadside assistance is the cover that tows or repairs your vehicle on the spot in a breakdown or immobilisation, anywhere. It differs from 'accident care', which is triggered only after a collision to record the damage. Many policies print an accident-care phone line without including roadside assistance.
Read the definitionComprehensive car insurance
Comprehensive (mikti) is the package that covers damage to your own vehicle — not only to third parties — beyond mandatory liability. It typically includes own damage, theft, fire, natural events and glass breakage, each with its own limits and deductibles. 'I have comprehensive' alone does not tell you what you pay in a claim.
Read the definitionGreen Card
The Green Card is the international insurance certificate proving your vehicle carries liability cover when you travel to certain countries outside your policy's base territory. It is not extra insurance — it is proof of your existing cover for cross-border use.
Read the definitionSurrender (of a policy)
Surrender is ending a savings or pension policy early and receiving its accumulated value (the surrender value). In the early years the surrender value is usually well below the premiums paid, due to charges and penalties; it rises as the policy matures.
Read the definitionPricing
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