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 definitionCoverage (kalypsi)
A coverage is the specific risk your policy undertakes to pay for — fire, hospitalisation, liability — within the limits, deductibles and conditions the contract itself sets. Whatever is not named as a cover, or is named as an exclusion, is not paid.
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 (asfalismeno kefalaio)
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 (asfalistro)
A premium is the amount you pay the insurer to keep cover in force, annually or in installments. 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 (ypasfalisi)
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 (chronos anamonis)
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 (dikaiouchos)
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 (odiki voitheia)
Roadside assistance is the cover that tows or repairs your vehicle on the spot in a breakdown or immobilization, 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 (mikti)
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 (prasini karta)
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 definitionPolicy surrender (exagora)
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 definitionSublimit (ypoorio)
A sublimit is a lower ceiling that applies to a specific cover or type of loss, within the overall sum insured. Example: a €200,000 home policy may carry a €3,000 sublimit for jewelry. Even when the overall limit is high, that particular claim is capped at the sublimit.
Read the definitionCo-payment (symmetochi)
A co-payment (or co-insurance) is the part of a covered cost that you bear, usually as a percentage — e.g. the insurer pays 80% and you pay 20%. It is most common in health insurance and applies even when a benefit is covered: cover reduces, but does not zero, your cost.
Read the definitionRenewal (ananeosi)
Renewal extends your policy for a new period (usually a year) before it expires, so cover continues without a gap. It may happen automatically or require your confirmation and payment. At renewal the premium and terms can change — it is the moment to re-check your cover, not just to pay.
Read the definitionLapse (ekpnoi)
A lapse is when a policy ends and is not renewed — usually because the expiry passed or the premium went unpaid — so you have no cover from that point. New losses are not paid. Reinstating may require a fresh application, and continuities such as a waiting period you have already served can be lost.
Read the definitionIndemnity (apozimiosi)
Indemnity is the amount the insurer pays for a covered loss, and the principle behind it: insurance restores you to the financial position you were in before the loss — not a better one. The amount reflects the actual loss, within the limits and after any deductible or co-payment. You do not profit from a claim.
Read the definitionReplacement value (axia antikatastasis)
Replacement value (new-for-old) is the cost to replace a damaged or lost item with a new equivalent, without deducting for age or wear. It differs from “current value”, which subtracts depreciation and pays less. Which basis your policy uses decides how much you receive.
Read the definitionEndorsement (prostheti praxi)
An endorsement (prostheti praxi) is a document that amends your policy during its term — adding or removing a cover, changing a limit or the sum insured, or correcting details. It becomes part of the contract and prevails over the original terms it changes. Keep every endorsement together with your policy.
Read the definitionCancellation (akyrosi)
Cancellation is the deliberate ending of a policy before its normal expiry, by you or the insurer. Depending on the terms and the timing, it may carry a cancellation penalty or entitle you to a refund of the unused premium. It differs from a lapse, which happens through inaction rather than a decision.
Read the definitionProtection Score
A 0–100 rating that promises to show how complete your insurance picture is. PolicyWallet no longer calculates one — it states the specific findings instead, and what has not been checked yet.
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