Conclusion 1 Glossary of Terms Claim Exclusion A formal request for payment or benefits under Specific conditions or situations that are not 2 an insurance policy due to a loss or damage covered by your insurance policy. Deductible Proof of Loss The amount you must pay out of pocket Documentation required to substantiate a claim, 3 before your insurance coverage kicks in. including receipts, medical records, and photos. Policy Number Premium A unique identifier assigned to your The amount paid periodically (e.g., monthly, insurance policy. annually) for insurance coverage. Subrogation Underwriting How an insurer seeks reimbursement from a The process of evaluating risks and determining third party responsible for a loss after paying the terms and premiums for an insurance policy. out a claim.