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Insurance Glossary

Short definitions of common health insurance words employees see in policy documents.

1. Sum insured: Maximum cover available under the policy period
2. Co-pay: Share of admissible claim paid by the insured person
3. Deductible: Amount you pay before policy benefit starts
4. Waiting period: Time before a listed condition becomes covered
5. PED: Pre-existing disease declared before policy start
6. Network hospital: Hospital with cashless arrangement
7. Reimbursement: Claim paid after you submit bills and documents
8. Daycare procedure: Treatment needing less than 24-hour admission due to medical advancement