Commercial insurance contracts feature several fundamental industry terms. Key terminology includes premium (the regular fee paid to keep the policy active), deductible or excess (the initial out-of-pocket amount you pay before insurance kicks in), policy limit (the maximum payout amount the insurer will cover), endorsement (an amendment or rider modifying standard coverage terms), aggregate limit (the maximum total payout for all claims during a policy year), and indemnity (the compensation mechanism restoring you to your pre-loss financial state).
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