Premium — the recurring amount you pay to keep a policy active. Deductible — what you pay before coverage begins sharing costs. Copay — a fixed fee for a specific service.

Coinsurance — a percentage of a cost you share with the insurer after the deductible. Out-of-pocket maximum — the most you'll pay in a period before the plan covers the rest. Beneficiary — who receives a life insurance payout.

Liability — coverage for harm you cause to others. Replacement cost vs actual cash value — paying today's price versus a depreciated value. Rider / endorsement — an add-on that changes what a policy covers.

Knowing these makes any policy far easier to compare. Test yourself with the Coverly quiz.