Glossary
Family Floater
One sum insured shared by everyone on the policy.
A family floater covers several family members under one shared sum insured. It is cheaper than separate policies for young families, but one big claim can use up the cover for everyone, and older members raise the premium.
Related guides
More glossary terms
DeductibleCo-payment (Co-pay)IDV (Insured Declared Value)No Claim Bonus (NCB)Claim Settlement Ratio (CSR)Incurred Claim Ratio (ICR)
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