Insurance vocabulary is mostly Latin translated into bad English. Here it is in plain words.

Premium The amount you pay every month (or year) to keep cover active. If you stop paying, cover lapses. Cover ceiling / claim limit The maximum the insurer pays out per claim. If your plan covers GHS 1,000 and you lose GHS 5,000, the payout is GHS 1,000. Deductible / excess An amount you absorb before insurance kicks in. Most MoMo wallet plans have no deductible — claims pay from the first cedi. Some health plans do. Adjudication Fancy word for "the underwriter decides yes or no, and how much". Happens after AI triage flags a claim for human review. Underwriter The insurance company that legally takes on the risk and pays the claims. For MoMo wallet insurance, that's Activa Ghana — LTX is the tech partner that runs the customer-facing app. Reinsurance Insurance for insurance companies. Activa cedes a portion of large claims to reinsurers like Africa Re so no single big incident sinks the whole product. Lapse What happens when you don't pay your premium. Cover stops at the end of the grace period. You can reinstate by paying outstanding premiums. Policy The contract between you and the insurer. Each customer has one active policy at a time. KYC (Know Your Customer) Regulatory checks the insurer must do to verify who you are. We do this via MTN's KYC database + live face match against your Ghana Card.