A premium is the price paid for insurance. A deductible is an amount the policyholder is responsible for under applicable policy terms. An exclusion describes something the policy does not cover.
These short explanations are starting points. Ask a licensed agent to show how the words are used in the specific document and whether different deductibles, limits or endorsements apply.
Bring these questions.
- Can you point to the policy wording that applies?
- Does this deductible apply to every type of loss?
- How does this endorsement change the original wording?