What term refers to an insurance policy provision that limits coverage for specific risks?

The term you're looking for is "exclusion." In insurance policies, exclusions are provisions that specifically outline what is not covered within the policy. This means that certain risks, events, or conditions are explicitly omitted from coverage, reducing the insurer's liability for those specific issues. Exclusions help to clarify the boundaries of a policy, ensuring both the insurer and the policyholder understand what protections are in place and what falls outside of those protections.

For instance, a health insurance policy may have exclusions for pre-existing conditions, meaning that any medical issues related to those conditions will not be covered by the policy. This helps to manage risk and set clear expectations for coverage.

While deductibles, riders, and endorsements are important components of insurance policies, they serve different functions. Deductibles are amounts the policyholder must pay out-of-pocket before coverage applies. Riders are additional provisions that can modify a policy, offering additional coverage at an extra cost. Endorsements are amendments or additions to an existing policy that change its terms or coverage. Exclusions, however, are specifically the parts that limit coverage for certain risks.