An insurance copay, or co-payment, is a fixed amount of money that a policyholder is required to pay out of pocket for a covered medical service or treatment, as specified in their insurance policy. The copay is typically a set amount, such as $20 or $30, and is paid directly to the healthcare provider at the time of service. 

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For example, if a policyholder has a health insurance policy with a $20 copay for office visits, and they visit their doctor for a check-up, they would be required to pay $20 out of pocket at the time of the visit. The insurance company would then cover the remaining cost of the visit, subject to any other deductibles or coinsurance that may apply.

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Copays are used by insurance companies as a way to share the cost of healthcare services with policyholders, and to encourage them to use healthcare services responsibly. Generally, policies with higher copays will have lower insurance premiums, while policies with lower copays will have higher premiums.

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Overall, the insurance copay is a fixed amount of money that a policyholder is responsible for paying out of pocket for a covered medical service.