Know your Insurance Lingo!

News


 

 Arranging insurance can often leave you feeling a bit like a fish out of water. One thing that can be really confusing is the "insurance Lingo". Essentially it is a language of it's own and we've listed a few terms you might hear when arranging your policy;

Insurance
A form of protection against loss

Insurance Broker
A 'middle man' between the customer and the insurance company 

Underwriter
the insurers staff who determine the degree of acceptability and the pricing of insurance business
 
Premium
the amount of money the customers pays for an insurance policy 
 
Excess (also deductible)
The amount you will have to pay in the event of a claim
 
Advice
A recommendation or opinion that is intended to influence a persons decision in relation to a financial product
 
Claim 
An indication to an insurance company that a loss has occurred and that the insured is seeking to recover for that loss under the policy
 
Schedule of Insurance
An attachment to a standard insurance policy wording which sets out the specific details of the insurance as agreed between the insurer and insured.
 
Product Disclosure Statement
A summary of the policy features.  Insurers are required to provide these to insureds. 
 
Risk
The potential loss a person may sustain through loss or damage to their assets or liabilities to others.
 
Period of Insurance
the period of time during which your insurance is valid
 
Non-Disclosure
A failure by the insured to disclose information to the insurer
 
Workers Compensation
Compulsory insurance covering statutory liabilities to employees injured by accident or industrial disease arising out of or in the course of their employment. 
 
Public & Product Liability (also Broadform Liability)
Legal Liability to pay compensation (including legal expenses to third parties in the event of the insured causing injury, death or loss of or damage to property arising out of business operations or products. 
 

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In respect of this marketing, we have provided a general advice only and not personal advice. In giving the advice we have not taken into account your personal circumstances. Always read the policy documentation, including the insurer's Product Disclosure Statement if available to ensure that the product satisfies your requirements.

Category: News

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