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. Brochure 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 « Back
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