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
Merry Christmas from the Knightcorp Team! Tuesday, 21 December 2021 The Knightcorp team celebrates Christmas by embarking on a tropical adventure. BYO tropical shirt! Category: News Read More
So, your property has been damaged by an earthquake. Now what? Thursday, 23 September 2021 In the instance that your home or business has been damaged in an earthquake, you might be feeling a little rattled and overwhelmed with what to do. The most important thing to know is not to enter a damaged building until it has been checked over by emergency crews. Category: News Read More
COVID-19 and Business Interruption Claims Wednesday, 23 December 2020 To assist the whole insurance industry in reaching a better understanding of how the infectious disease exclusions in policy documents respond to the unique circumstances of the COVID-19 pandemic, the Australian Financial Complaints Authority (AFCA) and The Insurance Council of Australia (ICA) agreed to file a test case considering the application of infectious diseases cover in business interruption policies. Category: News Read More
Knightcorp re-signs as sponsor of the Perth Wildcats Knightcorp Dancers Friday, 14 August 2020 Knightcorp have re-signed as sponsor of the Perth Wildcats, the extension into the 2020/21 season makes it our seventh consecutive year. Category: News Read More