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- A further premium payable by the insured as a result of policy amendment, that may have increased the risk or changed the policy conditions or sum insured.
www.biba.org.uk/insurance-guides/jargon-buster/
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A document issued by an insurer detailing the terms and conditions applicable to an insurer contract, and constituting legal evidence of the agreement to insure. Issued together with a Schedule, which shows any variation to the terms and conditions.
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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
Contract Certainty Principles. The insurer and broker (where applicable) must ensure that all terms are clear and unambiguous by the time the offer is made to enter into the contract or the offer is accepted. All terms must be clearly expressed, including any conditions or subjectivities.
When you make an insurance claim, you may come across unfamiliar legal terms. Here we provide a brief explanation of the most common terms you may read in your insurance documents… ab initio: Literally ‘from its inception’; a breach of a condition which may lead an insurer to treat a policy as null and void.
Explains the reforms introduced by the Insurance Act 2015 (IA 2015) relating to warranties and risk mitigating terms, such as some conditions precedent. The changes apply where an insurance or reinsurance contract is governed by the laws of England and Wales, Scotland or Northern Ireland.
CONDITIONS: All insurance policies have conditions. It is important that you review these and check that you can comply with them. Failure to do so could result in the insurer denying the claim if you breach a condition. Please inform your broker if you are unable to comply with conditions.
