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No legal liability
- A payment made by an insurer to a policyholder where there is no legal liability so to pay.
www.biba.org.uk/insurance-guides/jargon-buster/
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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.
Glossary. Insurance terms. Explore our glossary of insurance related terms used by the Lloyd’s Corporation and market participants. Please note that the definitions are intended for general guidance and they do not override or qualify any definition that appears in any Lloyd’s byelaw or regulation, in any contract or in any other document. submit.
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.
Jul 28, 2023 · How nib health insurance claims work? When you are buying nib health insurance, it is important to go through your cover carefully, analyzing everything that you are and not covered for. This will help you know what you can claim and not. NIB provides two types of health claims - hospital claims and Extras claims. 4.
Conditions precedent to the risk are those that must be satisfied before the insurer comes on risk, for example, payment of a premium. Conditions precedent to liability are those that need to be satisfied before the insurer liability for payment arises (but once the insurer is already on risk).
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.
Jan 6, 2016 · The Act is the result of a joint review by the Law Commission and Scottish Law Commission into insurance law. It introduces substantial changes to the laws governing disclosure in non-consumer insurance contracts; warranties and other contractual terms; and insurers’ remedies for fraudulent claims. This guide sets out some of the most ...
