Insurance jargon can be confusing. Our glossary explains common insurance terms, so you can feel confident in finding the right cover, we've Got You Covered.
An insurance premium is the price you pay for an insurance policy.
The process an insurer uses to assess risk and decide whether and on what terms to offer cover.
A firm that helps customers find and arrange insurance with an insurer.
A contract setting out your insurance cover, duties, limits, conditions and exclusions.
The person or organisation that takes out an insurance policy and is named as its holder.
An insurance quote is a proposed price for cover, based on the details you provide.
An insurer is a company that accepts insurance risks and provides cover under the policy terms.
The protection an insurance policy provides against specified risks, losses or liabilities, subject to its terms.
Cover for certain legal advice and costs when pursuing or defending a claim.
Renewal is the process of continuing an insurance policy when its current term ends.
Ending an insurance policy before its planned expiry date, either by you or the insurer.
A set period after entering into an insurance contract when you can usually cancel without giving a reason.
Giving an insurer inaccurate, incomplete or misleading information when arranging, changing or renewing cover.
Leaving out relevant information an insurer asked for when arranging, changing, or renewing cover.
An exclusion is a policy term that removes cover for certain events, losses, people, property or circumstances.
An endorsement is a written change that adds to, removes or replaces part of an insurance policy.
Policy wording sets out an insurance policy’s cover, conditions, definitions, limits and exclusions.
A personalised document showing the policyholder, insured risk, cover, limits and key policy details.
A document confirming insurance cover and, for motor policies, providing legal evidence of cover.
Disclosure means giving an insurer complete and accurate information when arranging, changing or renewing cover.
