Anatomy of a contract

2. Cover that is already part of your policy but extended in some way.
6. Clauses to restrict or limit liability of the insurer within the contract; applies to all sections.
7. Clauses to restrict or limit liability of the insurer within the specified section; more limited operation than a general exclusion.
8. to check whether the insured qualifies for the policy.
11. A sublimit is an extra limit on the amount an insurer will pay for a specified covered loss.
15. A formal agreement by the parties of the information and statements provided.
16. The process of making relevant information known for the insurer to decide whether to offer a policy.
17. The specified date from which the terms in the policy begin to apply. There may be more than one date.
19. A list of specified terms with definitions.
20. The contribution to a claim that the insured has to pay.
21. The insurer will pay a stated amount in the event a specified risk happens.
23. Extra terms that change cover from the standard wording; may be extra, less or a correction to cover.
24. Clauses to limit the application of an exclusion such that it does not apply to the described circumstances.

1. Actions the insured must do to be covered under the policy.
2. How the insurer will communicate e.g. email, post.
3. A sentence or paragraph that specifies the risk the insurer agrees to cover. May include the scope of cover and the insurer’s liability.
4. Information about the financial service, the fees and the complaints process.
5. Can be definitive or descriptive.
9. What the insured must do in case of a claim.
10. Maximum amounts an insurer will pay for a covered loss.
12. Summary of what the policy covers, different levels of cover.
13. A title for the types of cover.
14. An update to the most recent PDS with corrections or amendments.
18. A timeframe when the insured can cancel the policy, and the insurer agrees to provide a full refund.
22. Types of cover including optional categories.