Anatomy of a contract

2. exclusions Clauses to restrict or limit liability of the insurer within the contract; applies to all sections.
5. headings A title for the types of cover.
7. Product Disclosure Statement An update to the most recent PDS with corrections or amendments.
11. off period A timeframe when the insured can cancel the policy, and the insurer agrees to provide a full refund.
12. of disclosure The process of making relevant information known for the insurer to decide whether to offer a policy.
16. date The specified date from which the terms in the policy begin to apply. There may be more than one date.
18. Criteria to check whether the insured qualifies for the policy.
19. Maximum amounts an insurer will pay for a covered loss.
20. Glossary A list of specified terms with definitions.
22. The contribution to a claim that the insured has to pay.
24. A sublimit is an extra limit on the amount an insurer will pay for a specified covered loss.
25. Extra terms that change cover from the standard wording; may be extra, less or a correction to cover.

1. Clause to limit the application of an exclusion such that it does not apply to the described circumstances.
3. A formal agreement by the parties of the information and statements provided.
4. The insurer will pay a stated amount in the event a specified risk happens.
6. clause A sentence or paragraph that specifies the risk the insurer agrees to cover. May include the scope of cover and the insurer’s liability.
8. How the insurer will communicate e.g. email, post.
9. Actions the insured must do to be covered under the policy.
10. What the insured must do in case of a claim.
13. Clauses to restrict or limit liability of the insurer within the specified section; more limited operation than a general exclusion.
14. Types of cover including optional categories.
15. of benefits Summary of what the policy covers, different levels of cover.
17. Services Guide Information about the financial service, the fees and the complaints process.
21. of cover Cover that is already part of your policy but extended in some way.
23. of examples Can be definitive or descriptive.