Insurance Definitions

4. The amount an insurer will pay under an insurance contract, unless otherwise stated.
5. Person who is covered for the loss under the terms and conditions of the insurance policy.
6. The amount paid for the insurance cover.
9. Criteria set by the product to determine if a customer can take out a policy.
10. A lodgement made when something happens to the insured or insured property.
11. The protection provided by the policy.
13. The maximum value or amounts that will be paid on the claim.

1. The document that provides the key features, fees, commissions, benefits, risks and the complaints handling procedure for the specific product.
2. A period of time that must pass before some or all coverage begins. It is sometimes referred to as an excess period or a deferment period.
3. The fact sheet which enables all current and potential H&C customers to make a fully informed decision about their choice.
7. The guide that contains information about the financial service offered, fees charged, remuneration and how complaints will be handled.
8. A reduction in the cost of the premium.
9. The customer’s contribution paid towards the cost of a claim.
12. A person, asset or item that is insured.