{"id":2324,"date":"2017-02-07T16:46:41","date_gmt":"2017-02-07T16:46:41","guid":{"rendered":"http:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk?p=2324"},"modified":"2017-02-07T16:46:41","modified_gmt":"2017-02-07T16:46:41","slug":"insurance-translated","status":"publish","type":"post","link":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/church\/insurance-translated\/","title":{"rendered":"Insurance translated"},"content":{"rendered":"

\t\t\t\tMany industries have their own language and terminology that is specific to their sector \u2013 and the insurance industry is no exception.<\/p>\n

Below we\u2019ve provided a simple explanation of some commonly used phrases to help you decode the language those working in the insurance industry frequently use.<\/p>\n

For a full glossary of terms, visit the BIBA website at http:\/\/www.biba.org.uk\/JargonBuster.aspx<\/a><\/p>\n

ADDENDUM (or ENDORSEMENT):<\/strong> This document sets out in writing any agreed alterations to an insurance contract.<\/p>\n

ADJUSTER:<\/strong> A person who investigates and assesses claims on behalf of insurers<\/p>\n

ALL RISKS:<\/strong> A type of insurance that covers any accidental loss or damage, unless the cause is specifically excluded from the policy.<\/p>\n

ASSURANCE:<\/strong> Sometimes used instead of \u201cinsurance\u201d but generally relates to life cover. CLAIMS: A formal request from a policy holder to an insurance company asking for a payment based on the terms of their policy.<\/p>\n

COMMON LAW:<\/strong> A law developed through historical decisions of courts based on individual cases, rather than those decided through a legislative process.<\/p>\n

COVER NOTE:<\/strong> A document for a policyholder which confirms details of the insurance cover that has been arranged.<\/p>\n

DEFERRED PREMIUM:<\/strong> The part of your insurance premium which, following agreement with underwriters, is payable by instalments.<\/p>\n

EMPLOYERS\u2019 LIABILITY INSURANCE:<\/strong> Covers employers legal responsibility to an employee who has been injured or become ill and their employment is deemed to be the cause.<\/p>\n

EXCESS:<\/strong> A portion of a claim that the policyholder pays for. This can either be voluntary as a way to reduce the premium, or a compulsory condition set out by the underwriters.<\/p>\n

EX-GRATIA PAYMENT:<\/strong> A payment made by the insurer to the policyholder when there is no contractual obligation to do so.<\/p>\n

GROSS PREMIUM:<\/strong> A premium at its full, before any deductions are taken for broker fees and discounts.<\/p>\n

HAZARD:<\/strong> A feature that introduces or increases risk<\/p>\n

INDEMNITY:<\/strong> Security or protection against a loss or other financial burden, which aims to leave the policyholder as they were before the loss.<\/p>\n

INSURANCE BROKER\/INTERMEDIARY:<\/strong> A full-time specialist with professional skills in\u00a0handling insurance business who advises clients and arranges their insurances. An insurance\u00a0broker would be remunerated by a commission from an insurer when placing business, but\u00a0is the agent of their client first and \u00a0foremost.<\/p>\n

FINANCIAL OMBUDSMAN SERVICE:<\/strong> A bureau established by major insurance companies to\u00a0oversee the interests of policyholders whose complaints remain unsolved through normal\u00a0company channels of communication.<\/p>\n

LAPSE:<\/strong> The non-renewal of a policy for any reason<\/p>\n

LOSS:<\/strong> Another term for a claim<\/p>\n

MATERIAL FACT:<\/strong> Any fact which would influence the insurer in accepting or declining a risk\u00a0or in fixing the premium or terms and conditions of the contract is material and must be\u00a0disclosed for the policy to be valid.<\/p>\n

NEGLIGENCE:<\/strong> Failure to use a degree of care considered reasonable under a given set of\u00a0circumstances.<\/p>\n

NEW FOR OLD:<\/strong> Where insurers agree to pay the cost of property lost or destroyed without\u00a0deduction for depreciation<\/p>\n

NO CLAIMS BONUS (OR DISCOUNT):<\/strong> A reward by way of a partial premium rebate given to\u00a0a policyholder by an insurer where no claims have been made by them within a set period of\u00a0time. Very common in motor insurance<\/p>\n

NON-DISCLOSURE:<\/strong> The failure by the policyholder or their broker to make the underwriter\u00a0aware of a material fact or circumstance before acceptance of the risk<\/p>\n

POLICY:<\/strong> A document which details the terms and conditions of an insurance contract<\/p>\n

PREMIUM:<\/strong> The amount paid for an insurance policy<\/p>\n

PRODUCTS LIABILITY INSURANCE:<\/strong> These policies cover the policyholder\u2019s legal\u00a0responsibility for bodily injury to persons, or loss of or damage to property caused by\u00a0defects in goods sold, supplied, erected, installed, repaired, treated, manufactured, and\/or\u00a0tested by the policyholder.<\/p>\n

PROFESSIONAL INDEMNITY INSURANCE:<\/strong> This policy protects a professional against their\u00a0legal liability towards third parties for injury, loss, or damage arising from their own\u00a0professional negligence or that of their employees.<\/p>\n

QUOTE:<\/strong> A statement by an insurer of the premium required for a particular insurance\u00a0policy.<\/p>\n

REINSTATEMENT:<\/strong> Reinstatement refers to the renewal of insurance coverage after a lapse\u00a0in payment.<\/p>\n

RENEWAL:<\/strong> The process of continuing an insurance policy from one cover period to the next.<\/p>\n

RISK MANAGEMENT:<\/strong> The identification, measurement and economic control of risks that\u00a0threaten the assets and earnings of a business or other enterprise.<\/p>\n

SALVAGE:<\/strong> A recovery of all or part of the value of an insured item on which a claim has been\u00a0paid. The insurer will normally dispose of the item and apply the proceeds to reduce the\u00a0cost of the claim.<\/p>\n

SCHEDULE:<\/strong> A Policy Schedule outlines cover provided under the policy including details of\u00a0the policyholder and limits, sums insured and excess of the cover.<\/p>\n

STATEMENT OF FACT:<\/strong> A statement provided by the insurer detailing the basis on which\u00a0insurance is accepted and what conditions apply.<\/p>\n

SUM INSURED:<\/strong> The maximum amount payable in the event of a claim under contract of\u00a0insurance.<\/p>\n

UNDERWRITER:<\/strong> A person who accepts business on behalf of an insurer.<\/p>\n

WARRANTY:<\/strong> A very strict condition in a policy imposed by an insurer. A breach entitles the\u00a0insurer to deny liability.<\/p>\n

WEAR AND TEAR:<\/strong> This is the amount deducted from claims payments to allow for any\u00a0depreciation in the property insured which is caused by its usage.<\/p>\n

Hopefully that has shed some light on insurance terms, but if you\u2019re still not completely clear, just give us a call on 01564 730 900<\/span> or drop us a line at enquiries@edwardsinsurance.co.uk<\/a> and we\u00a0will be more than happy to help you make sense of your insurance.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

Many industries have their own language and terminology that is specific to their sector \u2013 and the insurance industry is no exception. Below we\u2019ve provided a simple explanation of some commonly used phrases to help you decode the language those working in the insurance industry frequently use. For a full glossary of terms, visit the […]<\/p>\n","protected":false},"author":7,"featured_media":2325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[186,187,190],"tags":[199,200,201,202,38],"acf":{"related_articles":null},"_links":{"self":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts\/2324"}],"collection":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/comments?post=2324"}],"version-history":[{"count":0,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/posts\/2324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/media\/2325"}],"wp:attachment":[{"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/media?parent=2324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/categories?post=2324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/edwardsinsurance.co.uk\/wp-json\/wp\/v2\/tags?post=2324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}