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IFS MMS Topic 5

Key terms used in the insurance industry

TermDefinition
Certificate of insurance Document proving you are insured. Gives name, address, amount if cover, the premium and the dates on which the insurance starts and ends
Claim You make a claim to the insurance company if a loss occurs
Cover The maximum amount an insurance company will pay out in the event of a claim
Cover note A note from the insurance company to say that the insurance policy is in operation.A temporary measure between the start of the cover and the issue of the policy.
Excess The part of a claim that you have to pay yourself.
No claims bonus A discount given on your insurance premium if you have not made a claim on your insurance policy
Policy The name of the insurance that you buy, eg house insurance policy
Premium The price quoted by the insurance company for the insurance
Schedule List of items that are insured.
Sum assured The amount of cover when referring to a life assurance policy
Sum insured Another way of saying the amount of cover
Created by: KayeDavis