Key terms used in the insurance industry
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each of the black spaces below before clicking
on it to display the answer.
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| 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
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| Claim | You make a claim to the insurance company if a loss occurs
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| Cover | The maximum amount an insurance company will pay out in the event of a claim
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| 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.
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| Excess | The part of a claim that you have to pay yourself.
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| No claims bonus | A discount given on your insurance premium if you have not made a claim on your insurance policy
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| Policy | The name of the insurance that you buy, eg house insurance policy
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| Premium | The price quoted by the insurance company for the insurance
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| Schedule | List of items that are insured.
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| Sum assured | The amount of cover when referring to a life assurance policy
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| Sum insured | Another way of saying the amount of cover
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Created by:
KayeDavis
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