Period of insurance - The time covered by this insurance,
as shown on your current certificate of motor insurance.
Personal lines - Insurance designed for individuals rather
than businesses or organisations.
Personal possessions cover - Insurance for personal items
such as money, jewelery and luggage.
Pluvius insurance - Also known as 'event insurance' as it
is typically taken out for spectator events, this covers against
losses arising as a result of bad weather, principally rain.
Policy - The legal document issued by the insurance company
to the policyholder, which states the terms and conditions of the
insurance, it may also be called the policy contract or the contract.
Policy booklet - This documentation contains a full list
of the terms, conditions and exceptions of your policy.
Policy excess - The policy excess is an amount imposed by
the insurance company that you are required to contribute in the
event of a claim. The policy excess is frequently increased for
younger drivers for accidental damage claims. Any voluntary excess
that you choose will be added to the policy excess and young drivers
excess in the event of accidental damage claims.
Policy exclusions - These are events or instances which
are not covered by your insurance policy.
Policy schedule - A document that details how much cover
you have (the sum insured), the discount you qualify for (if any),
and the premiums you have to pay. With some policies you may get
a new schedule when you renew the policy or whenever you want to
change your policy.
Policy term - The period of time for which an insurance
policy provides coverage.
Policyholder - Person to whom the insurer issues the policy,
and normally the person who benefits from any insurance policy.
Premium - The single or regular periodic payment made to
an insurance company in respect of an insurance policy.
Public liability policy - Covers legal liability for injury
or damage caused to others. Normally part of motor insurance and
some home insurance policies.
|
