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Definitions (19)
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term
Meaning
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accident
An event causing injury to an insured person and was not intended by them to happen
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actuary
Someone with professional training in mathematical and technical aspects of insurance, especially calculating premiums
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broker / adviser
Someone who specialises in insurance. They may have arrangements with more than one insurer so they can place their client's business where it best suits the client
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claim
A request for payment according to the policy terms made by the policy owner to the insurer
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cover
The amount of protection an insurance policy provides
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exclusion
A provision in a policy that excludes cover for certain events or conditions, E.g. dangerous pastimes or pre-existing conditions for life insurance
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insured
Someone covered by an insurance policy
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memorandum of transfer
The document that records a change of ownership on a policy
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