| You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A to Z for terms beginning with that letter
F
Fault claim
a claim where your insurance company is unable to recover all of the costs from another party,
such as an accident that was caused by you.
Fully comprehensive
a car insurance policy which covers damage to the owners vehicle as well as to others'.
G
Grace period
the period after a premium payment is due, in which the policyholder may make such payment,
and during which the protection of the policy continues.
Green Card
an internationally recognised document that provides evidence that the holder has
the minimum insurance cover required by law in the country being visited. It provides no cover itself.
You are not required to carry a Green Card in EU countries, because the minimum legal cover is automatically
included in UK policies.
Gross premium
the actual premium paid by the policyholder before any tax relief or discount is taken into account.
H
High-risk occupation
is an occupation in which you are more likely to have an accident. Such jobs may
lead to higher premiums or exclusion from insurance.
I
IFA (Independant Financial Advisor)
a broker or other intermediary who is authorised to sell or advise on policies offered by
any insurance company. They should select products from the entire market and offer unbiased advice.
They may have access to special deals which are not normally available.
Indemnity
the policyholder is put in the same financial position after a loss as they were immediately before it.
Insurance
an agreement under which individuals, businesses, and other organisations, in exchange for payment
of a sum of money (a premium), are guaranteed indemnity for losses resulting from certain events or conditions specified
in a contract (policy).
IPT (Insurance Premium Tax)
a government tax charged as a percentage of insurance premiums.
Insured car
this is the car with the registration that is specified on the policy.
Intermediary
a person or organisation that offers advice and arranges policies for clients.
They are either tied (representing a limited number of companies) or independant (representing unlimited companies).
Introducer
anyone who informs borrowers about certain products or services and "introduce" them to the lender for
a fee for passing on new business.
J
Judgement
the decision of a court or law.
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Motorbike insurance guide
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