| 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
P
Persistency
the length of time insurance remains continuously in force with a company.
Policy
the legal document issued by the insurance company to the policyholder, which states
the terms and conditions of the insurance
Policy exclusions
events not covered by your policy.
Policy schedule
a document detailing how much cover you have, any discounts you have, and the premiums you pay.
Policy term
the period of time for which an insurance policy provides cover.
Policyholder
the person to whom the insurer issues the policy and usually the person covered by the policy.
Premium
the single or regular 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.
Q
Quotation
quotations are provided to show the costs of insurance cover and the quotation document forms
the basis of a new contract or the renewal of an existing one. It contains details of the conditions, benefits,
caveats and premiums for the policy.
R
Registered keeper
the person who looks after a vehicle, not always the owner.
Reinsurance
the practice whereby one insurer transfers part or all of the risk it has accepted
to another insurer (the reinsurer).
Renewal
an agreement to extend insurance beyond the original term.
Replacement car
a car provided by an approved repairer or another company instructed by the insurer whilst
repairs are made to your car under an insurance claim.
Rescission
termination of insurance by the insurance because a mis-statement by the insured.
Retention
the amount of risk retained by the insurance company and not reinsured.
Retrocession
the process by which a reinsurer obtains reinsurance from another company.
Rider
an amendment to an insurance policy that modifies the policy by expanding or restricting
its benefits or excluding certain conditions from coverage.
S
Settlement
when an insurer pays a claim.
Substandard risk
the risk of a claim against a policy is higher than the average.
Sum insured
the maximum limit that an insurance company will pay for any claim.
Surrender
the cancellation of a policy, usually receiving a reduced payout.
Surrender value
the amount received when converting a policy into cash, often zero.
Territorial limits
the geographical limits within which your policy is valid, usually Great Britain,
Northern Ireland, The Isle Of Man and the Channel Islands, including travel between any of these.
Third party insurance
covers damage to others' cars but not your own.
Third party, fire and theft insurance
as above, but with additional coverage against fire and theft.
Total loss
when the ensures decide it is impossible, unsafe or not economical to repair your car.
Tracker
an electronic device fitted to a car which makes it possible for law enforcement agencies
to locate the vehicle anywhere in the UK if it is stolen.
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Motorbike insurance guide
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