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Glossary of Insurance Terms

The Insurance industry is full of tricky terms that are technical and niche for the industry. Though often used they are not always understood and can throw readers off at times, here we have a list of the terms we feel are most commonly used and misunderstood with a brief explanation of their meaning.

Common Insurance Terms

VIS MAJOR (ACT OF GOD)

ADDENDUM

ADDITIONAL PREMIUM

ADJUSTER

ADVANCE PROFITS INSURANCE

AGGREGATE LIMIT OF INDEMNITY

ALL RISKS

ASSURANCE

AVERAGE

BUSINESS INSURANCE

CANCELLATION

CLAIMS

COMMERCIAL COMBINED INSURANCE

COMMERCIAL INSURANCE

COMMON LAW

COMMUNITY COMPANY

CONCEALMENT

CONSEQUENTIAL LOSS

COVER NOTE

DEFERRED PREMIUM

EMPLOYERS LIABILITY INSURANCE

ENDORSEMENT

EXCESS

EXCLUSION

EX-GRATIA PAYMENT

GROSS PREMIUM

HAZARD

INCEPTION DATE

INCREASE IN COST OF WORKING

INDEMNITY

INDEMNITY PERIOD

INSURABLE INTEREST

INSURABLE VALUE

INSURANCE BROKER/INTERMEDIARY

FINANCIAL OMBUDSMAN SERVICE

INSURANCE PREMIUM TAX

INSURED

INSURER

LAPSE

LATENT DISEASE

LIMIT

LLOYD'S (OF LONDON)

LLOYD'S BROKER

LOSS

LOSS ADJUSTER

LOSS ASSESSOR

MATERIAL DAMAGE WARRANTY

MATERIAL FACT

NAME

NEGLIGENCE

NET PREMIUMS

NEW FOR OLD

NO CLAIMS BONUS (OR DISCOUNT)

NON-DISCLOSURE

PASSENGER LIABILITY

PERIL

PERIOD OF RISK

PERMANENT HEALTH INSURANCE

PERSONAL ACCIDENT AND SICKNESS INSURANCE

POLICY

POLICY HOLDER

PREMIUM

PRE - EXISTING MEDICAL CONDITIONS

PRODUCTS LIABILITY INSURANCE

PROFESSIONAL INDEMNITY INSURANCE

PROPOSAL FORM

QUOTE

REINSTATEMENT VALUE

RENEWAL

RISK

RISK MANAGEMENT

SALVAGE

SCHEDULE

STATEMENT OF FACT

STATUTE LAW

SUBJECT TO SURVEY

SUM INSURED

THIRD PARTY

THIRD PARTY LIABILITY

UNDERLYING INSURANCE

UNDERWRITER

UTMOST GOOD FAITH

WARRANTY

WEAR AND TEAR

WITHOUT PREJUDICE

Which one is not a colour?

Why choose Bennetts?
  • Free no obligation review of your current insurance arrangements
  • Dedicated commercial insurance adviser to guide you through the process
  • Bespoke insurance cover tailored to your exact requirements
  • Competitive premiums from the UK’s leading insurers
  • Selection of payment options including monthly instalment facility available upon request
  • Member of ‘Brokerbility’ - national broking group of 37 insurance intermediaries - giving us national size and reach but with local and personal service
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