Buildings Insurance
A policy that covers the cost of repairing
a house or other building, if it is damaged by certain events. <back>
Comprehensive Insurance
A policy covering a number of types of
loss or damage. The term is used mainly in motor insurance. <back>
Contents Policy
A policy that covers the cost of replacing possessions
lost, stolen or damaged. <back>
Indemnity
The principle by which policyholders are put in the
same financial position after a loss as they were immediately before
it. <back>
Motor Insurance
Covers any legal liabilities that arise from the
use of a motor vehicle. If it is a comprehensive policy, damage to
the vehicle is also covered. <back>
New-For-Old
A policy which replaces items that are lost or destroyed
with a brand new one disregarding the effects of wear and tear. <back>
Premium
The amount the policyholder pays for the insurance. <back>
Sum Insured
In house insurance it is the amount for which property
is insured, and the maximum amount which the insurance company will
pay for any claim. <back>
Third Party, Fire and Theft Cover
Motor insurance that covers liability for injuries
to other people (including passengers) and other people's property
caused by the insured. <back>
Third Party Cover
As above but without cover for fire and theft. <back>
Travel Insurance
A policy covering certain risks connected with
travel, such as unavoidable cancellation, personal accident, medical
treatment abroad and lost or stolen luggage. <back>
| The Financial Services Authority does not regulate general
insurance advice, although it does regulate the financial soundness
of insurance companies. |
Hedgelands Financial Services Ltd, Hedgelands, Abbotskerswell, Newton
Abbot, TQ12 5PW
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Phone
our General Insurance Hotline on
0845 165 1281
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