Glossary
A
Superquote Terms: ABI
ABI: Association of British Insurers. An industry forum operating in the UK which represents the majority of the UKs insurance companies. The ABI ...
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Superquote Terms: Any Driver Car Insurance
Any Driver: Any driver of a vehicle not necessarily the owner or the insured so long as the driver has permission to use the car.
Any driver insurance poli...
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Superquote Terms: Approved Person
Approved person: Someone who is approved by the Financial Services Authority to be fit & proper to perform a controlled function in a particular firm.
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Superquote Terms / Glossary: Average
The principle of average applies when there is under insurance on an insured risk. It effectively means that any payment for a claim will be proportiona...
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B
Superquote Terms: Insurance Broker
An insurance broker is a company who represnt their clients in arranging cover with insurers. A broker typically has access to many schemes and can therefore ...
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Superquote Terms - Buildings
When you are insuring property, such as your home insurance or a business insurance policy which includes property (e.g. shop insurance), you often need to provide a valu...
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C
Superquote Terms: Cash Surrender Value
Cash surrender value: This is a sum or amount of money received by a policyholder when he surrenders an insurance policy. For most general insurance polici...
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Superquote Insurance Glossary: Claims
Most people know that a claim is made to an insurer or broker following a loss.
Once a claim has been started, a number of processes may occur. ...
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Superquote Glossary: Co-Insurance
Coinsurance relates mainly to the insurance of property. It is a clause which requires an insured person to have cover for a specified percentage of a properti...
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Superquote.com Terms: FSCS - Compensation Scheme
Compensation Scheme: Many insurance and financial products & services are sold subject to the Financial Services Compensation Scheme. (FSCS)....
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Superquote Terms: Condition of Average / Principle of Average
This insurance term relates to underinsurance. It is a condition of most insurance policies and a standard market consition (normal...
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D
Superquote - Conviction Definition - DR10
A DR10 is a driving conviction which is an endorsement on your licence if you have been convicted of: driving or attempting to drive with alcohol level above...
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E
Superquote Terms: Endorsements
There are two parts to the definition and description of endorsements in insurance. One relates to your driving licence (i) and the other relates to any cont...
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Glossary - Europe
In insurance terms, Europe can relate to a couple of items. European breakdown recovery is for vehicles travelling overseas and protects them from some of the financial costs ...
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Superquote Terms / Glossary: Excess (Compulsory and Voluntary)
An insurance excess is an amount of a loss for an insured event that the first party or insured is liable for. If a cla...
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Superquote Terms: Exclusion
An exclusion is an incident or event not covered by an insurance policy.
The most common type of exclusion is your policy excess. The excess is simply an excl...
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F
Superquote Glossary - FLEE - Fire, Lightening, Earthquake, Explosion
This term relates to a level of cover offered typically to property that is unoccupied. FLEE essentially restricts the ...
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Superquote Terms: Flood Plain
Flood Plains are patches of land that are located next to water courses (streams and rivers) and are often submerged in water. Many flood plains have been develope...
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Superquote Definitions: Fronting
In a car insurance contract, the named driver section of the cover is designed to provide secondary or infrequent drivers insurance protection on the vehicle.
...
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H
Superquote Definitions: Heat
Many tradespeople use heat as a course of their work. For example, roofer using bitumen, heat, including naked flames. The risk of fire and burns to employees...
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I
Superquote Terms - IN10 Motoring Conviction
An IN10 motoring conviction is the most common conviction code used for drivers who have been convicted of driving without motor insurance. In the UK...
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Superquote Glossary: Indemnity / Indemnification
When an insured person makes a claim, one of the founding principles of insurance is that they are returned to the monetary status they were in prior ...
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Superquote Glossary - Injury
Injury is damage to the body or the functionality of the body caused by any external influence. Injuries may be physical such as bruising, wounding, fractures and b...
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Superquote Terms: Insurable Interest
Insurable Interest: Insurable interest exists when one party has a close and/or dependent financial relationship to the other. The most frequent ocurences of insu...
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Superquote Glossary: Insurer / Insurance Provider / Broker
An insurer is a provider of insurance. An insurer may be made up of a syndicate, of which the oldest and most famous is the group of s...
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K
Superquote Glossary - Key Features Document
Key Features Document: Documentation sold with a UK insurance policy will normally include a key features document. It will give you a guide to ...
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Superquote Terms / Glossary: Knock for Knock
The term knock for knock describes an agreement between insurers that essentially avoids the need for legal action to resolve claims disputes. It ap...
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L
Superquote Glossary / Definition: Liability
There are many definitions of liability applying to financial and legal fields in America and in Europe.
Generally speaking in the insurance world, l...
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Superquote Terms and Glossary - Licence
In the UK as in most countires, the right to drive requires a licence. Drivers who are learning may apply for a provisional licence (follow this link for...
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Superquote Terms - Local Licensing Authorities
Taxi drivers need to make sure they have an up to date licence from their local authority to be able to legally operate. Usually this includes mat...
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M
Superquote Glossary: Material Fact
Any piece of information which may influence the decision of an underwriter over the terms and cost of cover can be referred to as a material fact.
This is w...
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N
Superquote Glossary: New For Old
Insurance contracts are based on the principle of restoring the insured to their previous status. This means that it is not the intention of the provider to be ...
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Superquote Definitions / Terms: No Claims Bonus
No claims bonus is a term to describe a substantial discount which can be applied to the calculation of a car insurance quote.
The discount is earned ...
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O
Superquote Definitions / Glossary: Outbuilding
This term is important from an insurance perspective and effects many peoples home insurance contract. Essentially an outbuilding is a structure w...
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P
Superquote Terms: Panel
A panel refers to a number of insurance schemes which an insurance broker may have access to.
An insurance broker works with insurers to use schemes which the insurer underwr...
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Glossary - Pass Plus
Pass Plus is a driving course popular with many newly qualified drivers. It provides six one hour lessons which focus on the following areas:
Motorways
Dual car...
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Superquote Glossary: Probate - Definition of Probate
Probate is the way in which a persons money, property and other assets are distributed in the settling of their estate after death. A court ...
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Superquote Terms: Proposal Form
Proposal forms are documents completed by the client and passed to the insurer to assess a risk. Normally a proposal form is passed to an underwriter who will th...
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Q
Superquote Terms: Quote / Quotation
A quote / quotation is simply the amount of premium that an insurer needs to provide cover and adequately underwrite the risk.
The quotation is calculated from th...
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R
Superquote Glossary - Registered Keeper of a Vehicle
Registered Keeper: An individual who looks after, and normally homes, a vehicle, but not necessarily the owner. As an example,...
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Terms / Definitions - Superquote.com - Renewal
When an insurance contract reaches the end of its term, usually a quote is offered. this process is called a renewal of the policy.
Under FSA&nbs...
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Superquote Glossary and Terms: Run Off Cover
Run Off Cover - This term generally applies to professional indemnity insurance policies. PI cover works on the basis of 'claims made' - If you...
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S
Superquote Glossary and Terms: Schemes
A scheme is an set of insurance rates offered by an insurer. An underwriter uses data from ana ctuary to design a scheme and often they have very specific...
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Superquote Terms: Site Visits
Many manufacturing insurance quotes require an insurance agent to visit a business before a quote can be offered.
These are referred to as site visits. Typically ...
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Superquote Definitions: SME
SME stands for Small Medium Enterprise and is a genral term used to describe smaller businesses.
Her Majestys Revenue and Customs define SME as:
A c...
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Superquote Glossary - Stock
The stock of a business is the total amount of goods in hand or in store. In business insurance terms, typically stock is an important term for retailers. Many...
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Superquote Terms: Subrogation
In many instances, insurers receive claims from policyholders where there is a liability incurred elsewhere.
Often the provider will pursue the third party at fault to ...
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Superquote Terms: Sum Insured
Definition of Sum Insured
The sum insured is a phrase used by most insurers to signify the total amount any piece of property or item is insured for.&nbs...
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T
Superquote Terms: Third Party
The third party in insurance is a general term relating to another party involved in a contract or claim. When organising cover, the policyholder or insured is kno...
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U
Superquote Terms and Glossary: ULR, Uninsured Loss Recovery - Legal Expenses
Most car and house insurers will charge you a small additional premium for an add on product known as uninsured loss ...
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Superquote Glossary Terms: Underwriter
An insurance underwriter is an individual who assesses risk and determines whether it is acceptable to an insurance company. Actuaries produce analysis ba...
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Superquote Terms: Utmost Good Faith
All insurance contracts / policies are based upon a principle of utmost good faith on both parties, the insured and the insurer.
The principle is that both ...
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V
Superquote Terms and Glossary: Vehicle Security Installation Board
This is a UK organisation who are responsible for approving installers of security devices such as immobolisers and alarms...
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W
Superquote Glossary: Insurance Write Off / Total Loss
A write off is a term that is used in UK car insurance. It is used when a vehicle is damaged to such an extent that the repairs w...
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