Please contact us if there are any terms or policy wordings you would like to discuss.
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| Act of God |
An event which is not the fault of any individual. Acts of God can be insurable. |
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| Acupuncturist |
An Acupuncturist who is a member of the British Medical Acupuncture Society |
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| Acute |
Acute conditions are curable and treatable and are covered by medical insurance. Chronic conditions are however excluded. (See Chronic) |
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| Addendum |
A document setting out agreed alterations to an insurance contract. (See also endorsement). |
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| Additional Premium |
A further premium payable by the insured as a result of policy amendment, that may have increased the risk or changed the policy conditions or sum insured. |
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| Additional Voluntary Contributions |
Additional contributions made voluntarily by pension scheme members to boost their eventual retirement income. |
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| Adjuster |
One who investigates and assesses claims on behalf of insurers (claims adjuster or loss adjuster). |
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| Advance Profits Insurance |
Business interruption insurance of the expected profits of a new enterprise or an extension to an existing business. |
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| Agent |
A person who acts for one or small number of companies, particularly in selling insurance. |
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| Aggregate Limit Of Indemnity |
The maximum amount an insurer will pay under a policy in respect of all accumulated claims arising within a specified period of insurance. |
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| Alcohol Abuse |
A condition, mental or physical, which is partly or totally caused by alcohol abuse |
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| All Risks |
Wider cover than given under a normal property insurance policy. Covers any loss or damage apart from exclusions stated in the policy. |
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| Annual Premium |
See "Yearly Premium". |
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| Annual Review Date |
The date your policy is renewed and from when your premiums may be changed and any new terms and conditions applied. This date will be 12 months after the policy start date and each anniversary after that date |
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| Annuity |
An arrangement by which an insurance company pays someone a regular income, usually for life, in return for a lump sum premium. |
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| Approved person |
Someone who is considered by the FSA to be fit & proper to perform a controlled function in a particular firm. An Approved Person must act with integrity & due skill, care & diligence. |
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| Assurance |
A term interchangeable with insurance but generally used in connection with life cover as assurance implies the certainty of an event and insurance the probability. |
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| AVC's |
See "Additional Voluntary Contributions". |
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| Average |
A clause in insurance policies whereby, in the event of under-insurance, the claim paid out by the insurer is restricted to the same proportion of the loss as the sum insured under the policy bears to the total value of the insured item. |
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