Glossary
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ABI - Acronym for the Association of British Insurers - representing around five hundred insurance company's. It is where UK insurance companies liaise with Government Departments to come together to establish codes of practice and set industry standards.
Accident and Health - This is a type of insurance that includes 2 major areas, personal accident and medical expenses.
Accidental damage with respect to buildings insurance - An example of when you may want to have this would be for situations such as accidentally placing your foot through the ceiling.
Accidental damage with respect to contents insurance - This is additional to the basic contents cover and will protect contents within the home against accidental damage caused by the people who live there an example could be dropping red wine onto a light coloured carpet.
Act of God - An event, which could not be attributed to be the fault of anyone. An example could be an earthquake.
Actuary - A Qualified professional person who has been trained in the technical aspects of insurance and who specialises in the calculation of premiums and reserves.
Addendum - This is an addition or change that is made to a contract.
Additional Voluntary Contributions - These are as they sound i.e. further voluntary contributions that can be made by members to their pension scheme that will help to boost their final sum and therefore retirement income.
Agent - Traditionally, insurance company salesmen have been referred to incorrectly as agents. The confusion comes as in some situations agents act on behalf of the client and at other times they are acting on behalf of the insurance company.
Agreed valuation - This is whereby a set value that is declared for a vehicle is paid rather than the market value by the insurer, usually within the classic car insurance.
All risks - An insurance policy that covers all risks - except those not listed under its exclusions.
Annual policy - This is exactly as it sounds. It is an insurance policy that applies for a full year.
Approved repairer - A network of insurance company approved repairers.
Approved tradesmen - A network of approved tradesmen who will be selected by your Insurer when they have any repair work on your home is carried out.
Arbitration - The process employed to come to a mutually acceptable agreement between two parties. An independent person or body who listens to the both parties and comes to a legally binding solution.
