Glossary
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Lapsed policy - This is what happens to a policy or non-payment of premium. i.e. it is ended.
Loading - There can be deemed a standard or average rate for a persons insurance, the loading is effectively what an individual will be charged in excess of this for their insurance. An example of this could be gender in respect of car insurance as women are generally charged less than a man with the same risk details.
Loss - Means being robbed, burgled, injured or in a car accident. A loss gives rise to a potential claim.
Loss adjuster - An independent 3rd party who assesses the value of a claim. They are usually brought in where there is a disagreement between the insurer and the insured.
