Glossary
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Security - Theft of certain models of car is a major risk for the insurer. If a security device is fitted that has the approval of the insurer, they will often reduce their premium.
Settlement - The term for the settling of a claim buy an insurer.
Statement of Insurance - This is a document, fixed to a policy, which gives details of the property and persons insured.
Subsidence - The is the 'downward movement of the ground below a building'. Its may end up resulting in cracked walls or a general instability of the building. Insurers may be unable to quote if a clients house shows signs of this.
Sum Insured (Buildings) - This should be the full rebuilding cost of the property, not what its market value is considered to be.
Sum Insured (Contents) - This should be the total cost of replacing all contents within the property as new. This would include everything within the house such as clothes, jewellery, furniture etc.
Surrender value - The amount that the insured would actually receive if they actually converted a policy into cash, in many cases this is nothing.
