Jargon buster

Question 1

Underwriter

Answer 1

Company or insurer that accepts the risk of the policy

Question 2

Insurance panel

Answer 2

A collection of underwriters available to a broker or intermediary

Question 3

Lloyds of London

Answer 3

A market in which independent insurance underwriters join together in syndicates to sell insurance, mainly through brokers under the lloyds name.

Question 4

Insurance schedule

Answer 4

Describes what level of cover the customer has under their policy and how much each element costs, also by specified items.

Question 5

Policy documents

Answer 5

Shows everything that is and isn’t in the policy

Question 6

Material facts

Answer 6

Personal information about the customer used to assesss the risk such as post code, date of birth, claims history etc

Question 7

NCD

Answer 7

No claims discount

Question 8

Indemnity

Answer 8

Putting the customer back in the financial position as they were prior to their loss or claim

Question 9

Loss adjuster

Answer 9

They will recommend to the underwriter the best way to settle a claim

Question 10

Exceptions and exclusions

Answer 10

Items or risks that are not covered by the customer’s policy

Question 11

Perils and risks

Answer 11

An event the customer is insured against depending on the type of policy they have.

Question 12

Excess

Answer 12

The first part of the claim the customer has to pay. The amount set can be either voluntary or compulsory and sometimes a combination of the two.

Question 13

Endorsement

Answer 13

An agreed change to the terms of the policy, accepted by the customer.

Question 14

Buildings insurance

Answer 14

Insurance cover for the structure and permanent fixture and fittings of the home.

Question 15

Contents cover

Answer 15

Insurance cover for items within the home which can be moved including carpets and curtains.

Question 16

New for old

Answer 16

Replaces an insured item as new if loss or damage occurs by an insurable event.

Question 17

Bedroom rated policy.

Answer 17

The premium is calculated base on how many different factors one being how many bedrooms are at the property.

Question 18

Utmost good faith

Answer 18

We accept that the information given by the customer is true, up to date and correct to the best of their knowledge.

Question 19

Liability cover

Answer 19

Cover for the policy holder if they are deemed to be careless or negligent and injury or damage occurs to someone else as a result.

Question 20

Money laundering

Answer 20

The activity of making money through criminal activity as if it has come through a legitimate source.

Question 21

TCF

Answer 21

Treating customers fairly

Question 22

FSA

Answer 22

Fonanpcial services authority

Question 23

307941

Answer 23

Company FSA registration number

Question 24

DPA

Answer 24

Data protection act

Question 25

TPS

Answer 25

Telephone preference service

Question 26

TPS registration line

Answer 26

0845 070 07072

Question 27

DCI DSS

Answer 27

Payment card industry data security standards

Question 28

Independent intermediary

Answer 28

Company that sells the policy on behalf of the underwriter

Question 29

Sum insured

Answer 29

The maximum amount the insurance company can pay the claimant eg rebuild costs on their property , value of contents in the home

Question 30

What is I4R call structure?

Answer 30

Introduction, finding out, match & demonstrate, close, thank you.

Question 31

Introduction

Answer 31

Helps gain the customers attention, encourages them to recognise the value of continuing the call, some regulatory requirements and customer further security.

Question 32

Finding out

Answer 32

Obtain answers to all the questions we need for the quote. The more we know their needs the better we can match the policy.

Question 33

Match and demonstrate

Answer 33

Match the customers needs to our policy. Use word pictures to demonstrate why the customer should buy this policy.

Question 34

Close

Answer 34

Really easy when you know what the customer needs and you've matched it to our policy. It's just a matter of confirming that the customer would like to go ahead with the policy.

Question 35

Thank you

Answer 35

Leave a good impression whether sale is made or not. Make sure they have enough information so they can get back in touch with us when they need to.

Question 36

Introduction

Answer 36

Helps gain the customers attention, encourages them to recognise

Question 37

Underwriter

Answer 37

Company or insurer that accepts the risk of the policy

Question 38

Finding out

Answer 38

Obtain answers to all the questions we need for the quote. The more we know their needs the better we can match the policy.

Question 39

Match and demonstrate

Answer 39

Match the customers needs to our policy. Use word pictures to demonstrate why the customer should buy this policy.

Question 40

Close

Answer 40

Really easy when you know what the customer needs and you've matched it to our policy. It's just a matter of confirming that the customer would like to go ahead with the policy.

Question 41

Thank you

Answer 41

Leave a

Question 42

Underwriter

Answer 42

Company or insurer that accepts the risk of the policy