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Jargon Buster - Definitions > Jargon buster > Flashcards

Jargon buster Flashcards

1
Q

Underwriter

A

Company or insurer that accepts the risk of the policy

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2
Q

Insurance panel

A

A collection of underwriters available to a broker or intermediary

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3
Q

Lloyds of London

A

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

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4
Q

Insurance schedule

A

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

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5
Q

Policy documents

A

Shows everything that is and isn’t in the policy

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6
Q

Material facts

A

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

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7
Q

NCD

A

No claims discount

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8
Q

Indemnity

A

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

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9
Q

Loss adjuster

A

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

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10
Q

Exceptions and exclusions

A

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

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11
Q

Perils and risks

A

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

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12
Q

Excess

A

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.

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13
Q

Endorsement

A

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

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14
Q

Buildings insurance

A

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

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15
Q

Contents cover

A

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

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16
Q

New for old

A

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

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17
Q

Bedroom rated policy.

A

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

18
Q

Utmost good faith

A

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

19
Q

Liability cover

A

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.

20
Q

Money laundering

A

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

21
Q

TCF

A

Treating customers fairly

22
Q

FSA

A

Fonanpcial services authority

23
Q

307941

A

Company FSA registration number

24
Q

DPA

A

Data protection act

25
Q

TPS

A

Telephone preference service

26
Q

TPS registration line

A

0845 070 07072

27
Q

DCI DSS

A

Payment card industry data security standards

28
Q

Independent intermediary

A

Company that sells the policy on behalf of the underwriter

29
Q

Sum insured

A

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

30
Q

What is I4R call structure?

A

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

31
Q

Introduction

A

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

32
Q

Finding out

A

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

33
Q

Match and demonstrate

A

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

34
Q

Close

A

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.

35
Q

Thank you

A

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.

36
Q

Introduction

A

Helps gain the customers attention, encourages them to recognise

37
Q

Underwriter

A

Company or insurer that accepts the risk of the policy

38
Q

Finding out

A

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

39
Q

Match and demonstrate

A

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

40
Q

Close

A

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.

41
Q

Thank you

A

Leave a

42
Q

Underwriter

A

Company or insurer that accepts the risk of the policy

Jargon Buster - Definitions (3 decks)

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