Jargon buster Flashcards
Underwriter
Company or insurer that accepts the risk of the policy
Insurance panel
A collection of underwriters available to a broker or intermediary
Lloyds of London
A market in which independent insurance underwriters join together in syndicates to sell insurance, mainly through brokers under the lloyds name.
Insurance schedule
Describes what level of cover the customer has under their policy and how much each element costs, also by specified items.
Policy documents
Shows everything that is and isn’t in the policy
Material facts
Personal information about the customer used to assesss the risk such as post code, date of birth, claims history etc
NCD
No claims discount
Indemnity
Putting the customer back in the financial position as they were prior to their loss or claim
Loss adjuster
They will recommend to the underwriter the best way to settle a claim
Exceptions and exclusions
Items or risks that are not covered by the customer’s policy
Perils and risks
An event the customer is insured against depending on the type of policy they have.
Excess
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.
Endorsement
An agreed change to the terms of the policy, accepted by the customer.
Buildings insurance
Insurance cover for the structure and permanent fixture and fittings of the home.
Contents cover
Insurance cover for items within the home which can be moved including carpets and curtains.
New for old
Replaces an insured item as new if loss or damage occurs by an insurable event.
Bedroom rated policy.
The premium is calculated base on how many different factors one being how many bedrooms are at the property.
Utmost good faith
We accept that the information given by the customer is true, up to date and correct to the best of their knowledge.
Liability cover
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.
Money laundering
The activity of making money through criminal activity as if it has come through a legitimate source.
TCF
Treating customers fairly
FSA
Fonanpcial services authority
307941
Company FSA registration number
DPA
Data protection act
TPS
Telephone preference service
TPS registration line
0845 070 07072
DCI DSS
Payment card industry data security standards
Independent intermediary
Company that sells the policy on behalf of the underwriter
Sum insured
The maximum amount the insurance company can pay the claimant eg rebuild costs on their property , value of contents in the home
What is I4R call structure?
Introduction, finding out, match & demonstrate, close, thank you.
Introduction
Helps gain the customers attention, encourages them to recognise the value of continuing the call, some regulatory requirements and customer further security.
Finding out
Obtain answers to all the questions we need for the quote. The more we know their needs the better we can match the policy.
Match and demonstrate
Match the customers needs to our policy. Use word pictures to demonstrate why the customer should buy this policy.
Close
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.
Thank you
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.
Introduction
Helps gain the customers attention, encourages them to recognise
Underwriter
Company or insurer that accepts the risk of the policy
Finding out
Obtain answers to all the questions we need for the quote. The more we know their needs the better we can match the policy.
Match and demonstrate
Match the customers needs to our policy. Use word pictures to demonstrate why the customer should buy this policy.
Close
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.
Thank you
Leave a
Underwriter
Company or insurer that accepts the risk of the policy
