TOPIC 10 Flashcards
Benefits
A government payment made to individuals who meet specific conditions to help them meet their living expenses. E.G. unemployed people, disabled people.
Citizens advice
A charity providing free, independent, confidential and impartial advice on citizens’ and consumers’ rights and responsibilities.
Fronting
A fraudulent method of lowering car insurance costs by naming a person as the main driver on a policy when they are not.
General insurance
A broad category of insurance that provides protection against financial losses associated with events such as car accidents
(motor insurance), loss of or damage to a home or its contents (buildings and home contents insurance), problems with a holiday (travel insurance) and vet bills (pet insurance).
Insurance certificate
A document issued by an insurance provider that verifies the existence of coverage for the policyholder, and offers a
summary of the cover given.
No claims discount
A discount on the insurance premium that builds up for each year a person does not make a claim.
Sum insured
The maximum an insurance provider will pay out.
Third-party insurance
Insurance that covers damage that the policyholder causes to someone else (the ‘third party’) or to their property but does not cover the policyholder for any injury or loss that they suffer themselves.
Voluntary excess
The excess is the amount paid on any claim by the policyholder before the insurance company will pay anything.
