Glossary

Insurance terms explained in plain English.

Accident	An event not intended by the person insured and which causes them a bodily injury.
Actuary	A person who has been professionally trained in the mathematical and technical elements of life insurance, particularly in calculating premiums.
Administrator	The person or organisation authorised by the Court to manage your estate if you do not have a will or executor.
Broker/ Adviser	An insurance specialist who may have arrangements with more than one insurer and can place their client’s business wherever they think is most suitable for their client.
Claim	A request by the owner of the policy to the insurer for payment under the terms of the policy.
Cover	The amount of protection provided by an insurance policy.
Estate	All the possessions you own and anything you owe at the time of your death.
Exclusions	A provision in a policy that excludes cover for certain events or conditions e.g. dangerous pastimes or pre-existing conditions.
Executor	The person or organisation in charge of carrying out your will.
Free look period	The 30 day period, starting from when we send you your Policy documentation for you to review and check that your Policy meets your needs. If you are not satisfied, you can choose to cancel the Policy within this period and we will refund any premiums you may have paid.
Injury	An injury sustained by a person insured that: is caused solely and directly by violent, accidental and visible means; and does not include sickness or disease or degenerative process; and is not caused by or incurred in the course of: a deliberate act of the person insured or his or her participation in a criminal or illegal act; or the person insured serving in the armed forces of any country or organisation; or the person insured participating in, or practicing for, a race of any kind (except racing on foot) or in a sport or pastime for which he or she has received, within the previous two years, any type of reward; or any warlike activities (whether war is declared or not).
Insured	A person covered by an insurance policy.
Letters of Administration/ Probate	Legal documents from the court giving the Administrator or Executor the legal right to take control of assets in the deceased person’s name.
Memorandum of Transfer	The document used to record a change of ownership on a policy.
Nominated 2nd Owner	A person you have chosen to receive the benefits payable from your policy.
Non-disclosure	When you do not notify us on your application form that you have an existing or past medical condition, or symptoms of a condition that you know about, which is relevant to your application.
Policy Document/ Policy Wording	A document which outlines the terms and conditions of the insurance agreement for a specific insurance policy.
Policy Summary	A document that details the person insured, policy owner, benefits, and cover provided by your policy for the person insured.
Policy Schedule	A document detailing the benefits of your Policy.
Person Insured	The person whose life or health is insured.
Policy Owner	The owner of the policy, it could be the same person as the person insured or somebody different. The Policy Owner has the right to request changes to their Policy.
Pre-existing condition	Any illness, disease, injury or naturally occurring condition that you suffered from, or had the symptoms of, before your policy started.
Premiums	The regular payments that must be paid to the insurer to keep a life insurance policy going.
Renewal	When the insurer and policy owner agree to continue the insurance from one risk period to the next.
Stand-down period	A specified period of time stated in your policy before a payment on a benefit can be made.
Sum insured/ Cover level/ Benefit	The amount the insurer agrees to pay out under the terms of the policy.
Term	The period of time the policy is intended to run for. This could be till your death, for a specified number of years, or a specified age.
Underwrite	To take on risk guaranteeing payment in the event of an accident or sickness or death in exchange for premiums.
Underwriter	The person who assesses the risk of providing insurance to the person applying.