Glossary
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P
- Payment Protection Insurance (PPI)
- Payments can be 'protected' by paying a small additional premium which means that your monthly installments will be paid for you if you cannot work through illness or redundancy.
- Personal lines
- Insurance policies that are designed for individuals rather than businesses or organisations.
- Personal possessions cover
- Insurance for personal items such as money, jewellery and luggage.
- Policy
- This is the document that gives details of the insurance that the client has purchased.
- Policy booklet
- This piece of documentation will contain a full list of the terms, conditions and exceptions of your insurance policy.
- Policy excess
- This is a level of money that you will have to contribute in the event of a claim.
- Policy exclusions
- These are events or instances which are not covered by your insurance policy.
- Policy schedule
- A document that details the sum insured, any discounts you may qualify for and the actual premiums you have to pay for your policy.
- Policy term
- The period of time for which an insurance policy provides cover.
- Policyholder
- Person to whom the insurer issues a policy.
- Premium
- The actual amount of money paid in respect of an insurance policy.
- Proposal form
- The document that a client may complete to request insurance cover and detail what it is that they would like insured.
- Protected No Claims Bonus
- A client may pay an additional premium to his insurer so that his NCB is not stepped back in the event of a "fault" claim. This benefit is variable but only applies to the existing insurer, and is usually available only when maximum NCB has been accrued.
- Public liability policy
- This covers legal liability for injury or damage caused to others. Normally part of car insurance.
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