Up next in our Insurance Jargon Buster Series, we’re busting some key terms from O-P. Catch up on the series by clicking here.
O
Owner and Registered Keeper
Usually the person taking out an insurance policy. In some cases, the owner and registered keeper are different people.
P
Passenger Liability
An insurance policy which covers passengers’ death, permanent disability, medical or funeral expenses in the event of an accident involving a passenger public service vehicle.
Peril
A ‘Peril’ is an event or circumstance that results in property damage, such as vandalism or fire.
Period Of Risk
The period during which the insurer can incur liability under the terms of the policy.
Policy Schedule
A policy schedule outlines the coverage provided by your insurance policy.
Products Liability Insurance
Products Liability cover is used by those who are involved in manufacturing, distribution, supply or retail of products that are available to the public. They can be seen to be at fault if damage is to occur from a product they are seen to have been responsible for.
Professional Indemnity Insurance
Professional Indemnity (PI) insurance will look to cover the policy holder’s legal costs and expenses when defending a claim, as well as any costs or damages that may be awarded, if the company are alleged to have provided inadequate advice, services or designs that causes their client to lose money.
Proposal Form
A proposal form is a form completed by the policyholder when applying for an insurance policy.
Don’t become overwhelmed by Insurance Jargon! We can cut through all of it. Contact us for all your Insurance needs. Keep an eye out for our next Jargon Buster blog!
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