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Claim - notice given by FMG of our willingness to accept a claim made by a client; Policy - notice given by FMG of our willingness to give cover.
A part of your vehicle not supplied or fitted by the manufacturer of your vehicle as standard equipment for the model. For example non manufactured wheels, radios, radar detectors etc
That which happens due to an act of nature and without human intervention, such as an earthquake, and which "no human foresight can provide against and of which human prudence is not bound to recognise the possibility", in the locality concerned. Thus any natural phenomenon which might be expected to occur in a locality, no matter how infrequent, is an Act of God; e.g. heavy rain.
The wilful setting fire to any property, whether the person setting such fire has an interest in it or not.
The process of assessing a risk.
An independent or in-house professional who assesses what damage to property or loss has occurred after a claim is made.
A person to whom goods are temporarily passed to in trust for safe keeping.
A person who gives goods to another to hold in trust.
An intermediary, appointed by the insured, who gives advice on insurance matters, arranges insurance’s and places them with insurance companies or underwriters. A Broker is paid by brokerage (commission) from the insurer.
A policy being "terminated" either at renewal (or expiry) or mid term either by the insured or the Group.
A risk in which the potential loss is of exceptional magnitude e.g. nuclear power station, causing many claims.
A demand by the insured or his or her representative under his or her policy.
All costs involved in the settlement of a claim. Replacement cost, assessors costs, handling costs, etc.
The date from which insurance protection provided by a policy will commence.
An agreement whereby one person (insurer) agrees for a specified consideration (premium) to indemnify another person (insured) against random events, up to an agreed amount against loss or damage subject to certain rules (conditions of the policy).
The amount deducted from replacement cost when settling a claim or when arranging an indemnity sum insured. Usually based on age and wear.
An amendment to be fixed to an insurance policy and thereafter becoming an integral part of the policy. Any alterations, for example, an increase or reduction in the sum insured, removal of the property to a different location or transfer of a new owner must be noted in the policy. This is done by an amendment typed on or attached to the policy.
EQCover insures your home, personal possessions and land in the event of a natural disaster. You are insured against loss or damage to your home, your personal possessions and land by earthquake, natural landslip, volcanic eruption, hydrothermal/geothermal activity, tsunamis (sea waves caused by movements of land or the sea floor) and fires resulting from these natural disasters. The maximum amount EQC will pay for your home is $100,000 plus GST. The maximum amount EQC will pay for your personal possessions is $20,000 plus GST or the amount on your insurance policy, if that is less than $20,000. If your home or personal possessions are more valuable than the maximum amounts EQC will pay, you will need to arrange extra cover with your insurance company.
The calculated value of replacing an insured asset after it has been destroyed or damaged.
Payments made by the insurer when there is no liability to make a payment according to the strict letter of the policy.
A peril or contingency specifically excluded from the terms of the policy.
The first portion of a loss, being an agreed or fixed sum, which the insured (sometimes in consideration of a reduction in premium) agrees to bear. Voluntary - An excess chosen by the insured in exchange for a discount in premium. Imposed - An excess applied by the Group as a result of either higher than usual risk or an adverse claims experience (or past losses with a previous insurer).
The date on which the insurance cover under the particular policy will terminate.
A charge for property against the risk of fire. The money is collected by all insurance companies and remitted to the Fire Services Commission. It goes toward the maintenance of an adequate fire service.
Replacement of a building without any $ limitation. Based upon a like for like structure (size and quality) built to today’s building code.
Security against financial loss. A policy of indemnity is designed to place the insured in the same financial position as he or she was immediately before the happening of the event insured against.
A legal or equitable interest in property where the insured must stand to lose financially on the happening of some insured event.
A means whereby the random financial losses of the few are distributed over the many.
A person with an insurable interest who stands to benefit from a policy of insurance.
An individual or company granting policies of insurance.
The property, or liability attaching to the insured as a result of ownership, we are insuring. (Technically speaking we insure our Insured’s interest in the property and not the property or liability itself).
Insurance of property that is owned by one or more persons. All parties insured under such a policy are obligated to not breach any requirements of the contract.
Insurers who are signatories to the Knock for Knock Agreement pay for damage to their own policy holder’s vehicle, regardless of who is to blame, providing the policy covers the damage involved. All subject to the Agreement terms and conditions.
The party using the property.
The owner of the property.
The financial loss caused to the insured by the happening of an event.
A description used to identify the quality of a FMIA member in terms of Section 3 of the Mutual Insurance Act.
A charge for every $100 of the fire sum insured up to the respective "caps" is made on every residential property policy (including contents), which includes cover against the risk of fire. This money is collected by all insurance companies and handed over to the Earthquake Commission who maintains a fund to meet claims arising from natural disasters such as earthquake.
The amount which your insurance premium is reduced if you don’t make a claim under your policy for one or more consecutive years.
Replacement of a Building based upon a like for like structure (size and quality) built to today’s building code. However there will be a limitation to the policy up to the sum insured as shown on the certificate.
Term used when talking about financial encumbrances over property. Could be mortgagee, debenture, hire purchase, charge holder.
FMG’s related insurance policies are grouped together as a package. This means that the insurance needs of each type of client can be met through their Pak. Each Pak is made up of a proposal and associated documents, policy wordings, a client declaration and a schedule of items insured.
A contingency or fortuitous happening which may give rise to a loss, which can be covered or excluded by a policy of insurance.
The contract form that is issued by the insurance company to the insured. It sets out details of the insurance, and the premium, the period during which the policy is in force and other conditions of the contract.
The monetary consideration paid by the insured to the insurers for the insurance granted by the policy.
This is the form the policy holder completes when applying for insurance. It is the basis of the contract and contains a set of printed questions designed to obtain full information of the property to be insured, of any previous losses and the insurance experience of the proposer. This information is used to assess the risk involved and calculate an appropriate premium to be charged, also providing information for administration.
A person or company who wishes to take out insurance.
Before a claimant can be paid by the insurers for a loss that has been sustained, it is necessary to determine it’s cause. An insured can successfully claim only if the loss or damage is directly (that is proximately) caused by an insured peril. It is not sufficient that the loss or damage is caused remotely by some factor in a chain of events which were originally started by an insured peril.
This has alternative meanings. Following a loss either the repair or replacement of damaged property to a condition equal to a condition equal but no better than it’s original condition, or the restoration of the sum insured to the original figure.
The offer we make to the insured in respect of terms of the insurance contract(s) for the next insurance period.
The reasonable cost to rebuild, replace or repair your item to the same condition it was in when new or the amount shown on the certificate.
The identification, measurement, and treatment of property, liability, and personal pure risk exposures.
Property which is saved from a misfortune, or proceeds left following a total loss.
(Premium Debtors Statement) The record of all general insurance premiums charged to (or credited to) the clients account.
When an insurer meets a loss under a policy of indemnity where a third party is responsible for the loss, the Insured’s right of recovery against the third party transfers to the insurer.
The amount of cover stated on an insured’s policy and upon which premium is charged. The maximum amount of compensation paid on a claim.
The assessment, by a trained insurance office, of the risk involved in a client’s request for property cover.
A third party is any person other than you and the insurance company, involved in your claim. First Party - You (the insured) Second Party - Insurance Company Third Party - Other person(s) involved
Insurance that covers an insured driver of a vehicle purely against the cost of damaging another persons vehicle or property, which the insured is legally liable for (subject to exclusions).
The legal duty imposed on both parties to an insurance contract. It implies full disclosure of all facts material to the contract during negotiations for the contract. This duty, in effect, may be maintained throughout the existence of the contract by virtue of policy conditions.
An insurance company or insuring syndicate. The term is also used to describe an official of an insurance company who has the power to accept risks.
Term used when negotiating with an insured (or third party) when liability is not being admitted, and the settlement offer is not to bind the offerer if it is not accepted.