| ABI Group |
Your car will be given a specific ranking based on the level of risk
involved with each car type and model. |
| Approved Repairer |
Repairers recommended by your insurers |
| DOC Cover |
Otherwise known as Driving Other Cars. |
| Fault Claim |
A fault
claim is if they cannot recover the costs regardless of whether the accident
was your fault. |
| Non Fault Claim |
A
non-fault claim is when the insurer can recover the costs from someone else.
|
| Indemnity |
Insurance policyholders are put in the same financial position after a
loss as they were immediately before it. |
| IPT |
A
Government tax charged as a percentage of premiums. |
| Loss adjuster |
Investigates the legitimacy of claims. |
| Material fact |
Failure to disclose material could invalidate a policy, such as
driving convictions. |
| S D & P |
Social
Domestic & Pleasure. - A description of how you plan to use your
car. |
| Settlement |
When an insurer pays a claim. |
| TPO |
Third
Party Only. |
| Under-insurance |
For example insuring your car for £10,000 when the car is worth
£15,000. Insurance companies will almost always scale down claims as a
result. |
| ULR cover |
Uninsured loss recovery – better known as legal expenses cover,
which you can add on to your policy. |
| Uninsured losses |
Elements not covered by your policy such as hire charges. |
| Underwriter |
Person
who decides whether to accept a risk and calculates the premium. |
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