Collingwood Insurance Jargon Buster
Learning to drive and getting insurance can be a confusing time with so many new words and terms thrown at you at every turn. We have put together this helpful jargon buster to help you understand key terms relating to your policy.
An insurance policy is a contract that defines the obligations of both the insured and the insurer.
An insurance policy number is a unique number assigned to an insurance policy once you have purchased insurance. This may be needed if you are calling up or enquiring about your policy.
The insurance premium is the amount that the insurance costs. This must be paid for a contract of insurance.
An Insurance Underwriter is a professional who evaluates the risks when insuring and establishes insurance prices based on this.
Insurance intermediaries facilitate the purchase of insurance. This means they handle insurance policies on behalf of the insurer. They also provide services to insurance companies and consumers during the insurance process. They are also sometimes known as insurance agents or insurance brokers.
An IPID is an Insurance Product Information Document. It provides information on Insurance products for potential customers to help make an informed decision on if the insurance is right for them. It is important to read through insurance documentation before taking out a policy.
Insurance Premium Tax is a government-introduced tax on insurance policies including car, home, travel and pet which every insurance provider has to charge.