Insurance can mainly be divided into two groups, firstly general, which covers things such as car, home, pet, travel and so on. In short it can be any insurance policy that pays out when things go wrong.
The second group is life, of which the policies are of a long term nature or which pay out at the end of a term, this includes pensions.
Before you take out any policy you need to know whether if you make a claim you will need to pay for any of the cost and if so, how much. This is called the excess.
You also need to know if there are any exclusions or restrictions to the policy, so in the event of a claim you don't find out too late that the situation you are claiming for, is not covered by your policy.
It is also a good idea to find out who to complain to, if there is a problem with the policy.
Understand some of the jargon, this will help you to understand what your policy includes, excludes and where you stand in the event of a claim.
Excess
An amount of money which the policyholder has to pay towards the cost of a claim, for example, the first £100.
New-for-old
Cover for property with no deduction for wear and tear. The item lost or destroyed would be replaced with a new one.
Third party
Someone involved in a claim who is neither the policyholder nor the insurer.
Underwriter
The person who decides whether to accept a risk and calculates the premium to be charged.
Write-off
A damaged vehicle which isn't repairable or one which would cost more to repair than the car was worth before the damage occurred.
Always shop around for the best deal, the internet has a substantial amount of content regarding insurance. Always read terms and conditions of any policy, and remember that if you accept an insurance policy, by law you have a cooling off period in which you cancel if you change your mind or decide that its not right for you.
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