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Insurance Terminology

Direct Line
 Life Insurance
Level Life Insurance
Decreasing Term
Whole of Life
Guaranteed Whole Life
Term Life Insurance
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Online Car Insurance
Car Insurance for Women
Young Drivers Insurance
Cheapest Car Insurance
Prestige Car Insurance
Over 50 car insurance
 Home Insurance

Some of the language used by insurance providers may be unfamiliar to customers, even when they have maintained policies for a number of years. This guide will give precise definitions to help policy holders understand the terms of their insurance contacts.

* Insurance or Assurance. The first refers to an event that may or may not occur. The second term refers to one that will most definitely occur. The two terms are used interchangeably.

* The Guaranteed Sum Assured is also known as the amount covered, and refers to the lump sum paid out when the policy holder dies.

* The Beneficiary is the person who receives the lump sum.

* A Joint Policy exists where two people are insured. The death of one ends the policy with a lump sum being paid to the other.

* An insurance Policy is the contact between the holder and the insurance company.

* A Premium is the monthly or sometimes yearly payment for insurance services.

* A Risk is the chance you will make a claim on any policy.

* A Claim occurs when the event insured against in the policy occurs. In the case of life insurance, this means the death of the policy holder.

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