Term
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Definition
Account
- can be used in any note to refernce the account |
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Term
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Definition
Account Premium
- can be used in any note to reference an additional premium on the policy or account |
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Term
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Definition
Account Query
- any question raised by the brokers or from our accounts dept. regarding figures on the account |
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Term
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Definition
Additional Busines Use
- an estension which can be applied at extra cost for some brokers to allow the policyholder to drive in connection with another occupation |
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Term
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Definition
Additional Driver Form
- a form providing all details of a driver to be added to the policy which should be signed by the policy holder and new driver where applicable |
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Term
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Definition
Breakdown
- can be used to describe any situation where aspects of the policy are 'broken down' |
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Term
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Definition
Breakdown Recovery
- an activity where the client will recover a vehicle from the roadside and return it to his garage to repair it, or take it to another garage |
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Term
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Definition
Business Partner
- The co-owner or co-proposer of the business |
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Term
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Definition
Break In Cover
- any length of time where it appears the client has not had insurance - a gap of three months or more should always be queried |
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Term
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Definition
Broker Online System
- our own company specific ystem on our website where brokers can obtain quotes , issue new policies, and take general ownership of risks |
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Term
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Definition
Broker
- the individual or company that has placed the policy with us or holds the facility to place busniess with us |
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Term
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Definition
Collection & Delivery
- an activity where client will pick up vehicles and deliver them for other traders or customers bvut does not ever own the vehicle or have any involvement with selling the vehicle themselves |
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Term
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Definition
Common Law Spouse
- the partner of th policyholder or business partner who is not legally married but has lived with them as their partner for at least 12 months |
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Term
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Definition
Cover Note
- a document issued by a broker pending the issue of a policy which confirms the arrangement of cover. Required for all changes to cover under the policy |
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Term
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Definition
Counterpart
- the paper part of all drivers licenses showing any motoring convictions recieved - now irrelevent |
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Term
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Definition
Copy Driving License
- can be used in any note where we have requested or recieved a copy driving license |
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Term
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Definition
Certificate of Insurance
- a document which evidences the existence of insurance cover but which does not detail all its terms which are contained in a separate policy of insurance. Certain certificates are required as a matter of law in the UK |
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Term
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Definition
Claim
- a policyholder requesting payment of an amount due to an incident occuring, that is covered by the policy, in order to put them in the same financial positon as they were immediately before the incident |
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Term
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Definition
Change of Address
- can be used in any note to reference a change to address details on a policy |
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Term
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Definition
Comprehensive
- vehicle insurance coverage providing protection in the event of physical damage or theft of the insured car |
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Term
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Definition
Confirm/Confirmation/Confirmed
- can be used in any note where we have recieved or requested clarification of any information from the client or broker |
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Term
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Definition
Continuation
- normally used in connection with a covernote which has been issued to continue cover until the client has recieved their annual certificate |
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Term
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Definition
Convictioin
-used in notes to describe any motoring or criminal offenses we're advised of |
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Term
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Definition
Change of Vehicle
- mainly usedin notes on our MotorServ policies following the adjustment |
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Term
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Definition
Current
- can be used in notes to describe anything which is currently in effect or up tp date |
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Term
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Definition
Cancel/Cancellation/Cancelled
- used in notes to describe a situation where the policy has ceased mid-term, whether enforced by us or by the clients request |
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Term
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Definition
Direct Debit
- an arrangement by the client with ourselves or the broker to pay his premium in installments over the year. can be used to describe the department as well |
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Term
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Definition
Declared/Declaration
- can be used in any note where we have recieved or requested a declaration from the client or broker of additional information |
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Term
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Definition
Discount
- can be used in any note to reference a request or allowence of a discout to assist with a premium |
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Term
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Definition
Duplicate
- used in notes to describe when additional documents are issued or we have requested further copies of something we have not recieved |
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Term
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Definition
Employee/Employed
- used in notes to confirm the status of of a named driver or the policyholders statuts in other occupation. we would consider someone employed only if they work set hours and were paid via the PAYE system |
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Term
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Definition
Endorsement
- an additional document produced manually to agree, allow or extend cover where the automated policy documents would normally restrict this. only avaliable to certain brokers and in certain cases. |
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Term
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Definition
Full Time
- used in notes to describe omeone who obtains their main source of income through motor trade, or in connection with their other occupation where this is their main income. |
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Term
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Definition
Facilities Withdrawn
- when a broker has had the ability to trade with and place busniess with us, and then loses this ability, they have had their facilities withdrawn |
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Term
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Definition
Gross Vehicle Weight
- used in notes to describe the size of the vehicle, normally in connection with a recovery vehicle they may have or if they are dealing with vans and comercialvehicles |
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Term
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Definition
Insured & Spouse
- used in notes to describe a policy or quote where cover is only required for the policyholder and their spouse or common law spouse |
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Term
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Definition
Inception
- used to describe when an insurance contract comes into force |
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Term
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Definition
Insured
- used in notes to reference the policyholder or client |
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Term
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Definition
Insured Only Driving
- used in notes to describe a policy or quote where cover is only required for the policyholder |
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Term
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Definition
Lost Certificate Declaration
- a document that may be requested from the client to confirm that he is no longer in possession of the certificate of insurance when we would normally request the certificate to be returned |
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Term
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Definition
Limit of Indemnity
- the most we will pay for any one vehicle involved in an incident or claim |
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Term
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Definition
Motorcycle
- can be used in any notes that references or disscusses a motorcycle |
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Term
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Definition
Motor Insurance Bureau
- the agency which can provide compensation for victims of accidents caused by uninsured or untraced drivers, and which also assists the police in establishing whether vehicles are insured or not |
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Term
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Definition
Motot Insurers Database
- the national database that records all vehicles with insurance cover, andis used by police to check whether a vehicle is covered |
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Term
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Definition
Modifications
- any changes to a vehicle's appearance or engine specification which may affect whether or not we would agree to cover the vehicle |
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Term
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Definition
Motor Trade
- used in notes that reference motor trade policy, business or use |
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Term
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Definition
Mid-Term Adjustment
- used in notes to describe any change to policy details during the course of the year |
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Term
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Definition
No Claims Bonus/Discount
- the amount a premium can be discounted depending on how many years the client has not made a clai or had an incident reported to their insurance company |
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Term
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Definition
Named Driver
- can be used in any note to refernence a driver on the polkicy that is not the policyholder |
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Term
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Definition
Non-Disclosure
- any conviction, claim or material fact that was not declared and should have been |
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Term
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Definition
Not Taken Up
- when a policy is cancelled from the start date and a full refund given, the policy is treated as though it was never in effect |
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Term
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Definition
Obsolete
- used in notes to describe old documents such as the certificate of insurance that has been returned |
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Term
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Definition
Out Standing
- can be used in any note to describe any document or information we are still awaiting |
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Term
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Definition
Photo-Card
- the card part of a driver's license which will show the date they passed their test on the reverse |
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Term
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Definition
Postcode
- can be used in any note in reference to the policyholders postcode |
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Term
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Definition
Part Time
- used in notes to describe someone who obtains their main source of income from another occupation than the motor trade business |
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Term
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Definition
Policyholder
- used in notes to refernce the insured or client |
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Term
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Definition
Proof of Bonus
- used in notes to describe the document recieved, requested or issued to show the client's level of NCD |
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Term
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Definition
Proof of Employment
- document that is requested or recieved showing a named driver is a bona fide employee within the motor trade business, normally requested for younger drivers or relatives of the policyholder |
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Term
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Definition
Policy
- can be used in any note that references the insurance policy |
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Term
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Definition
Proof of Trading
- documents that are requested or recieved that would demonstrate the client is running a legitimate mototr trade business |
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Term
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Definition
Point of Sale
- automated certificate or covernote that is issued by certain brokers under an agreed authority with us as soon as the client confirms to take the policy
Proof of Sale
- normally used in connection with a claim where the client as advised he has sold the vehicle involved and we have requested evidence of this transaction to close the file |
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Term
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Definition
Premium
- can be used in any note where discussion or amendment of premiums on the policy has taken place |
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Term
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Definition
Proposal Form
- the fully comleted and signed document we require to issue any manual policy and some renewals |
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Term
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Definition
Provisional
- used in any note in reference to any driver who does not hold a full driving license and as such would be unacceptable to use |
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Term
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Definition
Quick Address System
- our in-house system to locate addresses with just the postcode and house number |
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Term
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Definition
Renewal Alteration
- used in notes to show where an adjustment has been processed from the renewal date of the premium |
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Term
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Definition
Return Premium
- can be used in any note in reference to a return premium on the policy or account |
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Term
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Definition
Recorded Delivery Letter
- the type of corrospondence issued to a policyholder when we require urgent information or no longer wish to provide cover for them |
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Term
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Definition
Reconsideration
- used to describe the process which stops the renewal invite being issued automatically so that we can review a policy and ask for additional information where applicable |
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Term
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Definition
Refer/Reference/Referred
- can be used in any note where a higher authority has been consulted or a speific person at the brokers has been spoken to |
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Term
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Definition
Requested/Request
- can be used in notes to show where a request has been issued |
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Term
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Definition
Resident
- used in notes to show how long the driver or client has lived in the UK or at any address given |
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Term
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Definition
Renewal
- the date on which the current term of insurance ends, and a new period needsa to be confirmed and paid for to continue cover |
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Term
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Definition
Recieved
- can be used in any note to document incoming post, email, or telephone |
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Term
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Definition
Road Traffic Act
- the legislation that requires anyone using a motor vehicle on the road to have insurance to cover their legal liabilities to third parties (including passengers) in respect of personal injury and property damage |
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Term
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Definition
Should Be
- can be usedin any note to shorten the phrase |
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Term
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Definition
Self Employed
- used in notes to confirm the status of a named driver or the policyholders stauts in their other occupation. we would consider someone as self-employed if they own or operate the business |
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Term
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Definition
Social, Domestic & Pleasure
- the use under the policy which allows permitted drivers to drive in connection with their own use and commuting. Does not cover use in connection with another business or travelling to multiple locations |
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Term
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Definition
Statement of Fact
- the document produced by the broker online system in place of a signed proposal form that declares all information as fact and confirms the requirement to correct any mistakes to avoid the policy being at risk of cancellation |
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Term
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Definition
Substitution of Vehicles
- mainly used in notes on our MotorServ policies following the adjustment |
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Term
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Definition
Telephone Call
- can be used in any note to document any incoming or outgoing telephone call |
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Term
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Definition
Transfer of Agency
- a request from the policyholder to change brokers either at renewal or mid-term. a signed declaration from te policyholder of this is required, unless the brokers are transferring the file to another of their branches |
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Term
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Definition
Third Party, Fire & Theft
- cover provided under the policy that would look to cover a fire or theft incident, or any claim from a third party, but not the client's own damage |
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Term
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Definition
Third Party Only
- cover provided under the policy would only look to deal with a claim from the thrid party, and not any incident relating to the damage or loss of the client's own vehicle |
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Term
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Definition
Unacceptable
- used in notes to describe any information or documentation that would not fall within our acceptance criteria |
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Term
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Definition
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Term
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Definition
Work Done
- bundles of post or paperwork that has been completed and placed in the cupboard until it is cleared and disposed of |
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Term
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Definition
With Effect From
- used in notes to desribe the start date or date cover is to be amended from |
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Term
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Definition
With Immediate Effect
- used in notes to describe an amendment or adjustment to be processed as soon as instructions recieved |
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Term
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Definition
Excess
- the amount of money a policyholer will pay towards a claim. excesses may either be compulsory or voluntary. an insured which accepts an increased excess in the form of voluntary excess will recieve a reduction in premium. |
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