Insurance Glossary

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C

Cancellation

A policy may be cancelled at the request of either party - usually the client.

Cancellation and curtailment

This is the costs incurred if the Client is forced to cancel their trip, or end it suddenly, due to circumstances out of their control.

Carport

This is effectively a roof that covers a driveway or other parking area, which does not have a door like a garage.

Cash surrender value

This is the amount of money that is received by a policyholder when they surrender an insurance policy.

Certificate

A legal document, recognised in law, which proves that insurance cover is in place.

CII

An acronym for the Chartered Insurance Institute, a body that controls professional, eithical and educational standards in the insurance industry.

Claim

A request from an insured person for payment from the insurer.

Co-insurance

An arrangement by which a number of insurance companies cover a particular risk.

Collision damage waiver

An optional insurance premium that you may be able to take out which removes your liability to pay an insurance excess, should your vehicle be involved in an accident a vehicle such as a hire car.

Commercial vehicle insurance

Any vehicle used exclusively for business - mainly vans. Endsleigh do not specialise in this form of insurance.

Commission

The percentage of the premium cost that an introducer will receive.

Comprehensive cover

Usually the most expensive cover for car insurance. As per its name it offers the most comprehensive cover. It not only covers damage to third parties vehicles by also your own as well as losses incurred by fire and theft.

Conditions

These are provisions in an insurance contract that state the rights and duties of the insured and of the insurer.

Contract

A legally enforceable agreement between two parties.

Contractual liability

If you sign a contract you will end up being bound by the contracts specific terms and conditions - failure to do may incur financial or, in some circumstances, even criminal penalties.

Cooling off period

This is a period in which a customer has the right to cancel a contract of insurance without incurring any penalty.

Cover

When an insurance company agrees to insure a client they are said to be 'covering' them.

Cover note

A temporary certificate of insurance. This will be issued for the short period of time that it takes for the certificate to be prepared.

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