Insurance Glossary
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M
- Main driver
- The person who uses a vehicle the most.
- Market value
- This is the cost of replacing a car based on the market price at the time of the loss.
- Material fact
- A material fact is information that would affect what an insurance company's attitude may be to insuring something, or the premium it would charge. Failing to disclose a material fact could invalidate a policy and is the responsibility of the client.
- Motor schedule
- This is a document which contains the details of your policy including any excesses and endorsements that is specific to your insurance. It should be read in conjunction with a policy document.
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