Bail Bond Coverage
Monetary protection to cover the expense of a bail bond as specified in the insurance policy, in the event that the insured is arrested and jailed.
A person who is entitled to receive benefits from an insurance plan based on the terms specified in the insurance policy.
Bodily Injury Coverage
Under a car insurance policy, this provides coverage for physical injury to a person or any part of their body. Third party liability insurance is used in order to cover bodily injury to a third party from any unintentional and unpremeditated action from the insured party.
Insurance Broker (corporate)
An organization licensed by the government and insurance provider to resell insurance coverage that would be more suitable to different individuals.
Burglary or Theft
Loss or damage to property due to forced entry by unauthorized persons with the intent to break into a vehicle, take, use or keep possession of the insured vehicle without the insured party’s consent.
Terminating insurance coverage during any part of the insurance policy period by any party.
Protection for risks relating to a person’s probability of developing certain types of cancers, depending on your insurance type, that may require minor to more significant medical treatment.
Protection for risks that comes with driving or owning a car. It may provide coverage for collision, third party liability, flood, and much more depending on your insurance type.
Damage to your vehicle due to a collision with another object or vehicle (Example; your vehicle backed up into another object accidentally while exiting a parking space which caused damage to the bumper of your insured vehicle).
Insurance coverage for the loss, damage, or destruction of any part of your vehicle under the insurance policy, which may include flood, fire and/or theft.
Insurance that is required by local law for all vehicles. This insurance type usually provides coverage for basic elements such as bodily injuries to vehicle occupants and any third party injuries caused by the usage of the vehicle.
The Insurer does not accept the responsibility to cover the vehicle or individual under the insurance policy.
How much value does a vehicle lose because of age
Diagnosis / Medical Diagnosis
A process by which a medical professional reviews and determines a person’s medical condition or illness based on the underlying symptoms.
Either the insured or uninsured operator of a car or motorcycle who may also be the named driver/rider in the insurance policy.
Excess Insurance / Insurance Deductible
There are two types of excess: “Policy Excess” and “Regulatory/OIC Excess.
- Policy Excess is the amount of money that the insured person has to pay for damages before utilizing the insurance companies coverage per incident, depending on the amount that is written in the policy schedule. Choosing a higher deductible/excess will lower the insurance premium.
- Regulatory/OIC Excess is the amount of money that insured person has to pay in the event of a claim per incident, depending on the conditions of the insurance coverage.
The day at which the insurance policy will cease to be valid.
Fire Insurance Coverage
Insurance coverage for any damage or loss to a vehicle because of a fire.
A required period of time in a new insurance policy where the policy holder can review the policy coverage quality and choose to terminate the policy without incurring full cost or penalties.
A period of time after the premium payment date during which a payment can still be made so that the insurance policy can continue without interruption.
A notification from the insured party to the insurer, requesting financial coverage or other forms of compensation, i.e. repair, for any loss or damage that may be covered by the insurance policy.
The insurance policyholder that purchased an insurance policy for their vehicle
The insurance company that underwrites the insurance policy and or any insurance broker or provider that distributes the policy to the insured.
Insurance Policy/Policy Wording
The contract under which insurance is provided to the insured by the insurer. Usually a written agreement between the insurer and the insured party, outlining the risk that the company takes on in order to provide financial compensation to the insured in exchange for a premium cost.
Medical Expense Coverage
An amount specified in the car insurance policy that can be used to pay for medical expenses in the event of injury during an accident.
Motorcycle Insurance or BigBike Insurance
Protection for risks that comes with driving or owning a motorcycle. It may provide coverage for collision, third party liability, flood, and much more depending on your insurance type.
No Claim Bonus
A financial discount applied to the insured party by the insurer if the insured party has had a good driving history such no claims where the insured driver was at fault.
The person(s) whose name(s) appear in the insurance policy as the main driver(s) or an additional driver(s) of the vehicle under which the insurance policy is enforced. Most insurers allow adding up to 3 named drivers onto an insurance policy. However, if someone else that is not named in the policy ends up driving the vehicle, some penalty might be applied in order to use the benefit of insurance coverages. If one of the additional drivers named in the policy has an accident or makes a claim, it will affect the No Claim Bonus of the main driver as both drivers are named in the insurance policy for the insured vehicle.
Personal Accident Insurance
Protection for risks to a person’s health in the event of bodily injury, disability or death that results from any minor or major accident only. This excludes any pre-existing conditions, chronic diseases or illness.
Policy Limit/Sum Insured
The maximum amount of insurance coverage under the insurance policy. This is the maximum amount a policy will pay.
Policy Schedule / Schedule
The outline of time of coverage provided by your insurance policy which is a part of the insurance contract / policy.
The price that an insurer charges for insurance coverage based on the vehicle and customer profile.
An illness, injury or comorbidity existing in the insured before applying for a health insurance plan could be considered a pre-existing condition. Such pre-existing conditions may possibly include health disorders such as various chronic illnesses, cancer, diabetes, lupus, depression, or any other medical condition that may potentially be a precursor for more significant illness or disorder.
The ability to pay the total insurance premium in several instalments over a period of several months as dictated by the contractual agreement between the insured and the insurer.
Damage to property that belongs to the insured or a third party through an act of negligence or with purposeful intent.
A document or material with an estimated cost to insure a vehicle based on the profile of the driver and their vehicle.
The amount it costs an insurer to repair or replace damaged property based on the insurance policy issued to the insured.
A tax rate that is payable each year to the local Department of Land Transport based on the engine size of the vehicle. Vehicles operating on all roadways must show proof of successfully paying their Road Tax in the form of a window sticker provided by the Department of Land Transport.
Extra cost that is applied by the insurer, usually applied as an increase in premium due to the driver’s actions such as accidents where the driver is at fault. Surcharges will normally be applied for a year or longer until the driver has shown proof of improving their driving behavior and conduct on the roads.
disability to the extent of being unable to perform duty pertaining to occupation for a temporary period of time.
Another person or party that is other than the insured or the insurer.
Total Permanent Disability
disability to the extent of being unable to engage in any occupation or work for remuneration, totally and permanently.
The process of analyzing, classifying and calculating the risk of insuring certain applicants based on their profile, history and vehicle in order to provide them with the most appropriate insurance premium or reject them altogether.
Voluntary Vehicle Insurance
Insurance coverage that is not required by local law but which usually provides significantly more protection to the insured party and their vehicle in comparison to compulsory insurance.
Also known as a qualifying period, which is the time before the insurance coverage will begin but after full or partial payment has been made by the insured as dictated in terms and conditions or within the insurance policy. The insured may not receive benefits for claims filed during this waiting period.