Insurance 101

Insurance jargons explained in customer-friendly language

  • What is Betterment?

  • What is an Ex-Gratia Payment?

  • What is "Replacement Value"?

  • What is a Loss Reserve?

  • What is an Underwriting Profit (or Loss)?

  • What is Unearned Premium?

  • What is meant by Pre-accident Value?

  • What is an Average Clause and how does it work?

  • What is Excess?

  • What does Sum Insured mean?

  • What is meant by "rate"?

  • What is meant by Loss Limit?

  • What is an indemnity?

  • What is a policy schedule?

  • What does Insurable Interest mean?

  • What is a Total Loss?

  • What policy is best suited to cover loss or damage to my house and/or contents?

  • What is the purpose of having extensions or adding clauses to a policy?

  • What is a Fire and Allied Perils Policy?

  • What is a Warranty?

  • What is a peril?

  • Who is a permitted driver?

  • My vehicle is insured comprehensively but the insurance certificate reads, at the top, "The Motor Vehicle Insurance (Third Party Risks) Law Ca,257". Why is this?

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