Effective Date/Inception Date
This is the starting date for insurance cover on any given insurance policy.
Never take ownership of a car prior to the start of your car insurance cover.
Commission
This is the portion of the insurance policy premium that goes to the
broker as payment for his services.
Insurance Policy Period
This is the period of validity from start to finish of an insurance policy. For
example, a policy can be in effect for six months or one year.
Insurance Policy Expiry Date
This is the
date when insurance coverage is no longer effective. This date usually coincides
with the exact day and hour of when your last premium payment is used up.
Comprehensive Coverage
This type of insurance covers most types
of physical damage that can be cause to a
car or any other insured object. Examples
include fire, theft, vandalism, floods
damages, etc.
Per Occurrence Limit
This refers
to the maximum limit or cap that an insurance company places on the
claims arising from one given incident, e.g. a motor vehicle accident.Insurance Policyholder
This is the person who holds ownership of an insurance policy. This is
usually also the person that is covered by the policy.
Insurance Renewal
Insurance renewal refers to the action of keeping an active policy in place
through acquiring a policy renewal.
Term
The amount of
time for which a car insurance policy or any other policy is in force.
Insurance
Premium
This is the amount of money paid for a certain level of insurance
cover for a specified period of time, e.g. a monthly premium of R500.
Getting a couple of insurance quotes online will help you get an idea of
what the market offers
Insurance
Claim
The insured policyholder submits a claim to the insurance company
against damages incurred on the insured car or piece of property.
Lapsed Insurance Policy
When a policyholder fails to pay the due premiums, his or
her insurance will get cancelled. These are referred to as a lapsed insurance
policies.
Online
insurance quotes
Online
car insurance quotes are available at from
insurance companies like
Dial Direct,
1st
for Women,
Budget
Insurance, and
Auto&General.
|
