Building Insurance, in fact insurance in general is an
enormously complex subject. Often you will encounter words that you
are unfamiliar with, we have provided a list of some of the most
popular terms and hope that they will prove useful to you.
Simply Click on the Letter Below to be Taken to your Page.
Beneficiary - Someone who may be named in a particular legal document or
insurance policy that will receive a benefit from the policy if a claim is made.
Benefit - The money paid by an Insurance company when a claim is made. This is
usually made by a life insurance company but benefits would also be paid by a
Personal Accident & Sickness Insurer for example.
Betterment - The principle by which an insured person has to make a contribution
to his or her own claim because there property was in a better condition after
the event than it was before. Sometimes an insurer will ask for a betterment
contribution towards damaged tyres in a motor accident or if his property was in
a poor state of repair prior to the accident or loss. Betterment is linked to
the principal of indemnity that seeks to leave an insured person in the same
position after a loss as they were in before it.
Bid
price - this is the price you will obtain when you sell units in an investment
fund. Bid prices are usually obtained in most quality daily newspapers although
of course they will be for the previous days trading. You can also find details
from a number of online facilities, you may have to register to obtain
information and most Free services have a time delay of approx 15 mins
Bid /
Offer - People buying units in an investment fund will pay the ‘offer’ price.
Customers selling units get the lower ‘bid’ price. Depending on the type and
volatility of the fund, the "spread" can be sometimes quite large.
Bonus
- amount of money to be added to the guaranteed part of the sum insured of a
With Profit Insurance policy. Bonus’s can be added at different times throughout
the lifetime of a contract either during the policy term or at the end of it.
Broker
(Insurance) - a broker will act as an Intermediary for his clients in placing
insurance contracts with Insurers or other Brokers. He will usually receive a
commission for his work and may also charge a fee. If any fees are charged these
will have to be disclosed before the contract is concluded.
Building Insurance Policy - this terms usually relates to insurance for a
domestic dwelling house but the term can equally apply to insurances of
Commercial premises etc. Most domestic policies cover a range of perils to
satisfy lenders conditions and can be extended to suit individual requirements.
This sites covers many different types of Building Insurance UK
Business Interruption - This is a section of a Business Insurance policy that
will cover the loss of profits of a business following an insured peril
occurring at any insured premises.
