Certificates
The law requires that a certificate be issued to prove that a policy is in force. The certificate is a statement of coverage taking the place of the policy as evidence of insurance.

Claim
A demand made by an Insured to recover under a policy for a loss. The loss must be covered under the insurance policy and must occur within the period of insurance coverage.

Commercial Vehicle
A vehicle registered under a ‘T’ license, which may be used to transport goods.

Comprehensive Cover (Full Comprehensive Cover)
Comprehensive cover means that the policy covers many risks. It does not mean that it covers all the misfortunes that a motorist may meet. The covered risks include damage to the insured vehicle as well as damage to the property of others subject to specified limits and exceptions.

Cover Notes
A cover note simply states that insurance is in force and gives brief details of cover. The notes are temporary and will be replaced once the policy itself is issued. Cover notes are issued for up to maximum of 30 days.

Excess
The first portion of any claim the Insured is required to pay. This portion is used largely to deter the claiming of small losses, such as scratches and dents to vehicle bodies.

Indemnity
This takes place when the victim of a loss is placed in the same financial position as before the loss occurred.

Insurable Interest
The legal right to insure arising out of a financial relationship recognized at law between the insured and the item to be insured.

No Claim Discount
This is a discount given to an insured if there are no claims incurred during the periods in which the policy is in force. The longer the time there have been no claims, the higher the discount (up to a maximum limit).

Over-insured
A condition in which the risk insured is covered for a greater amount than it is worth (insurable value).

Premium
The amount of money that the policyholder agrees to pay to the insurance company for the risk covered in the insurance policy.

Private Vehicles
A vehicle operated for personal use by the owner as opposed to commercial use.

Risk
Uncertainty whereas to the outcome of an event when two or more possibilities exist.

The Insured
An individual or business organization protected in case of loss or damage to property or life under the terms of an insurance policy.

The Insurer
The party providing the insurance coverage as it is effected by the insurance contract, i.e., insurance company who promises to pay a claim in the event of a loss or to render agreed services.

The Underwriter
A person whose duty it is to select risks for insurance and to determine in what amounts and on what terms the insurance company will accept the risks.

Third Party Motor Insurance Policy
This policy provides insurance protection in respect of the legal liability of the insured to pay damages arising out of injury caused to any person and/or damage to the property of other persons, subject to certain limits and exceptions.

Third Party Fire & Theft
This policy provides coverage of the Third Party Motor Insurance Policy (see above) in addition to coverage for damage to the Insured’s vehicle by fire or theft.

Under-Insured
A condition in which the risk insured is covered for a lower value than it is worth (insured value).

Valuation
An estimate or the act of processing of value. This is usually done through the process of appraisal by a qualified and independent valuator.

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