Car Insurance Jargon

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Period of insurance - The time covered by this insurance, as shown on your current certificate of motor insurance.

Persistency - A term used to refer to the length of time insurance remains continuously in force with a company.

Personal lines - Insurance designed for individuals rather than businesses or organisations.

Personal possessions cover - Insurance for personal items such as money, jewelery and luggage.

PIA - The Personal Investment Authority, which regulates the way in which some financial products are marketed, promoted and sold.

Pluvius insurance - Also known as 'event insurance' as it is typically taken out for spectator events, this covers against losses arising as a result of bad weather, principally rain.

Polarisation - A provision of the Financial Services Act that requires a financial adviser to be either 'tied' to one financial product provider, or completely independent.

Policy - The legal document issued by the insurance company to the policyholder, which states the terms and conditions of the insurance, it may also be called the policy contract or the contract.

Policy booklet - This documentation contains a full list of the terms, conditions and exceptions of your policy.

Policy excess - The policy excess is an amount imposed by the insurance company that you are required to contribute in the event of a claim. The policy excess is frequently increased for younger drivers for accidental damage claims. Any voluntary excess that you choose will be added to the policy excess and young drivers excess in the event of accidental damage claims.

Policy exclusions - These are events or instances which are not covered by your insurance policy.

Policy schedule - A document that details how much cover you have (the sum insured), the discount you qualify for (if any), and the premiums you have to pay. With some policies you may get a new schedule when you renew the policy or whenever you want to change your policy.

Policy term - The period of time for which an insurance policy provides coverage.

Policyholder - Person to whom the insurer issues the policy, and normally the person who benefits from any insurance policy.

Premium - The single or regular periodic payment made to an insurance company in respect of an insurance policy.

Public liability policy - Covers legal liability for injury or damage caused to others. Normally part of motor insurance and some home insurance policies.