If you are seeking instant travel insurance, it is important to understand insurance terminology of the plan before buying. It is vital to know whats in your policy and what each term means. This article is going to help explain each term with a simple definition.
Annual cover – You pay for a policy which protects you for one year. If you are planning one long trip then this is for you. Or if your trip is less then 1 year, then a single trip cover would be better and save you money.
Claims – Is the term used when you contact your insurance company and tell them what you have lost or suffered, which should be covered by your insurance plan.
Excess: Is the amount you pay on top of the claim, this depends on what you are obviously claiming. Always look at the small print.
Exclusions: Particular things (like items or events) which are excluded from your insurance cover.
Legal expenses: The amount you are covered for legal expenses within the policy.
Policy Holder – The person or entity who has purchasing the policy from a insurance company.
If you are seeking instant travel insurance, it is important to understand insurance terminology of the plan before buying. It is vital to know whats in your policy and what each term means. This article is going to help explain each term with a simple definition.
Annual cover – You pay for a policy which protects you for one year. If you are planning one long trip then this is for you. Or if your trip is less then 1 year, then a single trip cover would be better and save you money.
Claims – Is the term used when you contact your insurance company and tell them what you have lost or suffered, which should be covered by your insurance plan.
Excess- Is the amount you pay on top of the claim, this depends on what you are obviously claiming. Always look at the small print.
Exclusions- Particular things (like items or events) which are excluded from your insurance cover.
Legal expenses- The amount you are covered for legal expenses within the policy.
Policy Holder – The person or entity who has purchasing the policy from a insurance company.