Jargon Buster
The insurance industry unfortunately relies upon technical words or jargon that is often unclear and misleading to most consumers. In order to help you to fully understand what is meant, we have provided simple explanations to some of the words that have special meanings in this website:
Accident – This means a chance event that happens suddenly and cannot be expected.
British insurance – This means us your insurance broker.
Chronic Condition – A medical condition that cannot be cured and continues indefinitely. Chronic Conditions are very important because they are excluded and you cannot claim for them.
Condition – This is any medical condition that affects you.
Contract worker – This means an employee employed on a fixed term contact.
End Date – This means the date that your policy ends for example if you cease to be a UK resident.
Employed – This means that you work for an employer at least 16 hours per week.
Exclusion Period – This means the period of time at the start of your policy during which you cannot make a claim for unemployment.
Gross monthly income – This means your average salary before tax, plus bonuses or commission payments received in the 12 months before, either the policy start date or claim date, whichever is the later. If you are self-employed, it means the average monthly income you have declared on your Inland Revenue self-assessment return.
Incapacity – This means any medical condition that prevents you from doing your job or any job your education experience or training reasonably enables you to undertake.
Insured – This means you the policyholder.
Insurer – This means the organisation who provides the insurance.
Monthly Benefit – This means the monthly amount you have insured.
Monthly Premium – This means the monthly amount you pay in premiums.
Payment in Lieu of notice – This means any payment you receive from your employer relating to a letter of appointment or contract of employment.
Permanently Retired – This means you have given up work and have no intention in returning.
Pre-existing Medical Condition – This means a medical condition that existed prior to the policy start date, whether treated or not. Pre-existing medical conditions are very important because they are excluded and you cannot claim for them.
Self-employed – This means you will be considered as self-employed if you:
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Are a partner within a partnership;
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Pay schedule D taxation;
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Control a company other directly or indirectly;
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Are a family member of a person who exercises control;
Start Date – This means the date that your cover starts.
Unemployed – This means that you are out of work and your former employer has not made a payment to you in lieu of notice.
Work – This means permanent employment or self-employment for more than 16 hours a week.
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