Jargon Buster

We’re committed to helping our customers understand insurance. Here’s a list of common words and phrases you will come across in your policy and when making your decisions.

All | A B C D E F I L N P R S U V

There are currently 5 entries in this directory beginning with the letter C.

Certificate of Insurance

A certificate of insurance is a document issued by an insurance company/broker that is used to validate the existence of insurance coverage under specific policies.

Claim

A formal request to an insurance company asking for payment based on terms of an insurance policy.

Claims Made Basis

A policy issued on a ‘Claims Made’ basis meets claims that are made and reported during the policy period shown in the policy.

Claims Occurring Basis

A policy issued on a ‘Claims Occurring’ basis covers claims that occur during the policy period regardless of when the claim is made. Although you may have changed insurer they will still accept a claim even though the policy may no longer be in force.

Condition Precedent to Liability

This is potentially more serious than a policy condition because an insurance company stipulates that it will only have a liability to pay a claim if a policyholder complies with the specific policy condition.