| You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A to Z for terms beginning with that letter
F
Fault claim
a claim where your insurance company
is unable to recover all of the costs from another party,
such as an arson attack.
G
Grace period
the period after a premium payment
is due, in which the policyholder
may make such payment, and during which the protection
of the policy continues.
Gross premium
the actual premium
paid by the policyholder before any tax relief or discount
is taken into account.
H
High-risk location
is a location where your property is
more at risk, such as an area of high crime, or a flood
plain.
I
IFA (Independant Financial Advisor)
a broker or other intermediary
who is authorised to sell or advise on policies offered
by any insurance company. They should select products
from the entire market and offer unbiased advice. They
may have access to special deals which are not normally
available.
Indemnity
the policyholder is put in the same
financial position after a loss as they were immediately
before it.
Insurance
an agreement under which individuals,
businesses, and other organisations, in exchange for
payment of a sum of money (a premium), are guaranteed
indemnity for losses resulting from certain events or
conditions specified in a contract (policy).
IPT (Insurance Premium Tax)
a government tax charged as a percentage
of insurance premiums.
Insured property
this is the home at the address that
is specified on the policy.
Intermediary
a person or organisation that offers
advice and arranges policies for clients. They are either
tied (representing a limited number of companies) or
independant (representing unlimited companies).
Introducer
anyone who informs borrowers about
certain products or services and "introduce" them to
the lender for a fee for passing on new business.
J
Judgement
the decision of a court or law.
|
Home insurance guide
