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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
K
L
Lapse
termination of an insurance policy
because of non-payment of premiums
Legal expenses insurance
a provision in some insurance that
covers the costs of private legal action.
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the extra charged on a standard premium
to an individual for reasons such as bad claims history.
Loss
insurance term for being robbed, burgled,
injured or in a car accident.
Loss adjuster
an independant party who may be used
to assess the value of a claim, especially if the insurer
and insured disagree.
M
Material fact
information that would affect an insurance
companies assessment of an insurance application, such
as previous driving convictions. Failure to disclose
material facts may lead to invalidation of the policy.
N
No claims bonus
the discount that you have earned on a previous policy.
No claims discount
this is an insurance discount based on the number of
years that you have not had any claims.
Non-cancellable
the insurer cannot change or revoke the insurance unless the insured does not pay their premiums.
Non-fault claim
the insurer recovers all the costs from another party.
O
Optional extras
other products available with your
home insurance, such as payment protection insurance.
Ordinarily resident
you live in this country year after year. Most policies require you to be ordinarily resident.
Owner
the legal owner of a property. This
is not always the person who lives in it.
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Home insurance guide
