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A

Accident
An accident is defined as any damage involuntarily suffered to the property insured as a result of a suddenly occurring external factor caused by the insured.
APR
Annual Percentage Rate – A percentage calculation that reflects the total cost of a loan (interest plus all fees) on an annual basis.

B

Back to Day 1
This means that you can make an income protection insurance claim after just 30 or more consecutive days of not working through accident, sickness or unemployment. The income protection insurance claim will then be backdated to the first day of the claim. For example, if your income protection insurance claim starts on the 1st June and you return to work on the 30th June no benefit is payable. However, if this claim extends until the 1st July or later (30 or more consecutive days) then you will receive benefit dating back to the first day of your income protection insurance claim (i.e. 1st June). Back to day 1 cover should not be confused with the initial exclusion period. For the first 90 days immediately after the start date of the policy you will not be able to make an income protection insurance claim for unemployment (this does not apply to accident or sickness). This exclusion period may be waived if you transfer from an existing payment protection product
Backache
You will not receive incapacity benefit for; Backache and related conditions, including back injuries, which are not supported by medical evidence.
Benefits
The amount payable in respect of a covered claim.
Betterment
A charge that may be made by your insurer if repairs covered by your policy result in your item ending up in a considerably better state than it was before.
Broker
An independent insurance expert who will provide you with impartial insurance advice on a wide range of insurance related matters.

C

Calculate your NET Income
If your income varies (e.g. due to fluctuations in your overtime, commission and/or bonus payments) then you would calculate an “average” of your monthly net income i.e. your income after tax and National Insurance. If you are self employed this will mean calculating your net monthly income from an average of your annual income as declared on your self-assessment return for the previous tax year and confirmed by the Inland Revenue.
Cancelling the Income Protection Policy
You can cancel this insurance at any time by writing to the insurer. If this is done within the first 14 days of the start date or receipt of the policy terms and conditions (whichever is the later) then they should give you a full refund of any premiums paid – as long as you have not made a claim. If you cancel the policy no further premiums will be collected and no refund of premium will be made. There is no penalty for cancelling your income protection policy.
Certificate of Insurance
Evidence of the existence of insurance as required by law e.g. Employers Liability Insurance.
Change in Personal Circumstances
If your circumstances change at any time during this policy term, please notify us immediately in writing. If you do not do so your policy may be affected. The following are some examples of circumstances that you must tell us about: • You have named drivers on your policy who gain a conviction or • You permanently retire, irrespective of the reason, from work; or • You change the nature of your work.
Change of Employer
Your cover is completely portable between jobs. However if you need to make a claim for unemployment you must have been in continuous work for 6 months prior to the claim. Please feel free to contact us to discuss your individual circumstances. Remember that any change in your circumstances should be notified to 1Stop Insurance Company Limited - there may be an affect on any future claim.
Change your Income Protection Policy
If you wish to change the terms of your income protection policy, such as monthly benefit or benefit period, after its inception you would be required to cancel the income protection policy and apply for a new income protection policy. This may have an affect on your premiums if you have moved into a higher age band.
Chronic Condition
This is a condition that occurs prior to the start date and continues indefinitely, or cannot be cured or eradicated or that recurs or requires treatment.
Claim
Formal request for payment, usually requiring completion of a claim form.
Claiming for benefit
Unemployment: You cannot make an income protection insurance claim for unemployment for the first 90 days from the commencement of the policy. Following this, once only initial period you can make a claim after just 30 or more consecutive days of redundancy and when in receipt of Jobseekers Allowance. Please note If you choose to transfer an existing payment protection policy this exclusion period may be waived. Please see “T” for “Transferring In”. Accident/Sickness: If you are no longer in receipt of your usual salary you can make a income protection insurance claim after just 30 or more consecutive days of not working through accident or sickness, the income protection insurance claim will then be backdated to the first day of the claim. Please note we will treat the first day of your incapacity as the day your doctor confirms you cannot work.
Commission
Insurance agents receive commission for the inception and renewal of insurance contracts. The amount of commission depends on the line, type of contract and amount of premium paid.
Comparison Websites (why we are not included)
The charges applied to other insurance providers to be included on many of these sites are very high and by definition do not always show the most competitive. We keep our insurance premiums at these very low levels by keeping our costs to the absolute minimum and taking a greatly reduced commission. Although we would like to be included we are not prepared to pass on these costs to our clients in increased premiums
Compensation
The FSA Compensation Scheme. If 1 Stop Insurance Co Ltd are unable to meet their liabilities you may be entitled to compensation from the FSA Compensation Scheme (FSCA) who can be contacted at 7th Floor, Lloyds Chamber, Portsoken Street, London E1 8BN
Complaints
Although we set ourselves high standards, if we do not meet your expectations and you are dissatisfied in some way we would like to know. If you follow the guidelines below, your complaint will be dealt with in the most efficient way possible Step 1. Please contact or write to the Managing Director, 1 Stop Insurance Company Limited, Unit B2, Mill Green Business Park, Mill Green Road, Mitcham, Surrey. CR4 4HT. Tel 020 8648 8868 or Skype Insuranceman1 or email to sales@1stopinsurance.com Step 2. If you are still not satisfied with the way we have dealt with your complaint you can ask the Financial Ombudsman Service to review your case. You can contact them at the following address: South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Telephone: 0845 080 1800.
Compulsory Insurance
The law requires certain risks to be insured. These include Private Motor, Third Party and Employers’ Liability.
Conditions
Rules stated within the policy that you and the insurer must abide by.
Continuous Work- what it means
This means a period of work allowing up to two weeks of being out of work. If you require clarification of this for your own personal circumstances please contact 1 Stop Insurance on 020 8648 8868 to discuss
Contract Worker
To be eligible to apply for income protection insurance you must meet the eligibility criteria as for employees but in order to apply for cover under the unemployment section you must meet the following criteria: Generally at the start date of the policy you must have been working for the same employer for at least 6 months and had your contract renewed at least once. Insurers will then consider a claim only if your current contract is terminated prior to its expiry date. In addition, any monthly benefit will only be paid until that contract would have expired. However, if at the start date of the policy you have been working for the same employer for at least two years and have an annual contract, which has been renewed at least once and has at least six months remaining, we will consider any claim as if you had been in permanent employment. Unemployment Exclusion: If your contract would have expired.
Cooling Off Period
You can cancel your income protection insurance at any time by writing to the insurer. If this is done within usually the first 14 days of the start date or receipt of the policy terms and conditions (whichever is the later) then we will give you a full refund of any premiums paid – as long as you have not made an income protection insurance claim.
Cover
The precise description of an insured risk in the insurance contract that determines those losses or occurrences in the event of which insurance benefits are due.

D

Dangerous Occupations
There are no occupational restrictions such as motorcycle couriers or helicopter pilots with some of our insurers.
Dangerous Sports
We do not usually exclude dangerous sports such as rugby, football or horse-riding, etc.
Date of Issue
Date shown on the quote or policy certificate as to when it was issued.
Deductible
A deductible or excess is the fixed amount agreed in the insurance policy that is paid by the insured per claim or per period.
Documentation
A written record of an entire process.
Dual Insurance
Dual insurance occurs when, in the case of insurance against loss or damage, the same items are insured against a certain risk under more than one insurance policy. In the event of loss or damage the benefits paid by the insurer will be reduced by the amount of the dual insurance.
Due Diligence
You are obliged to exercise due diligence. The infringement of self-evident loss prevention measures may result in a reduction in insurance benefits.
Duration of Policy
This is the number of months for which the policy cover will run. Please note there are no days of grace. At the renewal date of your policy all cover ceases unless the renewal premium has been received before that deadline.
Duty to Minimise Loss
In the event of a claim you must do everything possible to restrict the damage as far as possible, and in particular to avoid any consequential damage.

E

Employers’ Liability
An employer’s legal responsibility to protect employees in the event of injury whilst at work.
Endorsement
A written alteration or addition to the standard printed policy wording.
Excess
An amount paid by you towards a claim.
Exclusion
Any event or circumstance or item not insured.
Exclusion Period
This is the period immediately after the start date during which you will not be able to make a claim for Unemployment. This relates only to unemployment (not to accident and sickness) and applies only once during the first 90 days of the policy. If made redundant within that time you cannot usually claim
Exclusions All Risks
In an All Risks insurance contract, the exclusions in the insurance contract are based on the principle that ‘everything that is not specifically excluded from the insurance is considered to be included’. This should prevent any queries arising regarding the intention of the wording to pay in any circumstance giving rise to an insurance claim.
Existing Payment Protection Policy
If you already have existing loan or payment protection policies you may “transfer in” (see Transfer in) your cover and then, if you wish, add additional cover for your other monthly outgoings to the maximum benefit allowed. If you choose not to transfer in please remember that in the event of a claim your total income, including all insurance benefits and state benefits, should not exceed your current net monthly income as declared on your application form and that any amounts above your declared net income may be deducted from your benefit amount.
Expiry Date
The time and date on which cover ceases.
Expiry of Claims
The expiry period for claims arising from the insurance contract varies dependent on the type of claim and policy wording.

F

Financial Loss Insurance
This covers financial loss as a result of an insured event. Examples of this insurance are Liability insurance, Legal Expenses insurance and Business Interruption insurance.
Financial Services Authority
1 Stop Insurance Consultants Ltd, are authorised and regulated by the Financial Services Authority. Our FSA number is 305497 and our registered address is Unit B2, Mill Green Business Park, Mill Green Road, Mitcham, Surrey. CR4 4HT
Fireman – Eligibility for Accident & Sickness
Some Public Sector workers, such as Firemen, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot normally claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.
Fixed-Sum Insurance
In contrast to insurance against loss or damage, the agreed sum insured is paid out by the insurance company when an insured loss is sustained. Insurance of fixed sums is used in Life insurance, Accident insurance and Health insurance.

G

General Conditions
The general conditions (GC) set out the rights and obligations of both you and the insurer with regard to all contracts for a specific type of insurance.
General Exclusion
Something which is not covered by the insurance and relates to every section of the Policy. (Look out for these, can be a bit nasty)
Gross Negligence
A serious violation of the obligation to exercise due care. This can result in the payment for a liability claim being substantially reduced.

H

Home
The Insured's place of residence in the British Isles.
How Do I Know If I Need Income Protection?
First – calculate your savings or alternative income or additional income. Potential income sources will depend on your personal circumstances. To find out if you might need Income Protection, ask yourself these 5 questions: What are my total monthly outgoings ? Estimate the total expenditure of your monthly outgoings that should include items such as mortgage or rent, loan repayments, utility bills, council tax, food and petrol. If you wish you may add your insurance costs for this cover or other insurances you pay, such as household insurance buildings insurance or motor insurance. For how long could I survive on my savings ? You need to realistically estimate your total expenditure and then deduct this from any savings you may have or any other income you may receive. Income protection insurance may be unnecessary if you decide you could survive on your savings. What are my benefits at work if I become sick or injured? Your employer may continue to pay you an income for a limited time. Some employers will only pay Statutory Sick Pay. Others may be more generous. You should check what arrangements your employer has made before arranging income protection insurance. Will the state give me financial help? State help will vary depending on your own individual circumstances but as a general rule, if you are eligible, the government will pay approximately £57.45 a week (over 25’s). Some of these benefits are means-tested, and in most cases there are conditions that have to be met, such as your having paid sufficient National Insurance contributions. If you have had a mortgage since October 1995 help for mortgage payments is not available for the first 9 months and then the payments will cover the interest only, for those with a mortgage prior to October 1995 there is no help for the first two months. How quickly could I find work? The answer to this will vary greatly dependent upon your occupation and where you live.
How Does Income Protection Work
Being unable to work, and the loss of income that incurs, is likely to affect your lifestyle. Income protection insurance is designed to replace your income and reduce the negative effect of your loss of earnings. Under an income protection policy, you pay regular premiums to an insurance company and subject to certain conditions they agree to pay you a monthly benefit if you are unable to work because of accident, sickness and unemployment. Income Protection insurance polices may be offered as Combined Accident, Sickness, Unemployment Only income protection or Accident & Sickness Only income protection, and you may choose dependent on your own individual requirements. Because income protection benefits are free of personal income tax, insurance providers offering income protection will generally limit your benefit to an amount less than your normal earnings, in our case up to up to 75% of your net income up to a maximum of £1,500.

I

Incapacity
A condition which stops you from doing your normal work or any other similar work. It must also stop you from doing any other work for which your experience, training and qualifications would allow you to do. If you are self employed then the condition must prevent you from carrying out any part of the running of your business.
Inception Date
The time and date on which cover starts.
Income – How to calculate your NET monthly
If your income varies (e.g. due to fluctuations in your overtime, commission and/or bonus payments) then you would calculate an “average” of your monthly net income i.e. your income after tax and National Insurance. If you are self employed this will mean calculating your net monthly income from an average of your annual income as declared on your self-assessment return for the previous tax year and confirmed by the Inland Revenue.
Income Protection Insurance
Covers a percentage of your income and is paid directly to you and you choose how to spend it. It can provide for any monthly repayment such as loan, mortgage, rent, credit cards, school fees, food, gas and electricity and removes the need for separate cover (although you can just cover mortgage or loan repayments if you wish). It requires just one policy for your whole working life.
Indemnity
Putting you in the same financial position after the loss as you were in before the loss.
Indexation
For several lines, insurance is offered with the sum insured adjusted to specific indices (such as the consumer price index).
Insurance Against Loss or Damage
If an insured loss is sustained, the amount of the actual loss is compensated, but this amount may not exceed the agreed sum insured. Insurance against loss or damage is usually included with, among others, Liability insurance, Property insurance and Marine insurance.
Insurance Agreement
An insurance agreement is an agreement between the policyholder and the insurer to pay regular or single premiums and provide insurance benefits in the event of a loss respectively.
Insurance Certificate
In several lines, the insurer issues a confirmation of the insurance contract to the policyholder as proof that insurance cover exists e.g. Employers’ Liability.
Insurance Premium Tax (IPT)
A Government tax on your insurance premium.
Insurance value
The value of the insured item upon conclusion of the insurance contract. This amount usually has to be adjusted during the term of the policy due to inflation, new acquisitions etc., so that the insured sum always corresponds to the replacement value (see Replacement Value and Underinsurance).
Insured Persons
The names that are shown on the quote or policy certificate.
Insurer
The insurance company.
Involuntary Redundancy – how this affects your payments
You are not eligible to apply for unemployment benefit for any period for which you are in receipt of payment in lieu of notice and this includes any compensation payment made for loss of office, including, but not limited to any payments made as compensation under a compromise agreement or redundancy package. For example, If you are in receipt of a redundancy package equivalent to 3 months salary you are not eligible to apply for unemployment benefit for 3 months.
IPT
A Government tax charged as a percentage of premiums.

J

Jobseeker’s Allowance – and its affect if you claim
Any impact on Job Seeker’s allowance depends on your individual circumstances. As a guide: • Job Seekers Allowance (contribution based): This is available for 6 months provided the applicant has made NI contributions for the past two years and is actively seeking work. It is not means tested. • Job Seeker’s Allowance (income based): This is means-tested - and affected by your financial position (E.g. any savings, partner’s salary). Current JSA allowance: £57-45 (25 and over), £45-50 (18-24)
Joint Cover For Income Protection Insurance Policies
We provide joint cover policies which is unusual. Most providers do not.

L

Level of Cover
The amount up to which the Insured is covered under any particular Section of the Policy.
Lieu of Notice Payment
Insurers will not consider you unemployed for any day you receive payment in lieu of notice.
Loss
An event which triggers insurance cover.
Loss Adjuster
Independent professional appointed by the insurer to negotiate claims payment.
Loss Assessor
Independent professional appointed by you to negotiate claims payment.

M

Monthly Benefit Payments
In order to make a claim you must have been unemployed or sick for a period of 31 days or more, you cannot claim for a period less than 31 days. Thereafter we will pay you for each day you are incapacitated or unemployed on the basis of 1/30th of one monthly benefit for each day. EG: You have a benefit payment of £500. After 31 days you make a successful claim and the £500 is backdated to Day 1. After 42 days in total you return to work. You would therefore receive a further benefit payment for 11 days that would equate to £170.05 (£500 divided by 31 = £15.50p per day). Please Note: We will treat the first day of your 31 days as the day your doctor confirms you cannot work.
Monthly Benefit Period
This is the length of time insurers will pay you for any one claim until you return to work. You can make multiple claims, subject to re-qualification, (see Multiple Claims) for the life of the policy up to retirement age or until you cancel it.
Mortgage and Loan Payment Protection
Covers only your loan or your mortgage repayment although some will additionally cover associated mortgage costs. Generally you would require a new policy with each new mortgage you obtain so pricing and acceptance could then be affected over time by your health and your age.
Mortgage and Loan Payment Protection
Covers only your loan or your mortgage repayment although some will additionally cover associated mortgage costs. Generally you would require a new policy with each new mortgage you obtain so pricing and acceptance could then be affected over time by your health and your age.
Mortgage Transfer To Another Provider
As the policy is not tied to any mortgage you may change mortgage without it affecting your policy.
Multiple Claims – for accident or sickness
You must return to work for at least one month before you can claim incapacity for an unrelated condition or for at least six months before you can make another claim for incapacity for a related condition. The 30 day back to day one waiting period will apply to each individual claim. Net Monthly Income Your monthly salary after tax and National Insurance contributions have been deducted
Multiple Claims – for unemployment
You must return to work continuously for at least six months before you can make another claim for unemployment benefit. The 30 day back to day one waiting period will apply to each individual claim. If you have periods of unemployment that are separated by six consecutive months or less insurers generally treat this as one continuous claim, ie continuing as if it was your previous claim, providing you have not received the maximum number of monthly benefits you selected.

N

No Claims Bonus
A premium discount where no claims have been made in previous years.
Nursing Staff – Eligibility for Accident & Sickness
Some Public Sector workers, such as Nurses, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.

O

Obligation to Notify
You must provide all information necessary for the insurer to analyse the risk and issue an insurance contract.
Overinsurance
Overinsurance occurs when the sum insured is higher than the replacement value. In the event of a claim only the replacement value is paid out.

P

Period of Insurance
The time and date in which the insurance is effective.
Personal Liability Insurance
Personal Liability insurance (individual or family insurance) protects the insured against civil law claims that are brought against them on the basis of statutory liability provisions.
Police – Eligibility for Accident & Sickness
Some Public Sector workers, such as Police, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.
Policy
The document describing the cover provided by the insurer.
Policy Schedule
The document which details the cover we will provide you under these terms and conditions.
Policyholder
The customer. A person or company who has bought an insurance policy. Also known as the Insured.
Pre-existing Medical Condition
This is a physical or mental condition whether diagnosed or not, which you knew about or in our reasonable opinion should have known about, or for which you received treatment prior to the start date. You are not covered for pre-existing medical conditions that may cause you to claim for accident & sickness benefits. We may still insure you but we will not pay benefits directly relating to any claim which we consider you were aware of before the start date. However you may be entitled to benefit if for 2 years before you became unable to work, you have been free of the symptoms, have not consulted a doctor about the condition or received treatment for it.
Premium
The amount paid by the policyholder to the insurer as a consideration for covering the risk.
Probationary Period – how it affects your benefit payments
You will not receive unemployment benefit if your dismissal is due to the inability to pass a probationary period
Property Insurance
Property insurance covers specified property, which may be damaged or destroyed by events of perils, such as fire, storm or theft.
Proposal
If you wish to take out insurance you must complete a Proposal. This will form the basis of the contract between you and the insurer.
Proposal Form
If you wish to take out insurance you must complete a Proposal. This will form the basis of the contract between you and the insurer.
Prospectus
An easy-to-read summary of insurance covers.
Public Liability Insurance
Liability insurance protects you from loss or damage resulting from a claim for damages by a third party arising from negligence on your part.
Public Sector Workers
Some Public Sector workers have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.

R

Redundancy Package (Involuntary)
You are not eligible to apply for unemployment benefit for any period for which you are in receipt of payment in lieu of notice and this includes any compensation payment made for loss of office, including, but not limited to any payments made as compensation under a compromise agreement or redundancy package. For example, If you are in receipt of a redundancy package equivalent to 3 months salary you are not eligible to apply for unemployment benefit for 3 months.
Reinstatement Cover
Reinstatement cover is a form of Property insurance that covers an insured item for its new replacement value if it is lost or damaged. The new item should be substantially the same as but not better than the lost or damaged item.
Reinsurance
As the primary or direct insurer the insurance company is often unable to carry the entire risk assumed under an insurance contract itself. It must pass on part of the risk to a reinsurance company (or another direct insurer); this does not affect its relationship with the policyholder. The reinsurer can also pass on risks to other insurers.
Replacement Cost
Replacement value is the value of the insured items at the time when the loss occurred (see also Current Market Value).
Replacement Value
Replacement value is the value of the insured items at the time when the loss occurred (see also Current Market Value).
Return To Work Benefit
If you are eligible for incapacity benefit, you may also be eligible for return to work benefit. If you have made a successful incapacity claim for at least one full monthly benefit under this policy and: • You have not received the maximum benefit period selected for incapacity; and • You have returned to part-time work with your usual employer immediately after your doctor confirms you are certified fit for work; and • You are receiving less than your usual basic salary from your employer; Insurers may pay you the difference between your usual basic salary from your employer immediately before the incident date, and your new salary, up to your maximum monthly benefit, less any state benefits as appropriate, providing that any reduction in pay is as a direct result of working reduced hours, due to the condition resulting in your incapacity claim.
Riot Insurance
Riot will usually be covered in conjunction with civil commotion and malicious damage subject to the policy's general and special conditions.
Risk
The likelihood of incurring misfortune or loss.

S

Schedule
A document describing who is insured, what is insured, and the cover provided.
Self Employed (definition of)
• Helping with, managing or carrying on a business in the UK and are liable to pay tax under schedule D Case, I, II, IV or V or the Income and Corporations Taxes Act 1988; or • Paying Class II National Insurance contributions; or • A partner in a Partnership; or • A person who exercises direct or indirect control over a company, or owns more than 10% of the issues share capital of the company • Working for a company and in any way connected with a person who has control over that company (for example, you are one of his or her family)
Self Employed – when eligible to claim for accident or sickness
Incapacity must stop you from helping, managing, receiving any money from or carrying out any part of the day-to-day running of a business. In addition you must be in receipt of Short Term Incapacity Benefit from the JobCentre Plus
Self Employed – when eligible to claim for unemployment
As a self-employed person to qualify for unemployment benefits you must provide evidence that your final accounts have been submitted and your business has : • Permanently stopped trading and/or is in the process of being wound up; or • Has been put into the hands of a company dealing with insolvency; or • Is a partnership which has been dissolved or is in the process of being dissolved. Benefit will not be paid if your business temporarily stops trading or is dormant.
Settlement
When an insurer pays a claim.
Settlement
When an insurer pays a claim.
Special Conditions
In addition to the general conditions (GC), any individual conditions applying to the sections of a policy are set out in the special conditions (SC).
Specific Exclusions
Something which is not covered by the insurance and relates only to a particular section of the Policy . (Again look out for these, can be a bit nasty)
Sports
We do not usually exclude dangerous sports such as rugby, football or horse-riding, etc.
Start of Benefit Payments – if claim for accident or sickness
If you are no longer in receipt of your usual salary you can make a income protection insurance claim after just 30 or more consecutive days of not working through accident or sickness, the income protection insurance claim will then be backdated to the first day of the claim. Please note we will treat the first day of your incapacity as the day your doctor confirms you cannot work.
Start of Benefit Payments – if claims for redundancy
You cannot make a income protection insurance claim for unemployment for the first 90 days from the commencement of the policy. Following this once only initial period you can make a claim after just 30 or more consecutive days of not working through unemployment. Please note that you must be in receipt of Jobseekers Allowance.
Statutory Sick Pay
You can claim benefit against this income protection policy for accident or sickness once you are in receipt of Statutory Sick Pay from your employer or Short Term Incapacity Benefit from the Job Centre. Current government information states: • SSP is paid for a maximum of 6 months • If after this time you are still incapacitated you may receive Short Term Incapacity Benefit from the Job Centre Plus, this payment is made to a maximum of 52 weeks The total monthly benefit you receive is limited to the percentage of your net or gross monthly income, in our case 75% of net (to a maximum of £1,500). The combination of Statutory Sick Pay and benefit from our income protection policy must not exceed your normal "net monthly income" as stated on your application form as benefit will only be paid equivalent to 75% of that income, therefore any combined monies in excess of your stated salary would be deducted from your benefit.
Stress
You will not normally receive incapacity benefit for; • Psychiatric illness or mental disorders including depression, bereavement, stress or stress-related conditions which are not diagnosed by a consultant
Subrogation
The insurance company that makes the initial payments (e.g. in the case of Motor Liability insurance) has recourse to the person responsible for the loss, or to the policyholder if the loss was due to a tortuous act (such as gross negligence) or if the insurance cover does not suffice.
Sum Insured
The amount that is paid out by the insurer when an insured event occurs.
Supplementary Insurance
Supplementary insurance or additional benefits may be added to all the usual types of insurance policies in order to fit your requirements. This would usually incur an increase in the premium.

T

Tax
The benefits are tax free
Temporary Work Scheme
If you are receiving unemployment benefit and want to start temporary work which will continue for less than 6 months, please let us or your insurers have details in writing before you start this work. They will not pay for the period you are not unemployed. However, when the temporary work finishes you must re-register with the Job Centre Plus within 15 days.
Transfer In From Another Payment Protection Policy
You may transfer from another payment protection policy and then, if you wish, add additional cover for your other monthly outgoings to the maximum benefit allowed. If you transfer in you may then be eligible for a waiver of the exclusion period (see Exclusion) at the insurers discretion. Once your application has been accepted you should notify your previous insurer as any benefit payments from another payment protection policy could invalidate future claims. Some policies have cancellation penalty clauses so we recommend you seek advice before cancelling your current policy.

U

UK
England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man
ULR Cover
Uninsured loss recovery – better known as legal expenses cover, which you can add on to your policy.
Underinsurance
When the policy limit is lower than the replacement value of an item. In the case of Property insurance this can have serious consequences for the policyholder, as he/she is not fully compensated for the damage. In the case of partial damage, the insurance benefits are also reduced in proportion to the underinsurance.
Underwriter
Person who decides whether to accept a risk and calculates the premium.
Unemployment
To be out of work and registered as unemployed with your local Job Centre Plus office or the Department of Health and Social Security.
Uninsured Losses
Elements not covered by your policy such as hire charges.

V

Valuables
Cameras, photographic apparatus, video equipment, stamps, documents, dentures, hearing aids, furs, binoculars, tape recorders, cassettes and players, radios, compact discs and players, computers and accessories, mobile phones, video games and TV sets.

W

Waiting Period
This is the period immediately after the Incident date that you have to wait until any payment is made. As we operate different covers including a Back to Day 1 policy this “waiting period” would normally be 31 days. If you are unable to work at the end of this period, and your claim is agreed, you will be eligible to claim for monthly benefits that would be backdated to the first day of the incident.
Why Would I Use Income Protection Insurance?
Giving consideration to the effect on your income and your expenses, how do you think that you would cope with the change in your circumstances if you lost your income or were too ill to work? For how long could you cope? If a shortfall is likely, you should consider taking out income protection insurance to protect your family and your lifestyle.
Working Outside The UK
If you are working outside the UK, you will not normally receive any monthly benefit for unemployment, incapacity or Return to Work (see Return to work) unless you are: • Working for the British Armed Forces or as a civil servant in a British Embassy or consulate; or • Working for an employer that is a UK registered company who assigns you to work in the European Union on the same terms and conditions; or • Working on a specific project for less than 30 days outside the UK and were actually outside the UK for less than 30 days.

The above statements can only be treated as general advice. Nothing listed above supersedes your full policy document, which you are required to read carefully. Should you have any queries with the cover arranged then you are required to raise these with either ourselves, or insurers within 14 days. Neither we nor your insurers can be held responsible for any incorrect assumptions you make or a failure to understand the policy wording. If you are in doubt then always call us since we are on hand to offer explanations.