If you’ve ever tried reading an insurance document and felt like you stumbled into an advanced Latin class, you’re not alone! Insurance lingo can be tricky, with words that sound like they belong in a medieval spell book. But fret not, brave reader. We’ve delved into the whimsical world of King Price’s dictionary to decode the jargon and make insurance, dare we say, fun?
- Excess = The ‘no free lunch’ clause
This isn’t your leftover pizza. In the insurance world, excess is the amount you have to pay when submitting a valid claim to your insurer. It’s like upholding your part of a deal.
- Underwriting = Not a secret novel endeavour
Sorry, budding authors, it’s not about penning the next bestseller under a nickname. Underwriting involves assessing the risk before determining your premium. It’s the insurance version of ‘checking you out’ (and not in that flirty way).
- Liability cover = Not a yoga pose
While it sounds like a complex move to master in yoga, it’s actually simpler (and less physically demanding). Liability coverage is all about protecting you from the costs when you’re at fault in an incident, ensuring you’re not left with monstrous bills after a mishap.
- Third-party, fire and theft = The triple threat cover
This isn’t a band name, although it does sound catchy. It’s a type of car insurance that covers damage you cause to someone else’s vehicle, fire damage, and if someone decides your car’s too irresistible not to steal.
- Beneficiary = Your favourite person (for now)
The lucky duck who gets the payout if something happens to you. Remember to pick wisely; that friend who forgot your birthday might not make the cut!
- Indemnity = Compensation celebration
It sounds posh, but it’s simple. If something insured gets damaged or lost, indemnity ensures you receive compensation, turning that frown upside down!
- Premium = Not just fancy chocolate
Your insurance premium isn’t about getting the best seat in a cinema or the finest chocolate. It’s the amount you pay for your insurance. Quality cover, minus the cocoa.
- Pro-rata = The fair-play rule
It’s how your insurer calculates your refund if you cancel your policy before it ends. It’s all about sharing and caring, with a sprinkle of math!
- Comprehensive cover = The ‘hold my beer’ insurance
This is the big kahuna of car insurance, covering you for almost everything (check our KPPD for what’s covered by the king). From accidents to theft to that pesky bird who decided your windscreen was the perfect target.
- Material fact = No, not about fabrics
It’s a crucial piece of information that might change the insurer’s mind about insuring you or at what price. Not about discovering your favourite shirt material.
Laughing your way through lingo
So, there you have it, folks! A jargon-journey that’s less yawn and more yarn. The world of insurance might be filled with complex words, but with a sprinkle of humour and King Price’s easy-to-understand wording, it makes life less complicated. For a commitment-free quote, simply click here or WhatsApp us on 0860 50 50 50.
Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.