How can we help?

Insurance Jargon

Don’t you just hate it when people use jargon?

These days it’s generally driven by youth and based on actual words cut short, like Whatevs, YOLO, OMG, Sic, TBH, Totes, Hangry.

Insurance is full of jargon too and we want to lift the veil on it, to help you better understand your insurance policy wording.  Here’s the most commonly used insurance jargon and what we mean when we use it:

EQC

Earthquake Commission

EQ Cover

Earthquake cover

EQC Act

A document outlining the intention of the EQC and their cover

Event

A specific, defined happening that happs at a specific time and place

Excess

The amount you pay towards any claim

Hidden Gradual Damage

Damage that occurs slowly over a period of time and is hidden from sight, you normally find out about this damage long after it started.

Legal Liability

Costs that you are required to pay because you were found liable by a court of law.

Loss

Physical loss or physical damage

Mitigate

Minimise, lessen

Natural Disaster

An earthquake, natural landslip, volcanic eruption, hydrothermal activity, tsunami or natural disaster fire as defined in the EQC Act

Period of Cover

The duration of time that you have insurance cover

Policy Limit

The most you’ll get paid for claims that fall under that section of the insurance policy

Policy Schedule

Your personalised contract with the insurance company

Policy Wording

The contract between you and your insurance company, it outlines what you are and aren’t covered for

Prudent

Careful, acting with care

Resultant Damage

Loss that occurs following an event

Sudden & Accidental Loss

Physical loss or physical damage that happens suddenly and unexpectantly at a specific time

Sum Insured

The most your insurer will pay for a claim

Your

The person or entity shown in the schedule