Jargon Buster

We’re committed to helping our customers understand insurance. Here’s a list of common words and phrases you will come across in your policy and when making your decisions.
All | A B C D E F I L N P R S U V
There are 8 entries in this directory beginning with the letter P.
Period of Insurance
The period in which the policy is valid. Typically policies are issued for a period of 12 months.
Policy
A contract agreed between the insurer and insured, which identifies all claims which the insurer is legally required to pay.
Premium
This is the amount of money that you must pay for an insurance policy.
Products Liability
This covers you in the event of products (including food and drink) which you have supplied causing damage to third party property or injury to third parties.
Professional Indemnity Insurance
A policy which protects a professional person against legal liability for third parties for injury, damage and loss due to the person’s own (or of the person’s employees) professional negligence.
Proportional Remedy
An insurer may choose to reduce a claim payment in proportion to the premium paid, if, for example, they felt the presentation of the risk was not fair or correct, and whilst they would still have accepted the risk, would have charged an additional or increased premium.
Proposal Form
A form filled out by a responsible person who is applying for insurance on behalf of themselves or their employers. The purpose is for the insurer to receive a fair presentation of the risk by way of the answers provided, in order that they may provide the appropriate policy, apply terms and calculate premiums as necessary.
Public Liability
Public Liability insurance covers you against any accidental injury or damage caused to third parties or third party property.

© 2020 BHIB Councils Insurance

BHIB Councils Insurance is a trading name of BHIB Limited. Registered office is AGM House, 3 Barton Close, Grove Park, Enderby, Leicester, LE19 1SJ. BHIB Limited is registered in England and Wales number: 829660 Authorised and regulated by the Financial Conduct Authority. We are covered by the Financial Ombudsman Service. You can find out more at www.financial-ombudsman.org.uk.

BHIB Limited also provide risk management services and guidance which is not regulated by the Financial Conduct Authority. Any protection provided by the Financial Ombudsman Service or the Financial Services Compensation Scheme does not apply to this specific business activity and we will inform you of this before undertaking the business activity.