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Glossary

for the Insurance > Help & Advice > Glossary

Guide to insurance speak

We want to help you make sense of the jargon and abbreviations you will find when insurance is being discussed. To do this we have put together the following 'Guide to Insurance-speak', which should help you when you're going through your quotes or policy documents.

The PolicyholderThe person who has taken out the insurance
We/Us/The CompanyBennetts is an intermediary, so we search the market for the best deal for you. Therefore on your schedule you will not see Bennetts as the insurer. Instead you will see the name of the insurance company with whom we have placed your insurance.
ScheduleDetails of policy cover. What you are covered for and what you are not
CertificateEvidence required by law. You need this to prove you have got insurance
EndorsementChanges in the terms of the policy (will be shown in the schedule)
NCB/NCDNo Claims Bonus/No Claims Discount
POBProof of Bonus
Guaranteed BonusThis means that you do not lose your bonus following a claim
Protected BonusThis means you can pay an extra amount to protect your no claims bonus. You may be limited to one or two claims
I.P.T.Insurance Premium Tax. Compulsory tax levied by the government on all insurance premiums
C.B.T.Compulsory Basic Training for motorcycles
ExcessEven when you are insured, if you have an accident you may have to pay some of the claim. The amount of excess you are liable for is outlined in your schedule