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Enables homeowners to maintain monthly bond repayments in the event of illness, disability + death. From only R80 a month.

 

How Much Life Cover?

Not having enough life cover is just as dangerous as having no life insurance at all but how much do you actually need?

     

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Category: South Africa / Insurance / Short Term Insurance / Insurance Terms

 

A B C D E F G H I K L M N O P Q R S T U V W

 
Cancellation Clause   the clause in a policy which allows one party to cancel the contract following due notice to the other.
Captive Insurance Company   an insurance company set up by a parent company, in

order to receive that parent's insurance business.

Catastrophe Cover   a form of excess of loss reinsurance which protects the insurer against losses arising from major catastrophes.
Certificate Of Insurance   a document issued by an insurer which is used mainly in the marine market to certify that cover is in force.
Cession   that part of an insurance transferred to a reinsurer. The transfer of rights, title and interest under a contract.
Chance   The probability or likelihood that an event occur.
Claim   a demand made by the insured for payment after the occurrence of loss or damage covered by the policy.
Claim Form   a form supplied by an insurer to enable an insured to lodge a claim in terms of the policy.
Claim-Free Group   the term used in motor insurance to indicate into which of the rating groups a policyholder will fall according to his claims record.
Claims Ratio   see LOSS RATIO
Co-Insurance   the division of a risk between two or more insurers where each is individually liable to the insured for their proportion of claims.
Co-Insurer   an insurer who shares with others in co-insurance.
Collective Policy   policy issued by the leading insurer on behalf of all the insurers who share a risk by way of co-insurance.
Commission   the payment made to intermediaries by insurers for placing business with them.
Common Law   the part of a country's legislation built up from customs and usages which have been recognised by its courts and thereby given the force of law.
Composite Insurance Company   an insurer undertaking both life and non-life business.
Comprehensive Policy   a policy covering a wide variety of perils.
Condition   part of a contract which must be complied with by one party or another.
Consequential Loss   a loss directly arising from another loss. The term is used to describe the class of business also known as LOSS OF PROFITS or BUSINESS INTERRUPTION INSURANCE.
Consideration   the payment or promise of payment for goods or services, this being the premium in the case of insurance.
Contingency   an unforeseen occurrence.
Contingency Fund   monies put aside by a company in order to pay for unexpected losses.
Contract   an agreement made by two or more parties with the intention of creating a legal obligation between them.
Contract Of Insurance   an agreement between insurer and insured whereby, in return for the payment of a premium, the insurer undertakes to indemnify the insured upon the happening of a specified event.
Contra Proferentum Rule   any ambiguity in contract wordings is construed against the drafter of those wordings.
Contribution   the principle whereby two or more insurers covering the same risk contribute proportionately to any losses.
Cover   the protection provided by insurance.
Cover Note   temporary evidence of the granting of insurance.

 

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