LV= Glossary
Use this glossary of common – and not so common – insurance terms to help you understand words and phrases you may not have come across before.
Filter terms by:
Full A-Z
Found in: Life Insurance
50 Plus plan is life insurance specially for the over 50s.
Found in: Car Insurance, Home Insurance, Life Insurance
An accident is an unexpected, undesirable and possibly violent event that results in damage and harm to someone and/or something.
Found in: Car Insurance, Home Insurance
Accidental damage is damage caused suddenly, by external means, that isn't expected and isn't deliberate.
Found in: Life Insurance
Accidental death benefit is an insurance policy or a feature of an insurance policy that pays a specified sum to the beneficiary if the policyholder is killed in an accident.
Found in: Car Insurance, Home Insurance
An Act of God is an event that is outside human control, not the fault of any person and which can't be prevented, for example, a lightning strike. Acts of God may not be insurable.
Found in: Life Insurance
An actuary is a statistician, specialising in calculating risk, especially for insurance, pension rates and premiums purposes.
Found in: Car Insurance
Additional drivers are drivers you name on your car insurance policy in addition to you, the policyholder.
Advanced driving qualification
Found in: Car Insurance
An advanced driving qualification is a way of improving your road skills, helping you to be a better driver. The Institute of Advanced Motorists (IAM) offers Advanced Driving Tests.
Found in: Travel Insurance
An 'Adventure Activity' may offer a greater risk compared to a 'Standard Activity' and full details of these activities are provided within the terms and conditions of the policy. You are automatically covered to take part in any of the activities listed under the Standard Activities section of the policy if you have the Essential policy cover and you will automatically be covered for any of the activities listed under both Standard and Adventure Activities if you have the Premier policy cover.Found in: Car Insurance, Home Insurance
An agent is a trained, professional motor mechanic/recovery driver or specialist service provider.
Aggravated theft (car-jacking)
Found in: Car Insurance
Aggravated theft, also known as car-jacking, is forceful or violent theft of your vehicle while you or your spouse are inside the car.
Found in: Pet Insurance
Alternative medicine is herbal or homeopathic medicine recommended by your vet and prescribed by a suitably qualified vet.
Found in: Life Insurance
A progressive, degenerative disease of the brain and the most common form of dementia.
Found in: Car Insurance, Home Insurance, Life Insurance
The amount of your cover is the amount you're insured for (shown on your Plan or Policy Schedule). Also see Level Cover and Decreasing Cover.
Annual travel insurance (Multi trip insurance)
Found in: Travel Insurance
For annual multi-trip cover:
- you will only be covered if you are aged 79 years or under on the date that your travel insurance quote was given
- there is no limit on the number of trips that you take during the period of cover
- any trip that is booked to last longer than 31 days is not covered on the Essential policy
- any trip that is booked to last longer than 90 days is not covered on the Premier policy
- Trips within the United Kingdom must have either pre-booked accommodation, or be more than 25 miles from your home, or involve a sea crossing.
Found in: Life Insurance
A condition where bone marrow doesn't produce enough new cells to replenish blood cells. Complete aplastic anaemia is where there is a complete bone marrow failure.
Found in: Car Insurance, Home Insurance, Travel Insurance
An appointed adviser is a solicitor or appropriately qualified person, firm or company, including us, who is chosen to act for you in a claim for compensation.
Found in: Car Insurance, Home Insurance
An approved repairer is one we've approved and authorised to repair your vehicle following a claim. In Home Insurance we may also use an approved supplier to provide you with replacement goods.
Found in: Travel Insurance
UK - England, Scotland, Wales, Northern Ireland, Isle of Man and the Channel Islands
Europe - Albania, Andorra, Austria, Azores, Balearic Islands, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canary Islands, Channel Islands, Croatia, Cyprus, Czech Republic, Denmark, Egypt, England, Estonia, Finland, Former Yugoslav Republic of Macedonia, France, Germany, Gibraltar, Greece, Greek Islands, Hungary, Iceland, Ireland, Isle of Man, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Madeira, Malta, Moldova, Monaco, Montenegro, Morocco, Netherlands, Northern Ireland, Norway, Poland, Portugal, Romania, Russia west of the Ural mountains, San Marino, Scotland, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Tunisia, Turkey, Ukraine, Wales and Vatican City State.
Worldwide excluding North and Central America, Caribbean and Bahamas - Anywhere except the following places: Anguilla, Antigua, Aruba, Bahamas, Barbados, Barbuda, Belize, Canada, Cayman Islands, Caribbean Islands, Costa Rica, Cuba, Curacao, Dominica, Dominican Republic, El Salvador, Grand Cayman, Grenada, Guadeloupe, Guatemala, Haiti, Hawaii, Honduras, Jamaica, Martinique, Mexico, Montserrat, Netherlands Antilles, Nicaragua, Panama, Puerto Rico, Saint Barthelemy, Saint Eustatius, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States of America, Virgin Islands (British and United States).
Worldwide - Anywhere in the World.
Association of British Insurers (ABI)
Found in: Car Insurance, Home Insurance, Life Insurance
The Association of British Insurers (ABI) represents the overall interests of the UK's insurance industry. The Association speaks out on issues of common interest, helps to inform and participate in debates on public policy issues and acts as an advocate for high standards of customer service in the insurance industry. The Association has around 350 company members which, between them, provide around 90% of domestic insurance services sold in the UK. www.abi.org.uk/
Found in: Car Insurance, Home Insurance, Life Insurance
An authorised firm is one that has permission from the FSA to carry out regulated activities, such as advising, dealing in and managing investments and arranging home finance activities.
Found in: Life Insurance
Meningitis is inflammation of the membranes which cover the brain and spinal cord. Bacterial meningitis is where this inflammation is caused by a bacterial infection.
Baggage/Personal belongings cover
Found in: Travel Insurance
This cover is an additional optional selection.
Baggage/ Personal belongings cover insures you against theft, damage to or loss of your baggage and valuables (including hired sports equipment you are responsible for) that are damaged, stolen, lost or destroyed while on a trip.
Cover includes each of your suitcases, trunks and similar containers (including their contents), possessions and items you wear, carry or use, that are taken on or purchased during a trip by you, but not valuables (which are defined below). Baggage includes sports equipment such as golf clubs, winter sports equipment, scuba equipment and mobility aids (such as wheelchairs).
Found in: Life Insurance
A beneficiary is the person, or organisation such as a charity, who is to receive assets or profits from an estate, a trust, an insurance policy claim or similar distribution.
Found in: Car Insurance
Breakdown is the immobilisation of the vehicle due to a mechanical or electrical failure, theft or attempted theft, vandalism, accidental damage, a flat tyre or a lack of fuel that happens during the period of cover.
Found in: Home Insurance
Buildings and contents insurance gives you cover for both buildings insurance and contents insurance.
Found in: Home Insurance
Buildings insurance gives you cover for the cost of rebuilding or repairing your house, fixtures and fittings within the boundaries of your home, if they're damaged or destroyed. Buildings insurance may be combined with contents insurance.
Found in: Car Insurance
Business use is when you use the insured car for your own business, travelling to more than one place of work and between places of work.
Found in: Car Insurance, Home Insurance, Life Insurance
Cancellation is the ending of a policy before it's due to expire. There may be a cancellation clause in a policy setting out the conditions under which the policy may be cancelled by notice. The period of notice could be anything from 48 hours to three months. Cancellation may mean you get back some of your premiums, but in many cases you won't get anything back. You should check your policy details to find out, if this is something you're considering.
Found in: Life Insurance
A disorder of the heart muscle often of unknown cause which can be divided into three main groups according to structure and functional features:- Dilated (or congestive), Hypertrophic and Restrictive.
Found in: Car Insurance
See aggravated theft.
Certificate of motor insurance
Found in: Car Insurance
A certificate of motor insurance is proof that your car is insured, and is required by law if your car is used or kept on a public highway.
Found in: Travel Insurance
Any insured person, other than the policyholder and the policyholder's spouse or partner, who is aged 21 years or under and named on the schedule. Children are automatically covered if they are travelling with the policyholder, the policyholder's spouse or partner, or an adult (aged 22 years or over) insured by this policy, or as part of an organised school, university or club trip accompanied by a responsible adult. Children aged 16-21 years can be covered when travelling unaccompanied if this option is selected by you and is shown on your schedule.Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
You make a claim when you ask your insurer to pay you the sum of money that is owed to you under the terms of your insurance policy.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
A claimant is the person making a claim.
Found in: Travel Insurance
A person in the United Kingdom who works for the same company as you and who, if away from work at the same time as you, would prevent the business from running properly. A director of the company must be able to confirm this in the event of a claim.Found in: Pet Insurance
Complementary medicine includes acupuncture, hydrotherapy, osteopathy, physiotherapy and chiropractic therapy recommended by your vet and carried out by a suitably qualified person that has been specifically recommended by your vet.
Found in: Car Insurance
Comprehensive car insurance covers accidental damage caused to your car as well as damage and/or injury you cause to another vehicle or its driver in an accident. It also covers your car if it's damaged by fire or stolen and not recovered.
Found in: Pet Insurance
A condition is an injury, illness, disease, or symptoms of injury, illness, disease, including directly or indirectly related problems, no matter where these are noticed or occur in or on your pet.
Found in: Home Insurance
Contents insurance gives you cover for your personal possessions and household goods within your home. Contents insurance may be combined with buildings insurance.
Found in: Car Insurance, Travel Insurance, Life Insurance, Home Insurance, Pet Insurance
A cooling off period is the time you have to change your mind when buying insurance or other financial products or services. The actual time varies, so check your policy details.
Coronary artery by-pass grafts
Found in: Life Insurance
A surgical procedure to relieve angina and reduce the risk of death from coronary artery disease. Arteries or veins from elsewhere in the patient's body are grafted to the coronary arteries to bypass narrowings and improve the blood supply to the heart.
Found in: Car Insurance
Cosmetic modifications are alterations to a vehicle which affect its appearance but not its performance.
Found in: Car Insurance
A courtesy car is a rental car that may be paid for by an insurance company while your car's off the road for accident repairs.
Found in: Car Insurance, Home Insurance, Life Insurance
Cover is another word for the sum assured or insured. See amount of cover.
Found in: Life Insurance
A rare degenerative brain disease that leads to a rapid decrease of mental function and movement. This disease is sometimes referred to as a human form of Mad Cow disease.
Found in: Life Insurance
Critical Illness Cover (CIC) is insurance that pays out on diagnosis of a specified condition during the policy term, after surviving at least 14 days. The cash from a claim under your Critical Illness Cover could be used to pay off a mortgage or make adaptations to your home, such as putting in wheelchair ramps. See Life insurance with critical illness.
Cutting short your trip (Curtailment)
Found in: Travel Insurance
If you have to cut short your trip and return home earlier than planned. Please check refer to Section C of the policy for full details.
Found in: Life Insurance
Death in service is insurance benefit provided by your employer. This kind of policy is usually not as flexible as your own life insurance and usually ends if your job with that employer ends.
Found in: Life Insurance
Decreasing cover is designed to cover the reducing amount you owe on a capital and interest repayment mortgage. The amount of cover goes down each month but the premium is fixed when your plan starts and stays the same for the policy term. The amount of cover is not guaranteed to repay the amount outstanding under your mortgage. Also see Level cover.
Found in: Car Insurance, Travel Insurance, Home Insurance, Life Insurance, Pet Insurance
Defaqto is an independent financial research company specialising in rating, comparing and analysing financial products. Defaqto is one of the leading providers of financial product data in the UK, covering over 30,000 products across banking, life, pensions, investments and general insurance.
Found in: Life Insurance
A dependant is someone who depends on someone else for financial support, such as a child supported by their parents.
Disability Living Allowance (DLA)
Found in: Life Insurance
Disability Living Allowance (DLA) is a tax-free benefit for disabled children and adults who need someone to help look after them, or have walking difficulties. See Direct Gov's website pages.
Found in: Home Insurance
A disaster restoration firm is an organisation that specialises in restoring your buildings and possessions following damage caused by water, fire and smoke.
Found in: Travel Insurance
A legally qualified medical doctor who holds the necessary medical certificates needed in the country in which they are practising. This can't include you, a travelling companion, someone you work with or a relative.
Found in: Car Insurance
A document of car insurance is the policy booklet that we send with your other car insurance documents.
Found in: Home Insurance
The document of home insurance is the policy booklet we send with your other home insurance documents.
Found in: Pet Insurance
The document of insurance is the policy booklet containing the terms and conditions, we send with your other pet insurance documents.
Found in: Home Insurance
If you suffer a domestic emergency in your home, such as a blocked toilet, hot water or heating failure, call our Domestic Emergency Assistant helpline.
A trained operator will be able to help and advise you and if required arrange for emergency assistance or repairs to be completed by an approved tradesperson. If you use this service you will be responsible for paying the tradesperson’s charges and any costs of materials incurred.
Found in: Car Insurance
Driving means being in charge of a motor vehicle for the purpose of driving it. A car doesn't necessarily need to be moving for you to be in charge of it.
Driving Standards Agency (DSA)
Found in: Car Insurance
The Driving Standards Agency is part of the UK Department for Transport (DfT) with responsibility for setting the standards and conducting theory and practical driving tests. The DSA is also responsible for the:
- statutory regulation of driving instructors and trainers
- promotion of voluntary registers and non-statutory activities to improve driving standards
DVLA (Driver and Vehicle Licensing Agency)
Found in: Car Insurance
The Driver and Vehicle Licensing Agency is an executive agency of the Department for Transport (DfT), responsible for, among other things, issuing driving licences and vehicle registration documents. www.dft.gov.uk/dvla
Found in: Life Insurance
An emergency fund is money you put aside to help you pay bills and buy important items if you're short of cash. You can insure against some emergencies, such as redundancy or medical problems but sometimes you might be caught unawares, so it makes sense to have an emergency fund just in case.
Found in: Travel Insurance
This will cover you for costs for unexpected illness or injury during a holiday/ trip. Check your policy for the full terms and conditions.
Found in: Life Insurance
An acute inflammation of the brain.
Found in: Life Insurance
The end date is the date when your plan or policy ends. This date is shown in your Plan, or Policy Schedule.
Found in: Car Insurance, Home Insurance, Life Insurance
Endorsements are changes or special conditions that apply to the terms of a policy, and are sometimes called exclusions. In the motoring world, they also mean offences recorded on your driving licence.
Found in: Life Insurance
An endowment insurance policy is one that offers you a combination of savings and life insurance. You make regular payments for the policy term, after which you're entitled to a lump sum. If you die during the policy term your policy pays out a predetermined lump sum. An endowment insurance policy is often tied to a mortgage with the intention that it will pay out any returns at the time your mortgage ends or a lump sum if you die before this.
Found in: Pet Insurance
Essential pet insurance is our basic level of cover for our pet insurance policy.
Found in: Life Insurance
Your estate is everything you own, minus what you owe, when you die.
Found in: Travel Insurance
See 'Area of Cover'
Found in: Car Insurance
European insurance cover is cover if you take your car to Europe.
Found in: Car Insurance, Pet Insurance, Travel Insurance, Home Insurance
An excess is the amount that you have to pay towards a claim. A compulsory excess is an excess applied by your insurer and could vary depending on your circumstances. A voluntary excess is a figure agreed with your insurer, usually where you agree to pay a higher part of each claim in return for a lower premium. Excesses vary between different types of cover (car, home, pet and travel) and voluntary excesses are not available on pet or travel insurance. Refer to your document of insurance for more information.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
Exclusions are things that your insurance won't cover, such as a result of war, wear and tear or fraud. Exclusions vary between insurance products but all exclusions should be clear and specific.
Found in: Home Insurance
Family means your husband, wife or partner, children (including foster children), parents and other relatives who permanently live with you.
Found in: Life Insurance
Financial advice involves discussions and recommendations about the most suitable financial product for you made by an adviser who is regulated by the Financial Services Authority (FSA). We offer our own FSA-regulated advisers who can help you with your questions.
Financial Services Authority (FSA)
Found in: Life Insurance
The Financial Services Authority is currently the independent body that regulates the UK's financial services industry. The FSA has a wide range of rule-making, investigatory and enforcement powers. www.fsa.gov.uk
Found in: Home Insurance
Fixtures and fitting are both covered by buildings insurance, even though some fittings may appear to be contents.
Fixtures usually include:
- central-heating boilers, systems and radiators
- light-fittings
- fitted kitchens, wardrobes and bathroom furniture
Fittings usually include:
- lampshades, curtains, curtain rails and poles
- TV aerials and satellite dishes
- paintings or mirrors hung or screwed to a wall
- freestanding kitchen equipment such as white goods
Found in: Home Insurance
A floodplain is a land area next to a river, stream, lake, estuary or other water body that is subject to flooding. These areas, if left undisturbed, act to store excess floodwater.
Foreign & Commonwealth Office (FCO)
Found in: Travel Insurance
The Foreign & Commonwealth Office (FCO) offers travel advice and help for British nationals abroad. The FCO may advise against travel to some places and your travel insurance policy may not cover you if you choose to ignore that advice.
Found in: Car Insurance
Foreign use means use abroad. All LV= car insurance policies give you the minimum legal cover you need to drive in any of the EU countries.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
Friendly Societies are one of the oldest types of financial services operations around. Friendly Societies offer members a wide range of affordable savings, investments, insurances, pensions and specialist annuities and are similar to mutual life assurance companies but with different tax rules. LV= is the largest Friendly Society in the UK.
Found in: Car Insurance
Fronting is an illegal act which occurs when a (usually young) driver is added to a car insurance policy as a named driver when in reality he or she is the main driver. If you do this, any subsequent claim could be rejected because you've supplied false information when applying for your car insurance.
Green card (International Motor Insurance Card)
Found in: Car Insurance
A Green card is evidence that you've the minimum insurance cover needed under the law of the country you're visiting. A Green card isn't needed for European travel, because minimum legal cover is automatically included in UK policies.
Found in: Car Insurance
A grey import is a vehicle designed and built for sale outside the EU, and imported into the UK. Grey imports might not meet European specifications or pass European approval.
Found in: Life Insurance
Gross earned income is the income you earn from your job, such as your salary before income tax and National Insurance is paid. (Net earned income is after deductions.) Earned income doesn't include, for example, any income from savings or investments.
Guaranteed and reviewable premiums
Found in: Life Insurance
Guaranteed rates mean that the premium you pay won't be changed by the insurer during the policy term. Reviewable rates mean the insurer can change the premium. They will usually only do this for specific reasons as explained in the policy conditions. If you've chosen an inflation-linked or index-linked policy or plan then your cover and premiums will go up in line with inflation. Also see Inflation-Linked Cover.
Guaranteed No Claim Discount or bonus
Found in: Car Insurance
Your No Claim Discount (NCD) or bonus gives you a reduced premium for not making a claim on your car insurance policy. The longer the period of no claim, the higher the discount, up to a maximum, usually 70%. If you have a minimum of four years NCD then you can Guarantee it, meaning that it will be protected for the life of your car insurance policy, no matter how many claims you make. Note that this only applies to Comprehensive cover.
Found in: Life Insurance
Health insurance refers to a range of insurances that can give you medical treatment and / or a lump sum or regular income if you fall ill or need treatment for an injury.
Found in: Car Insurance
The Highway Code is a list of rules, many of which are legal requirements, that applies to all road users. The Highway Code is essential reading for everyone. Its rules apply to all road users: pedestrians, horse riders and cyclists, as well as motorcyclists and drivers. You can get a copy of the Highway Code online at www.direct.gov.uk/highwaycode
Found in: Pet Insurance
You will be covered if you have to cancel or curtail your holiday because your pet requires emergency treatment or goes missing. Please see the policy for full terms and conditions.
Found in: Home Insurance
Your home is the private property at the address shown on your schedule, together with its garages and domestic outbuildings. It's where you usually live in the UK.
Found in: Home Insurance
Home entertainment equipment includes Radios, televisions, digital, cable and satellite receivers, home computers including laptops, game consoles, video recorders, DVD players, record players, compact disc players and tape recorders but not mobile phones and other hand held devices.
Found in: Home Insurance
Home insurance includes contents and buildings insurance. Contents insurance covers your personal possessions and household goods and buildings insurance covers the property itself.
Found in: Home Insurance
This is where criminals use your personal details for fraudulent purposes, such as getting credit cards, loans, state benefits and documents such as
passports and driving licences in your name. Find out more at www.identitytheft.org.ukFound in: Car Insurance
An immobiliser is either:
- an electronic anti-theft device that helps stop the engine being started. Usually activated when you remove the ignition key. Usually factory-fitted by the manufacturer but may be retro-fitted and supplied with certificate of installation
or
- a manual or mechanical immobiliser. Usually fitted to the steering wheel
Found in: Car Insurance
In-car entertainment means car audio, entertainment and navigation equipment permanently fitted to your car.
Found in: Life Insurance
Income Protection insurance pays you a tax-free monthly income if you can't work due to sickness, accident or injury. You can choose between level cover and inflation linked cover.
Found in: Life Insurance
Index linked is where the benefit or income from a policy or investment is linked to an index, such as the Retail Prices Index (RPI), so that it keeps pace with inflation. See Inflation-linked Cover.
Found in: Life Insurance
Inflation linked cover means that the amount you're covered for and the premium you pay go up each year in line with inflation. At LV=, we measure this using the Retail Prices Index (RPI).
Found in: Life Insurance
Inheritance tax is a tax that may need to be paid on your estate; the money or possessions you leave behind when you die. Inheritance tax might also need to be paid on some gifts you make during your lifetime. You do have a tax-free allowance, also known as the 'nil rate band', which is currently £325,000 and unlikely to change until April 2015.
Found in: Life Insurance
Insurance Premium tax is a tax on general insurance premiums, included in the price of your insurance premium. At present, there are two rates of Insurance Premium Tax:
- a standard rate of 6%
- a higher rate of 20% for travel insurance and some insurance for vehicles and domestic/electrical appliances.
Most life insurance policies are exempted from the tax.
Found in: Car Insurance, Home Insurance, Travel Insurance, Life Insurance
The 'insured' means you, if you're insured under a contract of insurance.
Found in: Car Insurance, Pet Insurance, Home Insurance, Travel Insurance
An insurer is a provider of insurance. As an insurer, our details are: LV= and Liverpool Victoria are registered trade marks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Insurance Company Limited, registered in England and Wales number 3232514 is authorised and regulated by the Financial Services Authority, register number 202965. Registered address: County Gates, Bournemouth BH1 2NF. Tel: 01202 292333.
Found in: Life Insurance
Joint life cover is where you and another person are both insured on the same policy. You can be insured on a first death or second death basis. If it's first death then the policy pays out when the first person dies during the term of cover, the other person is then no longer covered and the policy ends. If it's second death then the cover continues after the first person dies and remains in force until the second person dies, provided it's within the term of cover.
Found in: Car Insurance
A kit car is a car assembled from a collection of parts sold in kit form, usually needing specialist insurance. A kit car usually has a number plate with a 'Q' prefix.
Found in: Life Insurance
A policy lapses (or ends) if you stop paying the premiums. There is usually a period of time in which you must pay any premiums you've missed to stop this happening, so check your policy or plan conditions.
Found in: Car Insurance, Home Insurance, Travel Insurance
Legal action means settlement negotiations, hearings in a civil court, arbitration and any appeals resulting from such hearings that we've agreed to. This doesn't include any application by you to the European Court of Justice, European Court of Human Rights or similar international body.
Found in: Car Insurance, Home Insurance, Travel Insurance
Legal costs are fees, costs and expenses (including Value Added Tax or equivalent local goods and services tax) which we agree to pay for you in connection with legal action. Also, any costs which you're ordered to pay by a court or arbitrator (other than damages, fines and penalties) or any other costs we agree to pay.
Found in: Car Insurance, Home Insurance
Legal expenses cover is insurance against any fees you might have to pay if you consult or hire a lawyer, or if you're involved in other legal proceedings. Legal expenses cover is sometimes included with a policy or may be available as an optional extra. Legal expenses cover is often offered with home or motor insurance.
Found in: Life Insurance
With level cover, the amount of cover and the premium you pay is fixed when your plan starts and stays the same for the policy term. Also see Decreasing cover.
Found in: Life Insurance
Life insurance is insurance that pays out a set amount of money if you die before the end date of your plan. The cash could be used to pay off a mortgage or provide a lump sum to ease the financial worries for your family.
Life insurance with critical illness
Found in: Life Insurance
You might be able to add critical illness cover to your life insurance policy. Or your life insurance policy might include critical illness cover. With a life insurance policy that includes critical illness cover, you get insurance that pays out a set amount of money if you die or are diagnosed with a specified condition during the policy term, after surviving at least 14 days.
Found in: Life Insurance
Life or lives insured means the person or people insured under the policy.
Found in: Life Insurance
The limit of cover is the most we'll pay in any one claim.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance
A premium loading is an increase to a premium that's applied because of an increased likelihood of a claim.
Found in: Home Insurance
A loss adjuster is an independent person engaged by an insurance company to check that a claim is covered and negotiate with the policyholder the amount payable for a claim.
Found in: Home Insurance
A loss assessor is a person who negotiates claims on your behalf.
Found in: Life Insurance
Lump sum means a single sum of money paid by you or paid to you.
Found in: Car Insurance
The main driver is the person who uses the car the most; whether for social purposes or for travel to and from a place of business, duty or study. See fronting.
Found in: Life Insurance
Major organs are classed as bone marrow, complete heart, kidney, liver, lung or pancreas.
Found in: Car Insurance
Market value is the cost of replacing your vehicle with another of the same make, model, age and condition at the time of an accident or loss not the price you paid for it. (See UK market value for breakdown insurance definition.)
Found in: Life Insurance
The surgical removal of one or both breasts.
Found in: Car Insurance
As far as your car insurance policy is concerned, medical condition means any condition that you've had to report to the DVLA because it may affect your driving.
Found in: Car Insurance
A modified car is one that's been altered to affect (usually improve) its performance. See Cosmetic modification.
Found in: Home Insurance
Money means cash, bank and currency notes, cheques, postal and money orders, bankers' drafts, luncheon vouchers, saving stamps and certificates, bonds, current postage stamps, travellers cheques, travel tickets, season tickets and gift tokens belonging to, or the responsibility of, you or your family.
Found in: Car Insurance
MOT is the Ministry of Transport test, usually referred to as an MOT. It's an annual safety and roadworthiness test that applies to all UK-registered cars over three years' old.
Found in: Car Insurance
Cars used to be rated by insurance companies on a scale of 1 to 20. On 1 January 2010, a scale of 1 to 50 was introduced. The rating is based on the engine size, repair costs, risk of theft etc. and cars with a lower rating are usually cheaper to insure.
Found in: Car Insurance
The Motor Insurers' Bureau is an organisation established in 1946 to compensate the victims of negligent uninsured and untraced motorists. www.mib.org.uk
Found in: Life Insurance
A neurological disease which affects the cells that control voluntary muscle activity including speaking, walking, breathing, swallowing and general movement of the body.
Found in: Car Insurance
Motorail is a specific European Rail Service for transporting vehicles across Europe. Motorail services do not include Channel Tunnel rail services.
Found in: Car Insurance
Multi car insurance means different things to different insurance companies; some companies put more than one car on the same policy, some offer a discount for a second, or subsequent, car insurance policy. LV= goes one stage further than that and actually offers a multi-insurance discount if you take out any combination of LV= insurance policies, not just multi-car insurance.
Found in: Life Insurance
This is an inflammatory condition in which the fatty layers around the brain and spinal cord are damaged. It affects the ability of nerve cells in the brain and spinal cord to communicate with each other.
Found in: Life Insurance
Mutual organisations are not owned by external shareholders (like PLCs are) but work for, and only answer to, their customers. See Friendly Society.
National Insurance Contributions (NICs)
Found in: Life Insurance
You pay National Insurance Contributions from your pay to qualify for some social security benefits such as the State Pension, Jobseeker's Allowance and Employment Support Allowance.
Found in: Car Insurance
Under the New Drivers Act, if you get six or more penalty points on your licence within two years of passing your driving test, the DVLA will revoke your driving licence and you'll need to reapply for a driving licence as a learner driver and re-sit your driving test.
No claim discount, no claim bonus
Found in: Car Insurance
No claim discount or no claim bonus gives you a reduced premium for not making a claim on your car insurance policy. The longer the period of no claim, the higher the discount, up to a maximum, usually 70%. Note: it's a no claim bonus, not a no blame bonus. See Guaranteed No Claim Discount or bonus.
Found in: Home Insurance
Office equipment includes computers, keyboards, visual display units and printers, word-processing equipment, desk-top publishing units, multi-user small business computers and fax machines.
Found in: Car Insurance, Home Insurance, Travel Insurance
An optional extra is an additional feature that you may wish to buy when you take out a policy.
Found in: Car Insurance
Parallel imports are vehicles imported and sold within the UK by the manufacturer, usually at a higher price than a standard model. See Grey import.
Found in: Life Insurance
A progressive, degenerative disorder of the central nervous systems which mainly affects movement but can also lead to behavioural problems and dementia.
Found in: Car Insurance, Home Insurance, Travel Insurance, Life Insurance
A partner is your husband, wife, civil partner or someone you're living with as if you're married to them.
Found in: Car Insurance
Pass Plus is a training course aimed at new drivers that aims to build on your driving skills and make you a safer driver.
Found in: Car Insurance
Passengers are the occupants of a vehicle (excluding hitch hikers).
Found in: Car Insurance
Penalty points are points added to your driving licence if you're convicted of a driving offence. Your insurance premium may be affected if you get points on your licence; and you need to let us know if you have or get points on your licence.
Found in: Travel Insurance
For single trip coverCancellation cover begins from the cover start date shown on your schedule and ends when you start your trip. For all other sections, cover starts at the beginning of your trip and finishes on the cover end date shown on your schedule, or when your trip ends if that is earlier. If you can’t finish your trip as planned because of death, injury or illness or there is a delay to the public transport system that can’t be avoided, we’ll extend cover free of charge until you can reasonably finish your trip.
For annual multi-trip coverCancellation cover begins on the cover start date shown on your schedule or the date you booked your trip, whichever is later, and ends when you start your trip. For all other sections, cover starts at the beginning of your trip and finishes at the end of your trip. All cover ends on the cover end date shown on your policy unless you can’t finish your trip as planned because of death, injury or illness or there is a delay to the public transport system that can’t be avoided, in which case we’ll extend cover free of charge until you can reasonably finish your trip.
Found in: Car Insurance
Personal accident benefit is a policy or a feature of a policy that pays a specified sum if you're injured in an accident. The payout may be weekly, for a set period, or a lump sum.
Found in: Travel Insurance
Personal accident cover insures you if you die, lose your sight, or a limbs or are permanently disabled because of an accident.
Personal possessions, personal effects, personal belongings
Found in: Home Insurance
Personal possessions cover is usually an optional extra on the contents insurance policy.
Found in: Pet Insurance
Pet means the dog or cat specified in your Pet Insurance Schedule and Statement.
Found in: Pet Insurance
The Pet Travel Scheme (PETS) is the Government scheme allowing you to take your pet abroad to certain specified countries and re-enter the United Kingdom without the need for your pet to go into quarantine, provided certain criteria have been adhered to.
Found in: Home Insurance
A phishing email is a fake email trying to trick you into giving your personal details; a risk of identity theft.
Found in: Life Insurance
Your plan is a formal, legally-binding contract of insurance that includes the terms of your cover.
Found in: Life Insurance
Plan anniversary is each 12-month anniversary of the start date of your plan.
Found in: Life Insurance
Plan conditions show the details of what your plan covers, what it doesn't cover, and when and how you can claim.
Found in: Life Insurance
The plan owner is the legal owner of the plan, and the person legally entitled to the benefits from it in the event of a claim.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
Your policy is a formal, legally-binding contract of insurance that includes the terms of your cover.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
The policy term is how long the policy runs; in other words, the period you're covered for.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
The policyholder or policy owner is the legal owner of the policy, and the person legally entitled to the benefits from it in the event of a claim. They are the main/lead person named on the policy schedule.
Found in: Pet Insurance
A pre-existing condition is a condition or symptom or sign of injury, illness or disease that occurred or existed in any form prior to the start date of the insurance for your pet.
Pre-existing medical condition
Found in: Life Insurance
A pre-existing medical condition is an illness or medical condition that's already been diagnosed when you apply for cover.
Found in: Pet Insurance
Premier pet insurance is our comprehensive level of cover for our pet insurance policy.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
A premium is the amount you pay for your plan or policy. The frequency depends on the type of cover that you have, and could be monthly instalments, a single 'one-off' payment, three-monthly, six-monthly or yearly.
Primary pulmonary hypertension
Found in: Life Insurance
An increase in blood pressure in the pulmonary (lung) artery or vein.
Found in: Life Insurance
When a person dies, somebody has to deal with their estate (money, property and possessions left) by collecting all the money, paying any debts and distributing what is left to the people entitled to it.
Probate is the court's authority, given to a person or persons to administer a deceased person's estate.
Progressive supranuclear palsy
Found in: Life Insurance
A rare, degenerative brain disease which involves gradual deterioration of death of certain areas of the brain.
Found in: Pet Insurance
Recurring conditions are conditions that may come back or that your pet is prone or susceptible to. These will be treated as one condition.
Found in: Car Insurance
The registered keeper of a vehicle is the person recorded by the DVLA as being liable for the licensing of the vehicle and declaring it off the public road (SORN) and the person the police would contact about motoring and parking offences. The registered keeper is not necessarily the legal owner of the vehicle.
Found in: Travel Insurance
A relative is your mother (in-law), father (in-law), step parent (in-law), legal guardian, sister (in-law), brother (in-law), wife, husband, son (in-law), daughter (in-law), step child, foster/adopted child, grandparent, great grandparent, grandchild, great grandchild, uncle, aunt, nephew, niece, cousin, partner (including common law and civil partner) or fiance(e).
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance
A renewal date is the date that your policy will end unless you renew your policy and pay the appropriate premium to continue with the cover.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance
A renewal notice is a letter we send to you at least 21 days before your annual policy is up for renewal and due to expire.
Found in: Home Insurance
The Retail Prices Index is a general purpose domestic measure of inflation in the UK.
Found in: Home Insurance, Car Insurance
The peril or danger you want to insure against.
Found in: Car Insurance
See Breakdown insurance.
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
Your schedule includes the:
- period of cover
- name of the policyholder
- sections of insurance that apply
- the cost (if it's a Life policy or plan)
- limits of cover, and
- any conditions that may vary the terms of your insurance.For travel insurance this identifies who is covered by the policy, the period of cover, the area of cover, the type of policy you have purchased (Essential or Premier), if you have cover for your baggage/personal belongings and/or to take part in winter sports and any conditions (endorsements) which may change the terms of the document of insurance.
Found in: Car Insurance
Security devices are things that make your vehicle less likely to be stolen, such as car alarms, immobilisers and tracking devices. See Immobiliser.
Found in: Travel Insurance
Single trip travel insurance, also known as single trip holiday insurance, means cover for just one holiday. A trip can’t be more than 366 days if you are less than 65 years of age or more than 90 days if you are 65 years of age or over. Your trip is from the trip start date to the cover end date shown on your policy schedule. If you return home before your cover end date, all cover will also end.
SORN (Statutory Off Road Notification)
Found in: Car Insurance
A Statutory Off Road Notification is a declaration by the registered keeper that a vehicle isn't taxed because it's kept off the road.
Found in: Home Insurance
Standard construction means brick, stone or concrete walls, with a slate, tile, metal, asphalt or concrete roof.
Found in: Car Insurance, Home Insurance, Life Insurance
The start date is when your plan or policy starts. This date is shown in your Plan or Policy Schedule.
Found in: Home Insurance
Student possessions insurance covers your contents while temporarily removed from your home whilst at university.
Subsidence, landslip and heave
Found in: Home Insurance
Subsidence is the vertical downward movement of a building foundation caused by the loss of support of the site beneath the foundations.
Landslip is the sudden movement of soil on a slope or gradual creep of a slope over a period of time.
Heave is the expansion of the ground beneath part or all of the building.
See Royal Institution of Chartered Surveyors (RICS) (http://www.rics.org/).Found in: Car Insurance, Home Insurance, Life Insurance
See cover.
Found in: Life Insurance
Surrender value is what you might get back if you stop paying into your policy, for reasons other than death, before the agreed date. Most of the life insurance policies provided by LV= don't have a surrender value, so if you stop paying your premiums you get nothing back.
Systemic Lupus Erythematosus (SLE)
Found in: Life Insurance
This is where the immune system attacks the body's own cells and tissues, resulting in inflammation and tissue damage. It can affect any part of the body but most commonly affects the heart, joints, skin, lungs, blood vessels, liver, kidneys and nervous system.
Found in: Car Insurance, Home Insurance, Life Insurance
The term is how long you're covered for.
Term insurance (or term assurance)
Found in: Life Insurance
Term insurance (or term assurance) is a form of life insurance that offers cover for a fixed period, during which a lump sum will be paid out if the life insured dies.
Found in: Life Insurance
A terminal illness is a rapidly progressing and incurable illness where, in the opinion of an attending consultant and our Chief Medical Officer, you're not expected to live for more than 12 months from the date you're diagnosed.
Found in: Pet Insurance
Territorial limits means your pet is covered under all policy sections whilst in the United Kingdom.
In addition, provided you comply with all the Pet Travel Scheme (PETS) regulations and requirements that apply both in the United Kingdom and the country to which you are travelling, this insurance also extends to cover your pet whilst temporarily located in any member country of the Pet Travel Scheme (PETS) excluding non EU listed countries as defined by the government Department for Environment Food and Rural Affairs (defra).
Found in: Car Insurance, Home Insurance, Travel Insurance
Terrorism is an act or threat of action by a person or group of people, whether acting alone or in connection with an organisation or government, committed for political, religious, ideological or similar purposes intended to influence any government or to frighten the public or any section of it. An 'action' means: violence, damage to property, putting life in danger, creating a public health risk, or disrupting electronic systems or transport services.
Found in: Car Insurance
The Motor Insurance Repair Research Centre, at Thatcham, carries out research for the motor insurance industry on the cost of car repairs and vehicle security. Thatcham research data are used as the basis for the Group Rating Panel's motor insurance group recommendations.
Found in: Life Insurance
Burns which extend through the full layer of skin including the dermis and epidermis layers.
Found in: Car Insurance
A track day is when you drive your vehicle on a motor racing track, circuit, airfield, test venue, derestricted road or at an off-road event.
Found in: Car Insurance
A tracking device is a security feature that can help the police find your car it it's stolen. Probably applies only to newer cars and may involve an annual subscription.
Found in: Travel Insurance
A travelling companion is a person who's booked to travel with you on your journey.
Found in: Pet Insurance
Treatment is any examination, consultation, advice, tests, x-rays, drugs or medication administered or prescribed, surgery, nursing or care provided by, or under the direction of, a vet.
Found in: Travel Insurance
A journey that takes place during the period of cover which begins when you leave home and ends when you get back home, or to a hospital or nursing home in the United Kingdom, whichever is earlier. Trips within the United Kingdom must have either pre-booked accommodation, or be more than 25 miles from your home, or involve a sea crossing.
For single trip cover- a trip can’t be more than 366 days if you are less than 65 years of age or more than 90 days if you are 65 years of age or over.
- Your trip is from the trip start date to the cover end date shown on your schedule if you return home before your cover end date, all cover will also endFor annual multi-trip cover- you will only be covered if you were aged 79 years or under on the date that your travel insurance quote was given
- there is no limit on the number of trips that you take during the period of cover
- any trip that is booked to last longer than 31 days is not covered on the Essential policy
- any trip that is booked to last longer than 90 days is not covered on the Premier policyFound in: Life Insurance
A trust is a legal arrangement set up by the owner of something (such as a life insurance policy) to be looked after until the time comes when it can be given to someone else. One benefit of setting up a trust is that you can make sure your life insurance payout goes to your dependants. By placing the policy in trust this may also help them avoid paying inheritance tax on the monies they receive.
UK market value (breakdown insurance definition)
Found in: Car Insurance
UK market value is the value for the relevant make and model as specified in Glass's Guide or recognised equivalent. See market value for general motor insurance definition.
Found in: Home Insurance
Underinsurance is when you don't have enough insurance to cover the insurable value of your property. If you're underinsured, you're unlikely to be able to recover all your losses if you need to claim.
Found in: Car Insurance
If a motor accident was the fault of a third party, we'll try to recover your uninsured losses such as repair costs, policy excess, loss of use, hire costs of alternative vehicle, transport costs, etc.
Found in: Home Insurance
Unoccupied means not attended overnight by you or a member of your family or any member of your domestic staff.
Found in: Home Insurance, Travel Insurance
Home Contents - Your valuable are your jewellery, watches, furs, items made of gold, silver and other precious metals, pictures and other works of art, including stamp, coin and medal collections.
Travel - Valuables includ jewellery, watches, glasses (including sun glasses), contact lenses, hearing aids, any electric, electrical or electronic items or equipment including their accessories (eg mobile phones, laptops, games consoles, portable audio equipment, portable visual equipment, memory sticks, chargers, dongles), any kind of photographic or recording equipment and their accessories (including CDs, DVDs, tapes etc), items made of or containing precious metals or (semi) precious stones, furs, animal skins, antiques, binoculars, telescopes, musical instruments.
Found in: Pet Insurance
A vet is a member of the Royal College of Veterinary Surgeons actively working as a veterinary surgeon in the United Kingdom or veterinary surgeon registered and actively working outside the UK in countries covered by the Pet Travel Scheme (PETS).
Found in: Car Insurance, Home Insurance
You may be able to specify a higher excess, known as a voluntary excess, in order to reduce your premium. The excess is the amount of an insurance claim that will be paid by you and is normally subtracted from the claim amount by your insurer.
Found in: Life Insurance
Waiver of premium is a form of protection where the insurance company pays your premiums if you can't work because of sickness or accident.
Found in: Life Insurance
Whole life insurance is a policy that pays out on your death. There is no fixed term, cover continues as long as you continue to pay premiums. You pay premiums throughout your life or until you reach a certain age, when premiums could stop but cover continues.
Found in: Life Insurance
A will (or testament) is a legal declaration by which a person, names one or more persons to manage their estate and provides for the transfer of their property at death. Making a will is the best way for you to make sure that it's you who decides who benefits from your estate when you die. You should review your will regularly, especially when your circumstances change, for example if you have children.
Found in: Car Insurance
Windscreen cover is breakage or damage insurance cover for your car's windscreen and windows.
Found in: Travel Insurance
You will only be covered for the following activities under Sections B, C, D, E and F if you have selected cover for winter sports and it is shown as covered on your schedule.
Skiing, big-foot skiing, cross-country skiing, mono-skiing, glacier skiing and indoor skiing, sledging and tobogganing, snowboarding, snowblading, snowmobiling/skidooing but there is no personal liability cover for this activity.You are covered to ski and snowboard off piste provided you are within the ski area boundaries of a recognised ski resort and following ski patrol guidelines.
If you have an annual multi-trip Essential policy The cover is provided on the understanding that you don’t take part in more than 17 days of winter sports activities during the year.
If you have an annual multi-trip Premier policy The cover is provided on the understanding that you don’t take part in more than 31 days of winter sports activities during the year.
There is no cover for: Bobsleighing, heli skiing, luging, ski acrobatics, ski flying, ski-jumping, ski mountaineering, ski racing, ski randonee, ski stunting, ski touring or snow cat skiing.
Found in: Travel Insurance
See 'Area of Cover'
Found in: Car Insurance
A vehicle may be written off because it's either not repairable or would cost more to repair than to replace.
You or your or the policyholder
Found in: Car Insurance, Home Insurance, Pet Insurance, Travel Insurance, Life Insurance
Please check the document of insurance specific to your type of insurance product (car, home, pet or travel) for definitions of these words. For life insurance check your policy or plan conditions.
Found in: Car Insurance
Your car is the insured vehicle (including its accessories and spare parts). This is shown on your schedule. Cover also applies to a trailer, caravan or broken down motor vehicle while they're attached to your car for towing.
Found in: Car Insurance, Home Insurance, Life Insurance
Your representative is anyone acting with or on your authority.
