Glossary
Explanations of some of some of our financial terms
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.
STU
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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 it identifies you, the period of insurance, the area of cover, the sections of this document of insurance that apply, and conditions 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. -
Found in: Travel Insurance
Ski equipment includes skis, bindings, poles, boots, or snowboards. -
Found in: Travel Insurance
A ski pack is hired ski equipment, pre-booked ski school fees and lift passes. -
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
See 'Journey' -
Found 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.
LV=, County Gates, Bournemouth, BH1 2NF, UK
