Compensation for loss suffered, which is awarded by courts and endeavours to place a person in the position where they would have been had the loss not been suffered.

To refuse. For example, the insurer may decide not to accept a proposal for insurance or perhaps decline to accept a claim.

Person or entity being sued by the plaintiff.

Amount paid by a client as an initial premium under a policy. The deposit premium is subject to adjustment at the end of the policy period based on, for example, claims experience. After adjustment, the insured receives a refund or is required to pay extra premium, as the case may be.

A decrease in the value of any type of property over a period of time resulting from use, wear and tear, or obsolescence.

Is an insurer which deals direct with the consumer rather than through an intermediary or agent.

The parties to a direct insurance contract are the insurer and the original insured. The term is used to differentiate the direct policy contract from any reinsurance contract that may be arranged as a result of the direct policy contract.

A disaster is said to have occurred when the normal community and organisational arrangements cannot cope with a hazard impact.

Reliance by judges on previous judicial decisions when deciding similar cases before them.

The date a policy is in force to and by when a renewal premium must be paid.

A requirement under Section 21 of the Insurance Contract Act. The insured has a duty to disclose every matter known to be relevant to the insurer, or that a reasonable person in the circumstances could be expected to know to be relevant to the insurer. The duty applies up until a contract is entered into, and when it is renewed, varied, reinstated or extended. An intending insured must be advised of their duty to disclose material facts.