The cause of a possible loss. Not to be confused with hazard.

Means the current period for which we have agreed to provide you with insurance cover. The current period is shown on the most recent of your insurance schedule and renewal notice and any receipt we may send to you. When we make a write-off payment, the period of cover comes to an end.

Insurance covering the personal liability an insured may have to others as a result of being negligent.

This term is used to refer to insurance for individuals and families, such as private car insurance and home insurance. Contrast with Business Insurance and Commercial Lines.

For most people, their Home contents include personal valuables which they often wear or take with them when they are away from their home. Cover for these items is often limited.

A person or entity bringing civil proceedings against some other party.

Means the Product Disclosure Statement and the policy schedule. The written contract effecting insurance, or the certificate thereof, by whatever name called, and including all clause, endorsements, and papers attached thereto and made a part thereof.

A notice showing the particular details of a policy.

Generally use to describe the policy owner and/or insured.

A judge-made decision considered to be applicable in a later case.

A condition which must be met beforehand. It may need to be met before a policy is issued or before a claim will be considered.

The price of insurance cover for a specified risk for a specified period of time

An arrangement between an insured and a finance provider whereby the insurance premiums are paid directly to the insurer by the financier and repaid to the financier by the insured under agreed credit terms.

The Insurance Contracts Act has special rules for six classes of personal insurance. These are called the Prescribed Contracts, and the Act prescribes the events an insurer must provide under each of these contracts by way of standard cover. Insurers are free to provide more than standard cover and can even provide less than standard cover, provided the insured was notified of this in writing. Home insurance, private motor insurance and personal accident insurance are examples of Prescribed Contracts.

This refers to the proportion of premium refunded to an insured in the event of cancellation of the policy. A pro rata refund is calculated according to the period of insurance unearned by the insurer at the date of cancellation.

A Document prepared by, or on behalf of, the product issuer which contains all the information about the product including the name and address of the issuer (the insurer), significant benefits, cost, terms and conditions, cooling off period and the dispute resolution process.

Insurance taken out by manufacturers to cover liability claims arising from their products.

Insurance covering a professional for his or her legal liability to others due to professional negligence.

Includes a document containing questions to which a person is asked to give answers that will be used in connection with a proposed contract of insurance. A completed proposal form is an offer by the intending insured to enter into an insurance contract. It is NOT an offer by the insurer. An insurer may accept or decline a proposal.

A person who proposes for insurance. If the proposal is accepted then the person becomes the insured.

The portion of the premium needed to pay losses (claims).