Cancellation clause - A provision in an insurance contract
that permits the insurer or the insured to cancel a policy at any
time before its expiration date.
Cash surrender value - An amount of money received if a
policyholder surrenders an insurance policy. For most Motorbike
Insurance policies this is zero, though some insurers refund some
of the premium if a policy is cancelled early.
Caveats - A condition attached to an insurance quotation.
CII - An acronym for the Chartered Insurance Institute,
a body controlling professional, eithical and educational standards
in the insurance industry.
Claim - The term used to describe the process of getting
an insurance company to pay out on the policy you bought from them.
Code of practice - An agreement that certain professions
sign up to in which they agree to act in a certain way and which
therefore protects the consumer.
Collision damage waiver - An extra insurance premium you
may have the option to take which removes your liability to pay
any insurance excess in the event of a collision or damage to a
vehicle such as a hire car.
Comprehensive cover - This includes the third party, fire
and theft cover, as well as loss of or damage to your motorcycle
caused by accidental or malicious damage.
Compulsory excess - This is excess that has been
applied as a requirement by your insurer and will vary according
to your personal circumstances and the terms of cover provided.
Compulsory excess will also apply to fire or theft claims.
Conditions - Provisions in an insurance contract that state
the rights and duties of the insured and of the insurer.
Consequential loss - A financial loss occurring as the result
of some other loss. Also known as an indirect loss. (Eg - A motorbike
is destroyed in an accident. The loss of the motorbike is a direct
loss. The loss of ongoing profit because of the inability to continue
working without a vehicle is a consequential loss).
Cooling off period - A period allowed in certain circumstances
during which a person who has entered into a contract usch as an
insurance policymay cancel it without incurring any penalty.
Cover - In the context of insurance, cover describes the
specific risk a given policy protects you against.
Cover note - A temporary certificate confirming that an
insurance policy is in force, used while further information is
being gathered.
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