Allianz Blog Insurance Explained

Glossary of Insurance Terms

At Allianz, we realise that insurance can sometimes be complicated. This is why we've created this Glossary of Terms where insurance terminology is simplified and explained for you.

Principles of Insurance

Your policy of insurance is a contract. You pay the agreed premium. In return your insurer provides the insurance cover for a defined period of time.

The Principles of Insurance are basic rules which apply to insurance contracts. They include the following:

No Claims BonusA No Claims Bonus is measured in years. It is a count of the number of years that you have not made a claim on your car, van, home, or contents insura...

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Renters, Landlords, Owners: Insurance for Apartments

Perhaps you own and live in your apartment; perhaps you rent an apartment; or maybe you are a landlord and rent out your apartment. In each case, you have some particular issues and risk exposures to consider in relation to your insurance needs. We will take a look at some of those as they relate to Allianz home insurance products.


If You Are an Owner Occupier

What Cover Do I Need?

If you both own and live in your apartment your insurance needs are fundamentally the same as any other home owner, meaning you need home insurance, covering both:

  1. Building(s)
  2. Contents

It may be the case that insurance cover is already arranged ...

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What Are Personal Effects in Insurance?

You may have heard the term “personal effects” when talking to your insurance provider about your contents cover, or when referencing your home insurance policy. But what does personal effects mean?

Personal Effects Insurance Definition

In insurance, personal effects are the items that you wear or carry outside of the home on a day-to-day basis. In the context of your Allianz home insurance policy, these are the items that are covered under your policy when they’re not actually in your home. Cover for personal effects only applies once you have selected Miscellaneous Unspecified All Risks.*

*Miscellaneous Unspecified All...

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What Is Telematics for Car Insurance?

“What gets measured gets improved” - Peter Drucker

My daughter turned 17 in April. I’m looking at the options for insuring her to drive. None of them are cheap.

Having been a motor insurance underwriter for many years I know there are good reasons for this.* Firstly, with no previous driving experience, she has not yet earned a No Claims Bonus. Secondly – and of much more concern to me as a parent – young and inexperienced drivers are much more at risk of being involved in a serious road traffic collision.

Statistics from the 2016 census record that 12.1% of the population of Ireland are in the age range 15 to 24 years1...

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Why is it Against the Law to Drive Without Motor Insurance?

Have you ever thought it odd that it is compulsory to buy motor insurance, but not compulsory to purchase other types of insurance, e.g. home, travel, and pet insurance? (Although you will struggle to get a mortgage if you do not have Home Buildings cover in place).

There is a compulsory element to motor insurance. That is the requirement to insure your legal liability for injury caused to other persons, and damage caused to the property of others. This is commonly referred to as ‘third party’ cover. It is not compulsory to be covered either comprehensively or for fire and theft risks.

Why is Motor Insurance Compulsory?


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Are You Covered? Possessions in Your Custody or Control

When you purchase Home Contents insurance it covers the contents that you own whilst they are in your home. Cover provided by home insurance policies differs between insurance providers, so we will look specifically at the Allianz policy.

What Am I Covered For?

Contents in an Allianz policy are defined as household goods and items that you normally wear or carry (referred to as personal effects) owned by you. In addition it covers:

Items for which you are legally responsible (including items that you have leased or hired).Items owned by members of your household, e.g. owned by your spouse, son, or daughter (as long as th...

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