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...Read more
About the author:Business Owner, Consultant and Expert Witness. Former Motor and Property Insurance Underwriter.
Date:September 16th, 2019