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Glossary of Insurance Terms

by Martin McRandal | 12 min read

September 16th, 2019

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:

Frequently Used Terms


Descriptions of the application of these insurance terms to policies are described as per an Allianz insurance policy.

Allianz p.l.c. is regulated by the Central Bank of Ireland. Standard acceptance criteria and policy conditions apply.

About the author

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Martin McRandal

Business Owner, Consultant and Expert Witness. Former Motor and Property Insurance Underwriter.