Bag of Words - NZ

Identification. This is a policy from a financial institution that offers a person, business or other entity reimbursement or financial protection against possible future losses or damages

Identification. This is the written contract of insurance between the insurer and the insured.

A wilful act of non-disclosure

• concealment

• demurrage

• ex gratia

Any extra item added to a vehicle, whether by the manufacturer or not is called an _________.

An older, less expensive car suitable for getting someone from A to B. Usually owned by a student or learner driver.​

• Roundabout

• Runabout

• Volks

This is our legal or financial responsibility towards any loss or damage we incurred.

• Liability

• Responsibility

• Duty

A medium-sized motor vehicle with a boxy shape and high roof, used for transporting goods or passengers

• Van

• SUV

This is the amount of insurance cover purchased. It is the amount shown on the current policy schedule.

• Sum insured

• Insured amount

• Average insured

Also called the "other party". In general insurance the insurer and the insured are the first and second parties (to the insurance contract). Anyone else (eg the driver of another vehicle) is the other party

• Third Party

• Disinterested party

• Witness

Identification: _______ is the amount of money paid by the insured to the insurer for the protection granted under the policy. This can be paid monthly, quarterly or annually.