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Statement of Facts
On confirmation of cover, either by phone or online, the insurer will issue a statement of facts to the insured. It is essential that this document is read and any anomaly on same to be advised to the insurer.
Subrogation
This means that the insurer, which has paid a claim under a policy, has a right to step into the shoes of the insured in order to exercise in his name all rights he might have with regard to the recovery of the loss which was the subject of the relevant claim paid under the policy up to the amount of that paid claim.
Sum Insured
The maximum amount that an insurer will pay under a contract of insurance. The expression is usually used in the context of property and life insurance where (subject to the premium cost) the insured determines the amount of cover to be purchased.
Surrender Value
This the value of a life policy if you decide to cash it in before the maturity date. Surrendering a policy rather than maturing it may incur charges.
Standard Construction
Normally refers to building construction that is substantially of non-combustible components, e.g., block, brick and concrete walls with slate, tile or other non-combustible roofs. Individual insurer wordings will vary.