Aviation Case

Excess: the part of a claim you must pay. Excess payable can include compulsory excess and voluntary excess.

Exclusion: an event or circumstance in which the insurance company is not obliged to pay out under the policy.

Fault claim: when you're considered at blame for an accident or when your insurer can't recover costs from a third party.

Financial Services Authority (FSA): as the UK's financial watchdog, the FSA regulates financial services companies, including insurance companies.

Fully comprehensive cover: the widest-ranging type of coverage. Including Third Party, Fire and Theft insurance, this covers your car against any damage caused by an accident or someone else, whether you were at fault or not.

Geographical limits: the areas where your insurance policy is valid.

Indemnity: after you make a claim, indemnity ensures that you're returned to the same financial position that you were in before the insured loss.

Insurance Premium Tax: a tax levied on nearly all non-life insurance policies including car insurance policies that's payable by the policy holder.

Insured value: the total your insurer will pay out for your car if it's damaged beyond repair. This might be how much you told your insurer the car was worth or your car's current market value at the time you made the claim.

Market value: the cost of replacing the car with one of a similar age, type, mileage and condition, immediately before the loss or damage happened.

Material fact: any information that influences your insurer's decision to offer you cover.

Period of insurance: the length of time that a contract of insurance applies for.

Physical assault: an intentional violent act committed by another person that causes death or serious bodily injury.

Policy: the contract or document between the insurance company and the policy holder.

Premium: the amount paid by the policy holder for insurance.

Renewal notice: the notice sent by the insurance company to the policy holder inviting him/her to renew the policy.

Schedule: this forms