Jargon Buster

We like plain speaking English. However, inevitably some jargon creeps in when we give you all the details on mortgage payment protection. Here's a guide to what we, and others, mean when we talk about this stuff.

MPPI - Mortgage Payment Protection Insurance

The type of insurance that makes repayments on your mortgage (and other related outgoings like building's insurance), in the event of accident, sickness or unemployment.

ASU - accident, sickness and unemployment cover.

AS - Accident & Sickness cover.

Claim Period - any separate period of time during which you are disabled or unemployed and receiving monthly benefit.

Certificate or Certificate Wording - the document which lays out the terms and conditions of (your) policy, available for download on the policy documents page.

Contract Employment - when (you) are employed on a fixed-term contract of at least 13 weeks.

Consultant - A suitably qualified registered medical specialist (other than you or a relative) at a major hospital in the United Kingdom, Channel Isles or Isle of Man.

Inception Date - the date cover commences as shown on (your) Schedule.

PPI - Payment Protection Insurance.

Premium - means the amount you must pay for cover under the policy.

Proposal - your application for insurance under the policy including the direct debit.

Monthly benefit - means the amount of cover you have selected As shown on your schedule. This amount will not be less than £100 or more than £2000 and must not exceed 50% of your gross monthly salary.

Schedule - the document accompanying the policy which confirms the Inception Date, Waiting Period, and Monthly Benefit for which you may have applied and may be accepted for.

Permanent Employment - considered as a person in paid employment under a contract of service, paying the applicable national insurance contributions (if their employment has not fixed or set a finishing date other than the normal retirement age).

Single Cover - you alone would be insured for 100% of the monthly benefit.

Waiting Period - means the period shown in (your) Schedule during which (you) will need to be continuously unemployed, or Disabled before (you) are entitled to receive Monthly Benefit.

Unemployed / unemployment - an individual out of work (with certain conditions) must be receiving income support, job seekers allowance and be registered as available for work.

Please consult the policy wording for a full explanation of any of these terms and their specific appliance to the Columbus Protect Mortgage Payment Protection.

Phone for quote: 012 345 678