Jargon Buster
We like plain speaking English. However, inevitably some jargon creeps in when we give you all the details on income payment protection. Here's a guide to what we, and others, mean when we talk about this stuff.
AS - Accident & Sickness cover.
ASU - accident, sickness and unemployment cover.
Certificate or Certificate Wording - the document which lays out the terms and conditions of (your) policy, available for download here.
Claim Period - any separate period of time during which you are disabled or unemployed and receiving monthly benefit.
Consultant - Means a medical specialist, other than You, Your Partner or any of Your relatives, who is a member of a College and recognised by that College to be a consultant.
Contract Employment - Means that You are employed on a fixed term contract with a pre-defined finishing date.
Inception Date - the date cover commences as shown on (your) Schedule.
Monthly benefit - means the amount of cover you have selected As shown on your schedule. This amount must not be less than £100 or more than £2000 and must not exceed 60% of your net monthly salary.
Permanent Employment - considered as a person in paid employment under a contract of service, paying the applicable national insurance contributions (and their employment has no fixed or set finishing date other than the normal retirement age).
Policy Document - the document which lays out the terms and conditions of (your) policy, available for download here.
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.
Schedule - the document accompanying the policy which confirms the Inception Date, Waiting Period, and Monthly Benefit for which you have applied and been accepted for.
Single Cover - you alone would be insured for 100% of the monthly benefit.
Unemployed / unemployment - There is a detailed description of the terms applying to unemployment in the policy wording, please refer to these.
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.
Please consult the Policy Document for a full explanation of any of these terms and how they apply.
