Glossary
Cancellation
Cancellation occurs when you decide to stop your insurance policy. Most policies come with a cooling off period of around 14 days, during which you can cancel and receive a full refund, provided you haven't claimed.
Chronic medical condition
A chronic medical condition is an ongoing disease or illness which requires regular treatment and relief of symptoms, and is long-term, with no known cure.
Claim
A claim is when you call on your insurance policy to pay for a treatment or cost. For example, under a health insurance policy, a claim could ask the insurers to pay for the cost of an operation.
Claim expenses
These are the costs incurred by your insurance provider whilst investigating and settling your claim, for example, legal fees.
Continuous cover
A policy which does not require renewal, it runs until it is cancelled.
Corporate legal liability
A policy which provides cover for a company to protect against a prosecution for negligence or mistakes such as violation of safety or tax laws.
Critical illness
Critical illness cover will pay out a lump sum if you are diagnosed with a certain illness that is named in the policy. Each insurer will have its own criteria for critical illness but typically it might include cancer, heart or kidney failure, and diseases like Parkinson's and Motor Neurone Disease.
Cyber risks insurance
Insurance to protect your business against any kind of cyber-attack.