Glossary
Pended claims
A pended claim is when an insurance claim has been submitted to the insurance provider but is still pending as more information is required before payment can be made.
Period of insurance
This relates to how long your insurance policy covers you for, from starting date to renewal date.
Policy document
Your policy document contains all the information about your policy, including your membership number, the terms and conditions and any payment conditions.
Pre-authorisation
This is where your insurer needs to be contacted to confirm a proposed treatment is covered before it is provided. If your policy requires pre-authorisation you must do this, otherwise you could risk being liable for the cost of your own treatment.
Premium
A premium is the amount you pay for your insurance policy - this can be an annual or monthly fee and doesn't include any required excess.
Professional indemnity (PI) insurance
This protects businesses against claims which come from third parties or from customers, for example, for making a mistake, giving bad advice or copyright breach.
Prudential Regulation Authority
The Prudential Regulation Authority is run by the Bank of England and is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
Public liability (PL) insurance
This protects companies against third party claims relating to injury or damage to property for example, if a visitor suffered an injury in your office.