ADDITIONAL PREMIUM
An extra amount you might have to pay, usually because of a change to your car or who's insured on it.
ANNUAL PREMIUM
What you pay every year for your insurance.
CERTIFICATE
It's important to keep your insurance certificate safe, since it's proof that you've taken out insurance for your car, etc.
CLAIM
If you have an accident in your car or it gets damaged, you'll need to check it's covered by your policy, and then make a claim.
If it's all in order, then your SERENE insurance will pay for a repair or replacement.
COMPREHENSIVE COVER
The highest level of car insurance you can have. It not only covers you for fire, theft and damage to a Third Party or their property, but also for damage to your own vehicle.
COMPULSORY EXCESS
A compulsory excess is the amount of any claim that you are required to pay yourself, and any payment from a claim will be reduced by this amount.
CONDITION
A policy rule you need to follow to make sure your insurance is valid. For example, the condition might be that no one under 21 can drive your sports car.
ENDORSEMENT
An extra, written change to your insurance policy. For example, it might say your insurance doesn't cover your car for business purposes (i.e. as a taxi). The endorsement will be shown on your certificate or schedule of insurance.
EXCESS
The amount of money you have to pay towards the cost of any claim you make. There are two types of Excess – a Compulsory Excess and a Voluntary Excess.
Your ‘excess(es)’ will be detailed on your Insurance schedule and will depend on your personal circumstances and the type of cover you choose.
ECOWAS BROWN CARD
If you're driving outside Ghana within the ECOWAS region, you need to take this document to prove you have insurance cover.
FIRE & THEFT
Insurance that covers your car, bike or van for damage by fire or if it's stolen. It's one step up from Third Party Only insurance, but doesn't give you as much protection as Comprehensive.
To help you choose what level you want, text us on 7420 and we will call you back!
INDEMNITY
Under the terms of your insurance (depending on your cover) if you lose or damage something then an ‘indemnity’ will restore
you to the same financial position after the loss/damage as immediately before it took place; in other words it’ll compensate you.
INSURABLE INTEREST
One of the key things about insurance is that you can only take out cover if you stand to suffer a financial loss from an event covered by the insurance policy.
In other words you must have an insurable interest to take out a policy.
INSURANCE
This is a service that offers financial compensation for something that may or may not happen.
For example, if your car is stolen (and you have cover for this in your car insurance policy) then your insurance company will pay you a sum of money to cover your loss.
INSURED
The person(s) covered by an insurance policy.
INSURED INCIDENT
An incident that is covered by your insurance, something that happens that can give rise to a Claim
LAPSE
If you forget to renew your insurance, it lapses and no longer covers your car, bike or whatever was insured.
That shouldn't happen with SERENE, because we give you plenty of notice and reminders when your insurance is due for renewal.
LIABILITY
The legal term for being responsible for injuring someone or damaging their property.
LOSS
Sometimes used instead of claim.
LOSS ASSESSOR
Someone who decides the amount of a claim. For example, if your car is damaged in an accident,
the loss assessor will have a look at it and work out how much it would cost to repair, which then becomes the amount of the claim.
MARKET VALUE
What your car, bike, van or house would be worth if it was sold today. For example, if your car has been damaged,
we assess its market value as what it was worth immediately before the accident - not what it's worth with all the dents and scrapes!
MOTOR POLICIES
An easy way for people like us in the business to talk about insurance for cars, vans, bikes and so on.
NAMED DRIVER
Anyone named on your policy who isn't the main driver.
NO CLAIMS BONUS
Your reward for being careful and not making a claim.
Once you've been insured with us (or another company) for one year without making a claim, you're entitled to a No Claims Bonus , which reduces your premium.
NON-DISCLOSURE
Similar to concealment, where you forget - accidentally or on purpose - to tell us a material fact that could affect your insurance. Unfortunately,
it could mean your insurance isn't valid, so please remember to tell us everything relevant.
PERSONAL ACCIDENT
If you or your partner are accidentally injured as a direct result of an accident involving your car your insurer will pay the injured
person or their legal representatives the amount shown in your Schedule (only available with SERENE'S comprehensive cover).
POLICY
The document that gives full details of your insurance -
so keep it safe! You can see the sort of information it contains by looking at our policy details page.
POLICYHOLDER
That's you, when you take out our insurance.
PREMIUM
The amount you pay for the insurance.
PROPOSAL FORM
The document you complete so you can apply for insurance.
With SERENE you can fill it in online or if you call us, we'll fill it in for you, over the phone.
QUOTE
The price we say your insurance will cost. As long as you've told us all the details, what we quote is what you'll pay.
RENEWAL NOTICE
A reminder that your insurance will run out soon, and that you need to renew it. Don't worry, SERENE never forgets when it's time for renewal.
SCHEDULE
The document that describes the specific terms of your insurance.
The policy tells you the general terms, while the schedule shows the details that are unique to you, such as any extra excess or conditions.
SETTLEMENT
This is the amount you are paid for a Claim. Settlement happens when an insurer pays a claim and the claim is effectively closed.
The Settlement will usually be the amount agreed, less any Excess.
SUBROGATION
This is the substitution of one claim for another, for example an insurer who has indemnified
a policyholder can take over any legal rights the policyholder may have had in respect of that particular claim.
SUM INSURED
This is the maximum an insurance company will pay for a claim.
THIRD PARTY
Someone involved in a claim who isn't you, the policyholder or us, the insurer.
THIRD PARTY ONLY
By law, this is the minimum insurance you can have for your car, bike or van.
It just covers you against injuring someone or damaging their property.
TOTAL LOSS
The same as a write off: when your car, bike or van is so badly damaged it would cost more to repair
than it's worth (its market value), it's described as a total loss. Rather than pay to fix the unfixable, we'll give you a cheque instead.
UNDERWRITER
A person (or usually a company) who decides if they're going to take on an insurance risk, and what it will cost to insure.
UTMOST GOOD FAITH
This refers to a principle of insurance. It means that insurance relies on the fact that anyone who applies for
insurance gives all relevant information to the insurer. See also Material Facts and Duty of Disclosure.
WRITE-OFF
Another way of saying total loss: your car, bike or van is so badly damaged it would cost more to repair than it's worth.
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