Representing the UK’s insurance and long-term savings industry | Contact us

Glossary

This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world.  If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned.

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
View All
Valuables
These are items that you own such as jewellery or paintings.
Void
Another term for cancelled.
Voluntary excess

By agreeing to pay an excess your insurer may offer you a reduced premium. You can decide how much voluntary excess you wish to pay when you are taking out your policy.