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.

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National brokers
These are intermediaries who operate on a national level, as opposed to regional brokers who work locally. National brokers’ usually specialise in offering a service in many different sectors of the insurance market, rather than specialising in one particular type of insurance. Their clients are often corporate bodies.
National Insurance contributions
Most employees, employers and the self-employed pay National Insurance. The government uses workers’ National Insurance contributions to fund many social benefits.
Negligence
A failure to take proper (or reasonable) care in doing something, resulting in damage or injury to you or someone else.
Net
Net is the value of something minus any costs related to it.
New for old

New for old policies replace damaged or stolen possessions at their original purchase price regardless of how old they are or what condition they're in at the time you make a claim. They differ from indemnity policies which take wear and tear into account, replacing items at their current value. 

No claims discount
A reduction in the cost of a person’s premium at renewal to reflect a claim-free period of driving. No claims discounts are common, but insurers are not obliged to offer them. (Also know as no claims bonus).
Non-disclosure
This is when a customer does not tell their insurer something that might affect the insurer’s decision to provide cover or how much the cover costs.