
Insurance jargon buster
Your cheat sheet to understanding policy speak | Curated by our dedicated Insurance team.
Navigating the world of travel insurance can sometimes feel like reading a secret language. But worry not! We're here to make it easier for you to understand, and you'll be an insurance whizz in no time.
1. Premium
This is the price that you, the customer pays for your insurance.
2. Excess
Simply put, the excess is the first part of any claim that you will have to pay.
3. Coverage
Your cover is what your insurer promises to provide in case of specific events happening, like lost luggage or cancellation of your trip.
4. Claim
This is the moment when you need your policy! This is the process in contacting your insurer to pay for an insured event covered by your policy, like your luggage was lost.

5. Underwriter
This is the company who provide the cover on your policy. They work out the cost of providing you with cover. They make sure the deal is fair, keeping the insurance ship steady.
6. Policy wording
Your policy wording outlines what's covered, what's not, and how much you're protected for. It's your go-to guide for all the benefits and exclusions what is and isn't covered by of your insurance.
7. Exclusion
These are the specific situations or items your insurance policy won't cover. Think of them as the no-go zones on your holiday map, helping you know where you're not protected and where you're venturing on your own.
8. Renewal
Just like extending your holiday, renewal is when we contact you to continue your annual multi-trip policy for a new period of time. We'll contact you about the renewal and let you know key information, like the new price and if anything has changed. It's a great opportunity to review your cover and make sure it still fits your adventure needs.
9. Auto-renewal
When you buy an annual multi-trip policy, it will automatically be set to renew at the end of the policy term. If you'd rather not auto-renew, you can opt out of this at any point.

10. Contract
An agreement between two or more people or companies to do (or not to do) something. The agreement can be enforced by law.
11. Sum insured
This is the maximum amount your insurer will pay out under your policy. It's the top limit of your safety net, ensuring you know the boundaries of your cover.
12. Term
The term of your insurance policy is how long it lasts.
13. Cooling-off period
You have a 14-day period after you receive your policy documents, where you can cancel.
14. Pre-existing medical condition
Any health condition you have now or had in the past. This includes those you have been diagnosed with, are waiting for a diagnosis of, have been treated for, or are having treatment for before the start date of any health insurance or income replacement insurance cover.
15. Medical screening
A series of simple questions about the medical conditions you declare. Travel insurance providers will carry out a medical screening to ensure that the right level of cover is offered to you.
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Start your holiday early by buying your single-trip travel insurance with Holiday Extras.
Buy nowUnderstanding these terms can make dealing with insurance a breeze, leaving you more time to enjoy the fun parts of planning your trip. Remember, the clearer the skies, the smoother the journey. So, next time you're reviewing your travel insurance, you'll be navigating those policy waters like a seasoned captain. Happy travels!