Consumer Advice

Glossary

This glossary is intended to provide a summary of common terms used in the insurance industry.
It is not intended to provide a comprehensive list of insurance terms or to provide specific legal definitions.
Insured persons should always refer back to the legal definitions within their specific insurance contract as they may differ from the simplified definitions provided in this glossary.
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Travel insurance

While overseas travel can be an exciting prospect
There can be situations where things may go wrong, and travellers could find themselves faced with a medical emergency, or finding the funds to replace lost luggage, or having to make an urgent trip home
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Buying insurance

Insurance exists to protect your possessions against unforeseen loss or damage
Whether you're insuring your house, car or CD collection, the basic idea is that you pay an annual premium and your insurance company will pay to replace or repair whatever items are insured if lost or damaged.
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Resolving disputes

Although members of the Insurance Council strive to serve their customers well, disputes can sometimes arise.
The Fair Insurance Code outlines the complaints procedure that member companies must follow to resolve disputes.
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Commercial insurance

Operating a business requires a degree of forward thinking and planning
The Insurance Council of New Zealand has developed some loss prevention guidelines that may help ensure that your business is not disrupted unnecessarily.
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Liability insurance

Liability insurance provides protection for the insured from third party claims
In the main those caims arise from the insured's negligence causing loss or damage to a third party's property, business, reputation or a liability for an unintentional breach of a Statute or a professional mistake when providing advice.
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Motor insurance

Motor vehicle insurance can cover you against the accidental loss of, or damage to, your motor vehicle,
The two most important things to remember about motor vehicle insurance are: you are only covered up to the limit stated in your policy, and your contract obliges you to take reasonable care to avoid accidents and theft.
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Personal insurance

The types of cover available under personal insurance
Personal insurance includes the following types of insurance: house insurance; contents insurance; jewellery insurance.
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Marine insurance

Cover for commercial vessels and personal pleasurecraft
Boat insurance is as important as motor vehicle insurance. It provides financial protection, not only for loss or damage to your own boat, but also from being liable for damage to other vessels and property.
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Insurance fraud

An insurance claim is considered fraudulent when it is based on facts that are simply untrue
Fraudulent claims may include an incident which never took place, or which was orchestrated (ie. arson).
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Cold weather preparation

Avoiding the miseries of burst pipes in your home and business
Winter frosts of 2006 caused approximately $3 million of damage to South Island homes due to burst pipes.
Most burst pipes could easily have been avoided by a few simple precautions
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