insurance industry trends 2019 Insurance Terminology

In the first video of our NRMA Insurance series, Insurance Explained, we review some common insurance terms and explain what they mean.

Words.

We use about eight thousand of them a day. But there are over a million in the English language alone. So it stands to reason knowing what they all mean is actually impossible.

Which is OK, it doesn't really matter if we don't know what words like imberbic, gambrinous or nictitate mean - they're hardly likely to crop up in our everyday lives.

But when it comes to things like your insurance ( http://www.nrma.com.au) policy, you don't want there to be anything you don't understand.

So just like I can tell you that imberbic means "having no beard", I'm going to explain what some common insurance words mean, so we're all 100% clear.

Let's start with "excess". When you make a claim, this is the amount you pay towards the cost of your claim and then your insurer picks up the rest of the tab. And this amount will vary depending on your policy.

Then within specific policies, like home insurance, there seem to be a lot of similar terms. For starters, what's the difference between buildings insurance and contents insurance?

Well buildings insurance ( http://www.nrma.com.au/home-insurance) covers the actual structure of your house, the bricks and mortar. Whereas contents insurance ( http://www.nrma.com.au/home-insurance...) covers the things inside your house. An easy way to explain the difference is by imagining that if your house is turned upside down, generally, everything that falls out would be classified as contents and covered by contents insurance, while everything that stays put would generally be covered by buildings insurance. ( http://www.nrma.com.au/home-insurance...)

Even within contents insurance there are a number of options you can choose for extra cover. For example with NRMA Insurance you can get the valuable contents option, portable contents option or even fusion cover.

But what do you need and what do they all mean?

"Valuable contents" covers the possessions in your home that need a higher level of cover than the usual policy limit of $2,500. For example, you might have a piece of art at your home that is worth $10,000, so you may wish to increase your cover under the "valuable contents" option.

And as for "portable contents", well that is an option that covers items in your home you might take with you when you're out and about anywhere in Australia and New Zealand - like jewellery, electronics, or even your favourite leather jacket.

And if you have the fusion cover option on your contents policy you are covered if an electric motor of one of your home appliances -- like your washing machine - burns out.

That's just the beginning of the terms used, but I hope it helped. If there is anything you don't understand on your policy, just call your insurer and ask.

Disclaimer: To see if our insurance is right for you, always read the Product Disclosure Statement from NRMA Insurance.

Other videos in the NRMA Insurance Explained Series:
How to make an Insurance Claim: http://youtu.be/5M2vGNeT-oY
How to Understand Insurance Pricing: http://youtu.be/8ueT76GBUEU
How to Choose the Right Level of Insurance: http://youtu.be/yUj4naTafOc

insurance industry trends 2019 Insurance Terminology
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