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Insurance policy

An insurance policy is essentially a contract between you and your insurer. It will outline what’s covered, what’s not and how you can make use of your insurance.

What is in an insurance policy?

An insurance policy will jot down everything there is to know about the insurance you’ve bought. It takes a look at what things you are covered for, what you won’t be covered for, how to claim, what to do if there is an emergency, the limits of your cover, and what is required of you to activate your cover (if necessary).

Where do I find my policy?

Once you have bought cover, your policy is often emailed to you. Or in some cases, you will be able to download it via your insurer’s app or you will find it on your insurer’s website.

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Definitions

Subrogation

Subrogation means that your insurance company has the right to pursue a third party that has caused you to suffer a loss. This is so that your insurance company can claim back the money they spent on repairing or replacing your insured item(s).

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Accidental damage

Accidental damage refers to genuine accidents; where the damage was caused by an unforeseen event that happened unexpectedly and which was not done on purpose.

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Definitions

Policyholder

A policyholder is the person who bought the insurance policy. They are the owner of the insurance contract and are responsible for paying the premiums on the cover and are the only ones who can make changes to the policy or cancel it.

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