08 January 2008 09:31
I need a glossary of insurance terms! I have tried to read through my policy but there are some key words I don’t understand.
Answer
By Your Horse
Asset An item of value such as your horse, your trailer or your tack.
Excess The amount to be paid by you in the event of a claim.
Market value The estimated price of your horse, based on factors such as age, bloodlines, breed, sex and ability.
Policy period The length of the insurance contract – usually 12 months.
Premium The cost to you of the insurance package.
Summary An outline of the terms, conditions and benefits of your chosen insurance.