Glossary
BASIC INSURANCE INFORMATION & DEFINITIONS
Accident
- includes a series of accidents arising out of one event.
Accidental Damage
- is damage caused by violent and external means.
Claim
- means any payment made under your policy as compensation for any losses or damaged suffered to or involving the insured vehicle and/or any third-party loss or damage or injury as a result of an accident. In the case of your home, any payment made for repairs to or replacement at your property
Cover Note
- a document issued in accordance with the provisions of The Road Traffic Act 1981 of Barbados providing you with temporary coverage until your full premium is paid. Cover Notes are valid for thirty (30) days
Certificate of Insurance
- a document issued in accordance with the provisions of The Road Traffic Act 1981 of Barbados providing you with full insurance coverage and is issued when your premium is paid in full and all required documents have been submitted. Certificates are valid for one (1) full policy year
Excess/Deductible
- This is the amount that the policyholder or the Insured is required to pay when a claim is being made on their policy. The amounts will vary according to the policyholder.
Premium
- An amount charged to the policyholder to secure cover for a line of insurance for a period.
License
- A document issued by the Barbados Licensing Authority giving permission to an individual to drive a vehicle on the roads of Barbados and as stipulated by said document.
Third Party
- an individual who is not part of the legal contractual arrangement with the policyholder and the insurance company but who because of an accident has been made know to said policyholder and insurance company
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