There are many different types of Car insurance policies and levels of cover, here is a brief description of insurance definitions typically used within the insurance industries.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Salary Definition
Used in group insurance to agree the definition of employee salary to be applied in calculation of insured benefit.

Self Insured Scheme
A program financed entirely by the employer for insuring employees instead of purchasing coverage from an insurance company.

Sickness and Accident
Pays you a benefit if you're unable to work through sickness or accident. Normally pays out for a set period, i.e. one or two years.

Simplified Administration
The system most often used to administer group insurance. Designed to keep administration overheads to a minimum. Normal changes in membership and benefit need only be advised to the insurer on a periodic (usually annual) basis.

Single Premium Costed
A method of cost calculation used for group insurance schemes with a small number of members (typically less than 20). The overall premium is based on the costs calculated in detail for each member and based on age, sex and other factors.

Single Premium Policy
A Life Insurance policy paid for in advance by one single premium rather than in periodic premiums.

SOFA
Society of Financial Advisers. A professional body linked to the Chartered Insurance Institute. Membership is open to those who have passed the Institute's examinations for the Advanced Financial Planning Certificate.

Special Presentations
A service to inform a customer paying in a cheque that the payer's bank will make the payment. This does n