Insurance Learning Hub

Suspension of Cover is a temporary pause in your insurance policy, where your cover is placed on hold under specific circumstances agreed to by your insurer.

A stand down period is a specified period after your insurance policy starts during which certain events or conditions aren't covered.

A pre-existing condition is an illness, injury, medical condition or symptom that existed before your insurance cover started. It may be considered by an insurer when assessing your application for insurance.

Indexation is the automatic annual increase to your insurance cover, and usually your premium, to help keep your protection in line with inflation and the rising cost of living.

Stepped premiums are insurance premiums that generally increase as you get older. They often start lower than level premiums, making them a popular option for people wanting to keep their initial insurance costs down.

Level premiums are designed to remain relatively stable over time, helping make the long-term cost of your insurance more predictable.

Policy wordings are the official documents that explain exactly what your insurance covers, what it doesn't cover, and the conditions that apply to your policy.

A policy anniversary is the annual date your insurance policy renews. It's often when your cover, premiums or other policy features may be reviewed or updated.

A policy owner is the person or legal entity that owns and controls an insurance policy. The policy owner makes decisions about the policy, even if they aren't the person insured.

Your premium is the investment you make to protect yourself, your family and your financial future. Understanding how premiums work can help you choose cover that's affordable today while continuing to provide the protection you need in the future.

Underwriting is the process an insurer uses to assess your application and decide whether to offer cover, as well as the terms and premium that will apply.

The sum insured is the maximum amount your insurer will pay under your policy if a valid claim is approved.

Policy documents are the official documents that explain how your insurance works, including what you're covered for, what's excluded, and the terms and conditions of your policy.

Non-disclosure occurs when important information that could affect an insurer's decision is not disclosed when applying for or changing an insurance policy.

A loading is an additional premium charged by an insurer when they determine there is a higher level of risk associated with providing your insurance cover.

A lapse occurs when your insurance policy ends because premiums haven't been paid or the policy has otherwise been cancelled. Once a policy has lapsed, your cover generally stops.

An exclusion is a condition, event or circumstance that your insurance policy does not cover. Understanding your exclusions helps you know exactly when your insurance will - and won't - pay a claim.