P
Personal Injuries Assessment Board
This is a statutory body, which provides independent assessment of personal injury compensation for victims of workplace, motor and public liability accidents. This assessment is provided without the need for the majority of litigation costs, such as solicitors and experts fees. Under the PIAB Act 2003, all claims for personal injury (excluding medical negligence) must be submitted to PIAB.
Proposal Form
This is a form which contains a number of questions that you are required to complete for an insurer when seeking insurance. This form is needed to assist the insurer to decide whether or not it is willing to provide insurance cover and, if so, the terms of such cover.
Premium
The amount charged by an insurer in return for providing insurance cover, for motor home health and travel insurance policies etc.
Peril
Is a risk or cause of loss which can be identified. Your car and home insurance policies do not cover every type of loss or damage, such as mechanical breakdown or wear and tear. Instead, they cover loss and damage resulting from certain perils. On a car policy this can include accidental damage, fire, and theft. On a home insurance policy this can include storm, fire, escape of water, theft etc.