By Insurance Gateway

Making better decisions about your risk and insurance starts with having a clear understanding of the common terms and definitions used in your insurance policy. In its absence, many individuals may only discover a specific exclusion or condition of cover at claims stage which may adversely affect the outcome of a claim. 

“Trying to navigate the terms and conditions of your insurance cover can be challenging, especially if you’re trying to compare insurance quotes and conditions of cover as these can vary markedly from one policy and insurer to another. One of the best investments you can make in safeguarding your hard-earned assets is to get the advice and guidance of a professional insurance broker who will be able to compare product benefits, technical specifications, terms of cover and pricing to find an insurance solution that is best suited to your needs and circumstances,” explains Mandy Barrett of Aon South Africa, a leading global professional services firm and insurance broker.

Aon lists a few common insurance terms and conditions to help you understand your cover better, and thus make better decisions about your risk planning:

“The guidance of an experienced broker adds tremendous value in guiding you towards a better understanding of the terms and conditions of your cover. Your broker will make sure that you are not compromised or prejudiced by unreasonable or onerous limitations on your cover, and that you are comparing apples with apples when it comes to premiums and excesses – the most important consideration being that if and when you need to claim, that there are no surprises waiting for you that could leave you compromised,” Mandy concludes.

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