Glossary
Insurance vocabulary, in plain language.
A
- Assistance
- A help service for a breakdown, an accident or an emergency during the covered trip or stay (roadside assistance, towing, advance of costs). Example: travel assistance can arrange an on-site medical consultation.
- See also : Repatriation
B
- Beneficiary
- The person who receives the compensation provided by the contract in the event of a claim, when different from the insured party.
- Broker
- The authorised professional who confirms the quote, adjusts the conditions if needed, and supports the subscription. It is the partner broker, not AssurMatch, who is responsible for the proposed contract.
- See also : Insurer, Quote, Responsible broker
- Brokerage
- The broker's activity: representing the client's interests, comparing offers and supporting them through to subscription.
- See also : Broker
C
- Cancellation
- The end, early or at term, of an insurance contract, at the initiative of the insured party or the insurer, under the agreed conditions.
- Claim
- An event covered by a guarantee (accident, theft, fire...) that triggers a compensation request to the insurer.
- See also : Compensation, Deductible
- Compensation
- The amount paid by the insurer to the insured party or beneficiary to offset a covered claim, within the coverage cap and after the deductible.
- See also : Deductible, Coverage cap
- Comprehensive cover
- The most complete guarantee level for car insurance: it covers damage caused to others and damage to the insured vehicle, including when the driver is at fault. Example: hitting a post with no third party involved can be covered under comprehensive cover, not under basic third-party.
- See also : Extended third-party / third-party plus, Third-party liability
- Coverage cap
- The maximum amount the insurer reimburses for a claim covered by a given guarantee.
- See also : Guarantee, Compensation
D
- Deductible
- The part of a claim left to the insured party, before the insurer's compensation applies. Example: for a 200,000 FCFA claim and a 30,000 FCFA deductible, the insurer pays 170,000 FCFA.
- See also : Claim, Compensation
E
- ECOWAS brown card
- The car third-party liability insurance certificate recognised in several countries of the Economic Community of West African States. Example: a driver on a road trip to a neighbouring country can present their brown card instead of taking out insurance at the border.
- See also : Third-party liability
- Endorsement
- A document that amends an insurance contract already in force, for example to add a guarantee or change a piece of information. Example: changing vehicles leads to an endorsement, not a new contract.
- See also : Insurance contract
- Exclusion
- A situation or event explicitly not covered by a guarantee, even when it belongs to the same risk category. Example: an undeclared risky sporting activity can be excluded from travel insurance.
- See also : Guarantee
- Extended third-party / third-party plus
- A guarantee level between basic third-party and comprehensive cover: it adds chosen guarantees (theft, fire, windscreen damage) to the base third-party liability, without covering all damage to the vehicle when at fault.
- See also : Guarantee, Comprehensive cover
G
- Guarantee
- A commitment by the insurer to cover a specific risk (for example theft, fire or medical costs), in exchange for the premium.
- See also : Exclusion, Coverage cap, Comprehensive cover
I
- Indicative offer
- An offer shown on AssurMatch before confirmation by the partner broker: its price, guarantees and conditions can still be adjusted.
- See also : Indicative price
- Indicative price
- A price estimated from the information available at comparison time, with no contractual value. It is always confirmed by the partner broker.
- See also : Quote
- Indicative score
- A rating computed from several criteria (price, guarantee level, deductible, speed, payment flexibility, quality of information) to help compare offers. A sponsored offer can never hold the first position of a ranking based on this score simply for being sponsored.
- See also : Sponsored offer
- Insurance certificate
- The document issued by the insurer or broker that proves a contract is in force. AssurMatch never issues a certificate: only the partner broker does, after subscription. Example: a car insurance certificate is shown at a roadside check.
- See also : Broker, Subscription
- Insurance contract
- The agreement between the insured party and the insurer that sets the guarantees, the premium and the conditions. AssurMatch is not a party to the contract: it is concluded between you and the partner broker or insurer.
- See also : Insurer, Broker
- Insured party
- The person whose property, health or liability is covered by an insurance contract. Example: the main driver of a vehicle is the insured party of the car contract.
- See also : Insurer, Policyholder
N
P
- Policyholder
- The person who signs the insurance contract and commits to paying the premium; often, but not always, the same person as the insured party.
- Processing time
- The time announced for a partner broker to review a quote request. It is not a claim reimbursement time.
Q
- Qualified lead
- A quote request that meets the necessary technical criteria (valid contact details, active country and product, consent collected, not a duplicate, broker assigned, minimum information complete) to be billed to the partner broker.
- Quote
- A priced proposal transmitted by a partner broker after reviewing a request. A price shown on AssurMatch before that quote remains indicative.
- See also : Indicative price, Broker
R
- Renewal
- The continuation of an insurance contract at its due date, with or without a change in conditions.
- Repatriation
- The organised, paid-for return of the insured party to their country of residence, in the event of a serious medical problem during a trip covered by travel insurance.
- See also : Assistance
- Replacement value / market value
- Two ways to calculate compensation for damaged or stolen property: replacement value is the price of an equivalent new item, market value is its resale price at the time of the claim, usually lower. Example: a five-year-old stolen vehicle is most often compensated at its market value, unless the offer includes a replacement-value guarantee.
- See also : Compensation
- Responsible broker
- The partner broker identified as the recipient of a quote request for a given offer. Their name and, when available, their licence number are shown before you tick the consent box.
- See also : Broker
S
- Sponsored offer
- An offer whose partner broker has a commercial partnership with AssurMatch, marked with an orange badge. It changes neither its indicative price nor its guarantees, and it can never hold the first position of a ranking simply for being sponsored.
- See also : Indicative score
- Subscription
- The act by which the insured party finally accepts an insurance contract with a broker or insurer. AssurMatch is never involved in the subscription itself.
- See also : Broker, Insurance contract
- Surcharge
- An addition to the base premium, usually linked to an aggravated risk (for example a claims history).
- See also : Premium, No-claims bonus/malus
T
- Third party
- Anyone other than the insured party and the insurer, for example a victim of an accident caused by the insured party.
- See also : Third-party liability
- Third-party liability
- The guarantee, often mandatory, that covers damage caused by the insured party to a third party. Example: a collision with another vehicle falls under car third-party liability.
- See also : Third party, Comprehensive cover
V
- Validity period
- The length of time an offer shown on AssurMatch stays valid before being withdrawn or updated. Not to be confused with the duration of the insurance contract itself.
- See also : Effective date
W
- Waiting period
- The period after subscribing during which a guarantee is not yet active, even though the contract is already in force. Its exact length depends on the contract and the type of guarantee.