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“Policy summary” - a document provided by intermediaries to detail the significant exclusions and limitations of a policy and other information.
“Policy wording” - the document that provides full details of the contract between the insurer and the policyholder
“Premium” - the amount paid by the policyholder for insurance before adding any insurance premium tax that applies
“Proof of loss” - documentation presented to an insurer to help the insurer to determine its liability under the policy
“Proposer” – the person or business who applies to take out insurance