Explanation of Insurance Terms
Accident, accidental
A sudden, unexpected, unintentional, violent, visible, external event, which happens to you.Assignment
Transferring your rights under your policy to someone else.Beneficiary
The person or persons you have nominated to receive the funds paid from an insurance policy.Benefit
The amount we will pay if we approve your claim.Claim
A request made by you or your beneficiary for payment of the benefits provided by the insurance contract.Claim inducted date
A request made by you or your beneficiary for payment of the benefits provided by the insurance contract.Cooling-off period
During the cooling-off period, you are able to cancel your policy and get a refund of any premium you have paid (unless you have made a claim).Critical illness
A disease or state in which death is possible or imminent.General advice
Financial services advice that does not take into account your personal circumstances and needs.Income Protection Insurance
Insurance for events such as involuntary job loss (e.g. retrenchment) or loss of income due to injury or illness.Lump sum benefit
Proceeds from your insurance claim paid as a single sum of money once only, which serves as complete payment.No claim discount
A discount applied to your premium rewarding you for not having made a claim against your policy.Personal advice
Financial services advice that takes into account your personal circumstances and needs.Premium
The price you pay for your insurance policy. Depending on the type of product you hold, this can be paid monthly, annually or as a one-off payment covering a set period of time.Product Disclosure Statement
A document that outlines the features, benefits, exclusions, terms and conditions of a product. It is important to consider this document before deciding whether or not to acquire a financial product.Terminal illness
An active and progressive disease, which cannot be cured. Check your policy regarding details of excluded illnesses and conditions.All references included on this page have been sourced from Investment and Financial Services Association (IFSA) research 'Investigating the issue of underinsurance in Australia' conducted in July 2005.
GE Money Insurance is issued by Hallmark General Insurance Company Limited (Hallmark General) ABN 82 008 477 647 AFSL 243478 and Hallmark Life Insurance Company Limited ABN 87 008 446 884 AFSL No. 243469, both trading as GE Money. Any advice on this website does not take into account your personal objectives, financial situation or needs. You should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and read the relevant Product Disclosure Statement (PDS) before deciding whether to acquire any of these products.
Copyright General Electric Company 2006