The best Redundancy Insurance for when you need it most
Jargon Buster
Within the Best Insurance policy documentation certain words and phrases are used which have special meanings. So that it is simpler to understand your policy we have put together a brief jargon buster together which provides explanations to these key technical terms.
Active Employment - Carrying out the regular activities required to work in Your Employment.
Carer / Caring - You offer full time support for an individual in Your Immediate Family. You will have already completed a Carer’s Allowance claim pack will be currently receiving or waiting to receive a Carer’s Allowance from the Department for Work and Pensions.
Carer’s Allowance - This is a benefit which is subject to tax and issued by the Department for Work and Pensions to an informal Carer.
Chronic Condition - This term describes an illness, disease or injury which has at least one of the following characteristics:
- it persists indefinitely;
- it is constant and rather than be cured the symptoms are controlled;
- it has recurring symptoms which recur and have needed previous consultation, treatment or care; or
- it is necessary to have long-term monitoring or treatment, consultations, check-ups, examinations or tests.
Disability - This describes any form of accident or sickness which is certifiable by a Doctor, occurs after the Start Date of your Policy and results in You being unable to continue in Your Employment.
Doctor - A medical practitioner who is registered with the General Medical Council in the UK, and is not You, Your spouse, Your partner or a relative.
Employed/Employment/Work - This is paid, permanent employment of more than 16 hours each week. It can also mean self-employment.
FirstAssist - FirstAssist Insurance Services Limited.
Gross Monthly Income –
- For Employees: This will be Your average monthly gross taxable earnings for the 12 months immediately preceding the Start Date, or the date of any subsequent rise in Monthly Benefit.
- For the Self-Employed: This is the average monthly annual income that You declared to HM Revenue & Customs on Your self-assessment return for the tax year preceding the Start Date, or the date of any subsequent rise in Monthly Benefit.
If You have been in a term of employment whether as an employee or as someone who is self-employed for less than 12 months on the Start Date the average Gross Monthly Income will be based on the number of months You have worked.
Immediate Family - This includes the following members of family: Your spouse, civil partner, live in partner, children and parents.
Insurer, Our, Us, We – Great Lakes Reinsurance (UK) PLC.
Month - Any 30 day period.
Monthly Benefit/Benefit - This the amount which is outlined in Your schedule and will be up to 50% of Your Gross Monthly Income or £1500, whichever is the lowest amount.
Normal Pregnancy - Symptoms, or a combination of minor symptoms, which tend to accompany pregnancy and which are usually of a minor and/or temporary nature and do not represent a medical hazard to mother or baby.
Start Date – 00.01a.m on the date this policy commences as detailed in Your schedule.
Temporary Work - This is Employment for an undetermined length of time which is not expected to be permanent. Employment of this nature through an employment agency is regarded as Temporary Work.
Unemployed/Unemployment - This describes the status of being out of Work and being eegistered as unemployed with Jobcentre Plus (in Great Britain), or the equivalent government agency in Northern Ireland. You must be available and actively looking for Employment.
Waiting Period - The first 30 days of Disability, Unemployment or being a Carer, which You have to wait before You are entitled to have your Benefit commence.
You, Your, Insured Person - The Insured Person named on Your schedule.