Insurance types and terms that come up when you finance a car, home or business.
9 terms in this topic
ANCAP (Australasian New Car Assessment Program) is the independent body that crash-tests new vehicles sold in Australia and New Zealand and publishes safety ratings from zero to five stars.
Read definitionComprehensive car insurance is the broadest level of motor cover, paying for damage to your own car as well as damage you cause to other people's property.
Read definitionCompulsory third party insurance (CTP) is the cover every registered vehicle must carry, paying compensation to people injured or killed in a crash involving that vehicle.
Read definitionContents insurance is cover for the belongings inside your home, paying to repair or replace items damaged or stolen in an insured event.
Read definitionLandlord insurance is cover for a rental property owner, protecting against tenant related loss such as damage, theft and lost rent, plus legal liability.
Read definitionLenders mortgage insurance (LMI) is a one-off premium a home loan borrower pays to insure the lender, not the borrower, against loss if the loan is not repaid.
Read definitionProfessional indemnity insurance is business cover that pays claims arising from professional advice or services that cause a customer financial loss.
Read definitionPublic liability insurance is business cover that pays compensation and legal costs when your work injures a third party or damages their property.
Read definitionThird party car insurance is motor cover for damage you cause to other people's vehicles and property, with no cover for your own car beyond a fire and theft add-on.
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