An accident is normally, sudden and unforeseen loss or damage to the subject matter insured. InsuredHQ is designed to assist insurance companies or brokers issue policies to cover accidents - whether they are motor vehicle accidents or personal accidents.

Accounts payable is money owed by the InsuredHQ user to suppliers and third parties.

InsuredHQ creates a creditor invoice when a policy is bound depending on who the creditor is - for tax collection it is the tax agency; for levies, the government agency or for premium payments, the insurer/reinsurer.

InsuredHQ produces a creditor bordereau at the end of each month so you can track who you owe and reconcile your bank account accordingly.

Accounts receivable is money owed in respect of policies issued.

InsuredHQ provides the invoice for the insurance policy which has been bound by the user. The invoice creates an entry in the Accounts Receivable as money owed and is matched off in InsuredHQ when the insured makes their payment.

Accumulation refers to the total combined risks that could be involved in a single accident.

Catastrophe accumulation refers to the losses that an insurer or reinsurer may face across a geographic area from a natural disaster. Catastrophe accumulation involves a wide range of losses, from partial loss to total loss, across a potentially large number of policies.

InsuredHQ handles accumulations by specifying rules in the reinsurance tables to make sure accumulations do not exceed predefined treaty limits.

Someone with professional training in mathematical and technical aspects of insurance, especially calculating premiums

An adjuster can be an independent person or an insurance company representative who investigates claims and makes settlement recommendations based on an assessment of the damage and the policy conditions.

InsuredHQ manages the claim process by providing electronic adjuster reports, allowing a consistent approach to claims handling and transparency during the claims process.

An intermediary salesperson who is independent of the insurance provider whose products they sell.

The amount for which an insurer agrees to insure your item (such as a car). 

The process of allocating damage across multiple events, based on which event caused the damage.

Similar to an adviser - Someone who specializes in insurance. They may have arrangements with more than one insurer so they can place their client's business where it best suits the client

As a consequence of an insured accident or event, a claim is the process of requesting reimbursement from the insurance company. The true essence of insurance is that you are purchasing a claim - this is where the value of your insurance policy lies.

InsuredHQ handles claims by linking active polices to claim details and allowing estimates and reserves to be set. Adjusters can also be appointed and claims managed by third party companies using the InsuredHQ electronic customised claim forms.

The ratio of claims costs to premiums received for product providers.

An electronic note can be created against the client record so that there is a record of an action to be performed or some communication that has been received.

A client note can be as simple as a message left to call back, right through to an associated task that must be completed such as calling the customer in the future.

Client task notes can also be allocated to another person within the user organisation so that the relevant contact is dealing with the person they are familiar with.

InsuredHQ Advanced includes a client portal. A client portal allows the customer to log in to their own website and check their policies, pay invoices and lodge claims.

It saves a huge amount of administration time on the part of the insurance company by having customers do their own administration. For example, if a customer moves house, they can simply update their new address in their client portal.

The payment made by product providers to agents and brokers for the sale of their products.

Cover is the amount of protection provided by an insurance policy.

The dashboard is designed to give the user a simple overview of outstanding tasks/notes/emails for clients and creditors, credit control emails, document history, and an accounts overview.

When an insurer or lender refuses to accept an application for its products or when a claim against an insurance policy is turned down by the insurer. 

The deductible is an amount the insurer will deduct from the loss before paying up to its policy limits. For example, if you have a $500 claim and your deductible is $100, the most the insurer will pay you is $400. Generally, the higher the deductible, the cheaper the premium but it also means the client pays more at claim time.

A debtor is a person or entity that owes money.

InsuredHQ manages all debtors through accounts receivable reporting and ageing of debtors to allow efficient credit control and ensure invoices are paid in a timely fashion.

When Assessors take age, use, and condition into account when establishing what something is worth immediately before it was damaged or lost. 

A document can either be produced by InsuredHQ or uploaded to the client record. In the case of system documentation, which could be invoices, schedules, policy wordings or receipts InsuredHQ allows for customised documentation to suit your current brand marketing.

In the case of document uploading, it may be necessary to store client documents such as drivers licence, property valuations or claim photos, for example, and these can be accessed in the client record.

When you need to check and/or look for a specific document, you can search for it by going to the document history tab in InsuredHQ. All documents are stored and can be retrieved for emailing or printing.

A special condition or change that applies to an active insurance policy, for example, an endorsement may involve a simple address change, or it may state that a particular medical condition is not covered, such as asthma.

An estimate is roughly how much the insurance will cost. An insurer will use their skill and experience to make the estimate but they may still need underwriting information to make an informed quote.

An event is an accident or occurrence, or a series of them, that may or may not become a claim.

An excess is the amount an entity making a claim contributes towards the cost of the claim. For example, if there is a $400 excess, then in the event of a claim the client will pay the first $400 of any claim before the insurance policy takes over any additional sum.

InsuredHQ manages the excess in the claim module, which pulls through the policy details when a claim is made and the excess will be flagged to the claim handler so that the claim is not overpaid.

Anything that will not be covered by the insurance policy. There may be blanket exclusions that apply to all customers and specific exclusions that apply only to specific customers.

An expense is the cost of operating the insurance business exclusive of losses or claims.

InsuredHQ integrates with accounting systems to provide the general ledger function. All policy management is handled within InsuredHQ and expenses are managed in the accounting platform of your choice. This keeps the operational expenses away from the day to day running of the business so that only authorised staff have access to your accounting information.

First Notification Of Loss, or FNOL, is the initial report made to the insurer to start the claims process where the policyholder reports a loss to their insurance company.

A single insurance policy that insures a group of individuals. This is commonly provided for employees within the same company. A master policy is issued to the company rather than individual policies being issued to the employees.

To indemnify someone is to compensate an insured entity, person, or third party for loss, damage or injury caused.