The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology.
The aim of the list is to ensure that policy wording is understood fully by the consumer and that all potentially confusing terms be defined on the list, for the ultimate benefit of clients.
SAIA members are encouraged to use the document as a consumer tool, in order to create understanding and to support disclosure in the industry.
I am sure that most of our readers working in this market will find it a very handy tool to share with clients to assist understanding, and as an indicator of your commitment to client care.
The term “consequential loss”, for instance, which we discussed in a recent article, is fully explained via the link in the document.
Well done, SAIA.
Please click here to download the document.