Guide to Insurances

This guide has been designed to help you understand any terminology which you may be unclear about, when reading the Ulster Bank Home Insurance or Ulster Bank Car Insurance pages.

Complaint handling - When you take out your Insurance policy with Ulster Bank, a complaint handling procedure exists which allows you to resolve any issues. A leaflet giving details of our procedure is available on request at your local branch. We are a member of The Financial Services Ombudsman's Bureau, and if you are not satisfied after following our procedures, you can ask the Ombudsman to review the complaint.

Excess - This is the amount you must pay/contribute towards certain claims, and varies depending on the type of policy which you take out.

Minimum-sums insured - This means that there is a minimum amount of cover which is the Sum Insured that you must take out on the policy. A minimum sum insured currently applies to Ulster Bank Home Insurance only.

No-Claims Discount - This is the name given to the discount which you may receive based on your previous claims history, and this discount would normally increase as your claims free history increases.

Non-disclosure - When you arrange or renew any insurance you need to tell the insurance company about anything that might influence its decision to insure you at all and, if so, the price it will charge.

Optional Covers and Optional Extras - When you take out your Insurance policy with Ulster Bank, there are a range of 'Optional Covers and Optional Extras' which you can add on to your standard policy at an extra cost.

Policy Document - This is the document which provides you with the full detail of your policy, and details all the benefits, general policy conditions and exclusions which you need to know about. The Policy Document should be read in conjunction with your Policy Schedule ( and the Road Traffic Act Certificate in relation to car insurance ).

Premium - This is the amount you must pay for your Insurance cover, and you will be informed of this before you proceed to take out your policy. There may be additional charges in addition to your premium if you wish to pay by Direct Debit on a monthly basis.

Quote Validity - When you receive a quote for your Insurance policy, there is a certain period for which this quote is valid. This period is the period during which you can take out the policy, and is referred to as the 'quote validity period'. Once this period is expired, you must receive a new quote if you wish to take out an Insurance policy.