Key Terms Explaining Insurance Jargon

Agreed Value means the sum insured that You and Your Comprehensive
Motor Vehicle Insurer have agreed to insure Your vehicle for.

Amount Borrowed means the amount of any credit provided under the
Finance Contract (exclusive of interest or terms charges), or should the
Finance Contract be a lease, then the amount of the cash price of Your
vehicle inclusive of any residual payment specified in the lease.

Commencement Date means the later of the date funds are advanced by
the Financier for the acquisition of Your vehicle or the date You signed the
proposal.

Comprehensive Motor Insurer means the insurance company that has
insured Your vehicle for loss or damage under Your Comprehensive Motor
Vehicle Insurance policy.

Comprehensive Motor Vehicle Insurance means the policy of insurance
which provides cover for loss of or damage to Your vehicle being in force
as at the date of the incident resulting in the Total Loss.

Cover Option means the option selected by You in the proposal.
Financier means the finance company named in the proposal and
schedule.

Indebtness means the amount owing to Your Financier under Your
Finance Contract as at the date of the incident resulting in the Total Loss.
Finance Contract means the finance contract taken out for the purchase or
lease of Your vehicle described in the schedule.

Market Value means the current Market Value of Your vehicle
immediately prior to the incident resulting in the Total Loss. This value is
determined by Your Comprehensive Motor Insurer.