Jargon Buster - Definition of Quotation
Please select your letter of choice below to see the list of terms:
is an illustration that provides details about an insurance policy. Often this includes the amount of cover, policy length or term, premium and any other relevant information to the proposed insurance plan.
An example of information provided on a Life Insurance Quotation is:
- Premium of policy, usually monthly or annually.
- Name, age, smoker status, gender, occupation of the applicant(s).
- Policy term.
- Sum assured.
- Company and cover details.
- The cost of advice or setting up the policy.
It is important to remember that an insurance quotation is not a substitute for a policy document. A quotation is for illustrative and proposal purposes only, where a policy document acts as proof of an agreed and arranged policy.
Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.
If you are in doubt of the meaning of any terms, why not email us on