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Customer service department

Division in a life and health insurance company that provides help to the company’s agents, policyholders, and beneficiaries. Types of service include supplying answers to requests for information, interpreting policy language, answering questions about insurance policy coverage, and making changes requested by the policyholder. This department also sends premium notices and collects premium payments, processes policy loans, dividends, and so on. Also called client service department, policy administration department, policy owner service department, and service and claim department.

Customer types

The FSA classifies customers as either retail or commercial customers. The former is defined as a policyholder or potential policyholder acting outside their trade, business or profession. The latter is someone who is not a retail customer. All businesses are commercial customers regardless of size. For the purpose of the rule on complaints the FSA uses the definition eligible complainants. This includes private individuals; commercial customers with a turnover below £1 million.; a charity with an annul income below £1 million; a trustee of a trust with a net asset value of less than £1 million.

Customers extension

An extension to a business interruption insurance that protects the insured against loss due to reduction in turnover after damage by an insured peril at a customer’s premises. The cover is expressed as a percentage of the gross profit based on the significance of the customer concerned.

Customs and excise bonds

Bonds are required by HM Customs and Excise to secure indemnities against loss through fraudulent or improper dealing with dutiable goods. The principal bonds include: 1. VAT/Duty Deferment Bond. Required from companies who import goods into the UK that are subject to VAT. The bond enables the company to defer payment of VAT or duty to the 15th day of the following month. 2. Warehouse bonds. Dutiable goods are held in bonded warehouses before they are required for sale and, provided they remain in the warehouse, duty is notpayable. When they leave the warehouse duty becomes payable and the bond secures HMCE against loss due to default.