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Glossary

Insurance Terminology

Term Description or Explanation of Term
Deductible Most insurance claims are subject to a deductible, sometimes known as the excess. The nominated amount is deducted from the claim value and the balance is paid.
Indemnity For insurances on Property [eg: Property, Motor Vehicle and Contract Works], indemnity means the payment of a sum of money that puts the Insured in, as near as possible, the same position as they were immediately prior to the occurrence of the loss or damage. For Liability type insurances [eg: General & Products Liability, Professional Indemnity/Medical Malpractice/Veterinary Malpractice and Directors & Officers Liability], indemnity means the payment to a third party on behalf of the Insured in discharge of a claim, inclusive of legal costs, made against the Insured for death or personal injury, property damage, financial loss or reputational damage where the cause the claim is the actual or alleged negligence of the Insured.
Uberrima Fides [Utmost Good Faith]: This is the name of a legal doctrine which governs insurance contracts. It means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal. This contrasts with the legal doctrine of caveat emptor (let the buyer beware). The insured must reveal the exact nature and potential of the risks that he transfers to the insurer, while at the same time the insurer must make sure that the potential contract fits the needs of, and benefits, the Insured.
Duty of Disclosure It follows from this that we have a duty under the Insurance Contracts Act 1984 to disclose every matter we know, or could reasonably be expected to know, which is relevant to the Insurer's decision whether to insure you and, if so, on what terms. This applies to all persons to be covered under the contract of insurance. We have the same duty to disclose those matters before we renew, extend, vary or reinstate a contract of general insurance.
Misrepresentation or Non-disclosure If a misrepresentation is made, or if we do not comply with our duty of disclosure and the Insurer issues a policy with terms and conditions that are different to the terms and conditions that would have been issued had there not been any misrepresentation, or our duty of disclosure had been complied with, then the Insurer may reduce or cancel the cover altogether.

Purchasing and Procurement Terms

Term Description or Explanation of Term
Consultant Can be an individual or a company that is engaged to provide expert advice or recommendations to the University to assist in decision making or taking a course of action. 
Contractor Can be an individual or a company who performs tasks to achieve a result.
Free into Store (FIS) Free delivery to the University.
Purchase Requisition (PR) Each School/Division/Centre has been issued with a purchase requisition book to process either a request to purchase goods and services or pay invoices that are received. Purchase requisitions must be signed by a Budget Centre Manager, who authorises the availability of funds, and this is then forwarded to the Division of Finance for processing. It should be noted that purchase requisitions should not be quoted or forwarded directly to suppliers as they are only an INTERNAL document. The books and numbers are based on campus location eg RB121212 - Requisition Bathurst Unique Number
Purchase Order (PO) Upon the receipt of a signed & authorised purchase requisition, the staff  within the Division of Finance enter the information into Banner Finance. The system then produces a unique purchase order number for  each order eg P0123456.
Standing Order A purchase order established for a period of time through an approved procurement process which maintains standard terms and conditions for the complete period of the order.
Preferred Supplier A supplier that has been selected and endorsed through a formal process (eg RFP) to provide goods & services.
Sole Supplier A vendor that provides unique goods and services that are not available from other vendors.
Request for Information (RFI) A process to collect written information about the capabilities of various suppliers to make a decision on what steps to take next. 
Request for Quotation (RFQ) A process to invite suppliers to bid on specific good or service. It often includes a list of specifications to ensure all suppliers are bidding on the same goods & services. For example, Canon camera. 
Request for Proposal (RFP) A process to invite suppliers to submit a proposal for a specific good or service which allows the purchaser ability to negotiate on pricing and services provided. The key objectives is to obtain the correct information to improve the business decision and purchasing power to obtain the best deal.
Request for Tender (RFT) A structured invitation to suppliers for supply of goods or services. It is usually an open invitation to suppliers to respond to a defined requirement, but can also seek information about the suitability of the company.