Liability for damages even
though fault or negligence can not be proven.
Accident:
An event or occurrence
which is unforeseen and unintended.
Accidental Bodily Injury:
Injury to the body as the
result of an accident.
Accidental Death Insurance:
Insurance that provides
coverage in the event of death due to accidental
injuries, but not illness. In the event
of death, payment is made to the insured's
beneficiary. If bodily injury occurs (e.g.,
the loss of a limb), the insured receives
a sum specified by the contract.
Act of God :
Legal term meaning some
sudden and irresistible act of nature that
could not reasonably have been foreseen
or prevented, such as floods or exceptionally
high tides, storms, lightning, earthquakes,
sharp frosts, or sudden death. Damage by
such an occurrence may be attributed to
the act of God, and in the absence of any
contract to the contrary, no person can
be held liable for it. Nearly all insurance
forms and shipping charter parties, and
most contracts, have a clause relating to
non liability in the case of an act of God.
Actual Cash Value :
A common clause in property
insurance contracts that determines the
coverage amount based on the fair market
value of an item at the time it was damaged,
stolen, or destroyed.
Actuary:
A person
professionally trained in the technical
aspects of pensions, insurance and related
fields. A specialist in the mathematics
of risk, especially as it relates to insurance
calculations such as expectancy, premiums,
dividends, and annuity rates. The actuary
estimates how much money must be contributed
to an insurance or pension fund in order
to provide for the future.
Adhesion
:
This is
a characteristic of a unilateral contract
which is offered on a "take it or leave
it" basis. Most insurance policies are contracts
of "adhesion," because the terms are drawn
up by the insurer and the insured simply
"adheres." For this reason ambiguous provisions
are often interpreted by courts in favor
of the insured. Contrast with Manuscript
Policy.
Adjuster:
A person
who investigates and settles losses for
an insurance carrier. (b) Individual employed
by a property/casualty insurance company
to settle claims brought by insured. The
adjuster evaluates each claim and then makes
recommendations to the insurance company.
Administrator:
An individual
or professional organization, such as a
bank’s trust department, appointed by the
court to administer an estate when the owner
dies without having made a will or without
nominating an executor. An executor may
also be appointed if the named executor
declines to serve.
Age
Limits:
Stipulated
minimum and maximum ages below and above
which the company will not accept proposals
or may not renew policies.
Agent:
An licensed
insurance company representative who solicits,
negotiates or effects contracts of insurance,
and provides service to the policy holder
for the insurer.
AIDS:
Acquired
immune deficiency syndrome. A fatal, incurable
disease caused by a virus that can damage
the brain and destroy the body's ability
to fight off illness. In India, none of
the health insurance policies cover this
ailment.
Alien
:
An individual
who is not a citizen or national of a particular
country. Aliens are further defined as resident
or non resident depending on the situation.
Alimony:
Support
payable to a divorced spouse as required
by a divorce decree or legal separation
agreement.
All-risks
Policy:
Coverage
by an insurance contract that promises to
cover all losses except those losses specifically
excluded in the policy. Also known as open
peril coverage.
Appraisal
:
A professional,
formal, written estimation of the value
of property.
Appreciation:
Increase
over time in the value of an asset such
as a commodity, or real estate. May be taken
as opposite to depreciation.
Arson:
The willful
and malicious burning of, or attempt to
burn, any structure or other property, often
with criminal or fraudulent intent.
Assignment
:
The legal
transfer of one person's interest in an
insurance policy to another person.
Assets:
Property
owned by a business, institution, or individual,
such as cash, investments, personal property,
real estate, and ownership in a business,
that has a present market value or worth.
Assigned
Risk Plan :
Automobile
insurance in which individuals who can not
obtain conventional liability coverage because
of their poor driving records are placed
in a residual market with insurance companies
assigned to write policies for them at higher
prices. These plans protect motorists who
suffer injury or property damage through
the negligence of bad drivers who otherwise
would not have insurance.
Assignee
:
The party
to whom an assignment (a transfer of property
or rights to property) has been granted.
At-Risk
:
Property
and assets exposed to the danger of loss.
Attach
:
To seize
property and/or assets, or to obtain a legal
writ granting the right to seize the property
and/or assets. This usually occurs when
an individual has outstanding debt, is financially
unable to pay the debt in cash, and has
property/assets of sufficient value to cover
the amount of the debt.
Avoidance:
A risk
management technique whereby a situation
or activity that may result in a loss for
a firm is avoided or abandoned.
Arial
devices:
Arial devices
means satellites, aircrafts, balloons etc
Automatic
Reinsurance:
An agreement
that the insurer must cede and there insurer
must accept all risks within certain explicitly
defined limits. The reinsure undertakes
in advance to grant reinsurance to the extent
specified in the agreement in every case
where the ceding company accepts the application
and retains its own limit.
All Rights Reserved. Cholamandalam MS
General Insurance Company Ltd. Developed and Maintained
by
ePagemaker
"Insurance is a subject matter of solicitation"
