Glossary of insurance and reinsurance terms
Glossary of insurance and reinsurance terms

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Glossary of insurance and reinsurance terms
  • A
  • Accident
  • Accidental damage
  • Accidental death benefit
  • Act of God (force majeure)
  • Active underwriter
  • Actuary
  • Addendum
  • Additional premium
  • More...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

This glossary includes useful (re)insurance and underwriting definitions. For specific guidance on reinsurance terminology, see Practice Note: Forms of reinsurance and terminology.

A

Accident

An accident is an unexpected or unplanned incident or event that usually causes damage or injury (physical or financial) to the insured or a third party.

Accidental damage

Unexpected or unplanned damage or harm caused to property or a person.

Accidental death benefit

Some life insurance policies will make an additional payment, over and above the original sum insured, if the insured dies as a result of an accident.

Act of God (force majeure)

An event out of anyone’s control, such as a natural disaster.

Active underwriter

The individual with principle responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a Syndicate in the Lloyd’s market. Also see Underwriter.

Actuary

A person who is qualified to calculate and analyse risk and probabilities relating to insurance, reinsurance and pensions.

Addendum

Agreed amendment to the insurance policy. Also see endorsement.

Additional premium

An additional amount of premium payable by the insured as a result of a change to the existing policy.

Agent

An individual or company who acts on behalf of a potential insured or provider selling insurance.

Aggregate limit of indemnity

The total limit under a policy for all claims in

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