The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
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: Reinsurance—essentials.
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.
Unexpected or unplanned damage or harm caused to property or a person.
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.
An event out of anyone’s control, such as a natural disaster.
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.
A person who is qualified to calculate and analyse risk and probabilities relating to insurance, reinsurance and pensions.
Agreed amendment to the insurance policy. Also see endorsement.
An additional amount of premium payable by the insured as a result of a change to the existing policy.
An individual or company who acts on behalf of a potential insured or provider selling insurance.
The total limit under a policy for all claims
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