Glossary of Insurance
 
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A

 
Accident: Sudden unforeseen occurrence by external violent and visible means

Accident report: The report that documents the time, cause, sequence, parties and resultant damages to persons, property, occupants and material

Accident prevention: Steps to be taken to reduce frequency, quantum and repetition of accidents

Actuary: A social mathematician who uses mathematical skills & models to define, analyze and solve complex business and social problems involving long term investments obligations for insurance and employee benefit programs.

(The work of actuaries involves the various contingencies during long-term financial obligations based on actuarial forecasts for a sound financial basis of ratemaking, premium and loss reserving, in-vestment valuation, pension benefits, and insurance statistics, among others.)

Add-ons: Additional coverage's that have been added to a basic policy to enhance the coverage. While some add-ons are pertinent, viable expansions of coverage, others can sometimes be unnecessary or frivolous.

Additional Extended Coverage: Additional causes of loss added to property policies which include items such as larceny, breakage of glass and falling trees and collapse of antenna.

Additional Named Insured: A party, other than the first named insured, that has been shown as an insured in the policy by an addendum or by endorsement once the policy has been issued. This party has the status of named insured.

Additional Premium: When a policy has been issued subject to rate, audit, inspection or health check up and the extra amount due in premium because of the increased exposures, higher rates, retrospective rate calculations, additional coverage.

Adjustable Policy: A policy in which the sum insured is utilized on agreed basis and declared periodically. At the end of policy term the premium is adjusted based on actual utilization and balance refunded i.e. marine open cover, WC, cash in transit etc.

Adjuster (Surveyor): The licensed professional who is employed by insurers to visit the site of loss to evaluate liability under the policy terms, quantify the loss and appropriate the share of insurer.

Adjustment: The process of quantifying loss payable after various adjustments under terms of policy from the claim bill lodged by the insured.

Additional Named Insured: A party, other than the first named insured, that has been shown as an insured in the policy by an addendum or by endorsement once the policy has been issued. This party has the status of named insured.

Additional Premium: When a policy has been issued subject to rate, audit, inspection or health check up and the extra amount due in premium because of the increased exposures, higher rates, retrospective rate calculations, additional coverage.

Adjustment: The process of quantifying loss payable after various adjustments under terms of policy from the claim bill lodged by the insured.

 
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