A clause in an insurance or reinsurance contract which states to which territory’s courts any contractual dispute shall be referred for resolution.
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Jeweller’s block policy : Insurance Glossary
A form of property insurance that is provided to jewellers.
Inward reinsurance : Insurance Glossary
Reinsurance business accepted by an insurer or reinsurer, as opposed to that ceded to another insurer.
Investment income : Insurance Glossary
That part of the income of an insurer or reinsurer that comes from the investment of premiums and reserves.
Intervening cause : Insurance Glossary
An event that prevents a loss being attributable to another event by breaking the chain of causation. Compare proximate cause.
Proximate cause : Insurance Glossary
An insurer will only be liable to pay a claim under an insurance contract if the loss that gives rise to the claim was proximately caused by an insured peril. This means that the loss must be directly attributed to an insured peril without any break in the chain of causation. Compare intervening cause.
Insurer : Insurance Glossary
A provider of insurance. The insurer(s) could be one or more insurance companies. Some insurances may be underwritten by syndicates and insurance companies.
Insured peril : Insurance Glossary
A harmful event which is covered under a contract of insurance.
Insured : Insurance Glossary
A person who is insured under a contract of insurance. Where there is one insured this person may also be referred to as the policyholder.
Insurance policy : Insurance Glossary
See policy.
Policy : Insurance Glossary
The wording of a contract of insurance or reinsurance.
Insurance intermediary : Insurance Glossary
A person through whom an insurance contract is effected. It normally refers to an insurance broker and/or an agent of an insurer such as a coverholder.
Insurance contract : Insurance Glossary
Determines what insurance coverage is in place and determines the legal framework under which the content of an insurance policy is enforced.
Insurance broker : Insurance Glossary
An individual or firm that acts as agent for an individual, body or firm in arranging insurance cover and in presenting claims under such cover.
Insurance : Insurance Glossary
A contract whereby an insurer promises to pay the insured a sum of money or some other benefit upon the happening of one or more uncertain events in exchange for the payment of a premium. There must be uncertainty as to whether the relevant event(s) may happen at all or, if they will occur (eg death) as to their timing.
Insurable interest : Insurance Glossary
If an insured wishes to enforce a contract of insurance before the Courts he must have an insurable interest in the subject matter of the insurance, which is to say that he stands to benefit from its preservation and will suffer from its loss.
In non-marine insurances, the insured must have insurable interest when the policy is taken out and also at the date of loss giving rise to a claim under the policy. In life insurance the insured must have insurable interest must when the policy is taken out and in marine insurance the insured must generally have insurable interest at the date of loss giving rise to a claim under the policy .
Individual member : Insurance Glossary
A member of the Society who is an individual (as opposed to a corporate member).
Indication : Insurance Glossary
A non-binding statement by an underwriter of the likely level of premium that he would charge to underwrite a risk, subject to the provision of additional information. Compare quotation.
Quotation : Insurance Glossary
statement of the premium that an underwriter requires to underwrite an insurance/ reinsurance risk based on the information supplied by the person seeking cover, either directly or via their broker. A quotation may be conditional, eg it may be subject to the provision of further information, or not.
If a quotation is accepted before it is withdrawn, then subject to the satisfaction of any conditions that may attach to the quotation, an insurance/reinsurance contract will be made. Compare indication
Indemnity : Insurance Glossary
The principle according to which a person who has suffered a loss is restored (so far as possible) to the same financial position that he was in immediately prior to the loss, subject in the case of insurance to any contractual limitation as to the amount payable (the loss may be greater than the policy limit). The application of this principle is called indemnification.
Most contracts of insurance are contracts of indemnity. Life insurances and personal accident insurances are not contracts of indemnity as the payments due under those contracts for loss of life or bodily injury are not based on the principle of indemnity.
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