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Glossary
Endorsement : Insurance Glossary
A document that is attached to a slip, cover note or policy which evidences one or more changes in the terms of the insurance...
Earned premium : Insurance Glossary
The proportion of premium that relates to a used period of cover.
Duty of disclosure : Insurance Glossary
The duty of every person seeking insurance or reinsurance to inform the insurer/reinsurer from whom a quotation for insurance/reinsurance is sought of every material...
Direct business : Insurance Glossary
Insurance placed with an insurer direct and not through an intermediary.
Deterioration in reserves : Insurance Glossary
Where the reserves of an insurer or reinsurer for prior years are insufficient to meet the estimated liabilities of one or more loss exposures...
Depreciation : Insurance Glossary
The decrease in the value of an item due to age, use or wear and tear. Such devaluation is not covered under a contract...
Deposit premium : Insurance Glossary
A premium that is payable at the inception (start) of an insurance or reinsurance contract and in respect of which an adjustment premium (usually...
Minimum premium : Insurance Glossary
The minimum amount that is payable to an insurer or reinsurer as a premium in respect of a insurance or, more commonly, reinsurance contract...
De-emption : Insurance Glossary
Where a managing agent reduces the underwriting capacity of a syndicate, for example when it expects to write less business in future. The participations...
Deductible : Insurance Glossary
The amount that is deducted from some or all claims arising under an insurance or reinsurance contract. The practical effect is the same as...
Dedicated vehicle : Insurance Glossary
A corporate member that only participates on one or more syndicates that are managed by the same managing agent or group of managing agents....
Declinature : Insurance Glossary
The refusal of an insurer or reinsurer to offer terms of cover.
Coverholder : Insurance Glossary
A company or partnership authorised by a managing agent to enter into a contract or contracts of insurance to be underwritten by the members of...
Cover note : Insurance Glossary
A document issued by a broker pending the issue of a policy which confirms the arrangement of cover for the named insured/reassured.
Motor insurance cover...
Cover : Glossary
Insurance or reinsurance as it applies to one or more specific risk exposures.
Corporate member syndicate : Insurance Glossary
A syndicate with a single corporate member as its only member.
Corporate member : Insurance Glossary
A member of the Society which is a body corporate (including for the avoidance of doubt limited liability partnerships) or a Scottish limited partnership.
Coordinating agent : Insurance Glossary
A members' agent who is appointed by a member who has more than one member’s agent to co-ordinate the administration of the member's affairs
Conversion arrangement : Insurance Glossary
A scheme sponsored by a members’ agent which allows an individual member to switch from underwriting on an unlimited liability basis to underwriting on...
Contract certainty : Insurance Glossary
Refers to the situation where the terms of an insurance or reinsurance contract are agreed before the inception date of the contract rather than...
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