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Glossary
Bordereau : Insurance Glossary
A list of premiums payable and claims paid or due which is prepared by a coverholder for a managing agent or by a reassured...
Binding authority : Insurance Glossary
An agreement between a managing agent and a coverholder under which the managing agent delegates its authority to enter into a contract or contracts...
Beyond economic repair : Insurance Glossary
Where the cost of repairing the insured property, eg a car, exceeds the market value of that property. In such circumstances the insurer will...
Basis (of insurance) clause : Insurance Glossary
A clause that makes the declarations contained in an insurance proposal form the “basis” of any contract of insurance that is made in consequence...
Back years : Insurance Glossary
See prior years.
General underwriters’ agreement : Insurance Glossary
An agreement between insurers and reinsurers on a subscription risk specifying the terms on which the leading underwriter shall act as the agent of...
Avoidance of a contract ab initio : Insurance Glossary
The cancellation of an insurance or reinsurance contract from its beginning by an insurer or reinsurer on the basis of the misrepresentation and/or non-disclosure...
Average : Insurance Glossary
If the sum insured under non-marine insurance is expressed to be “subject to average” and that sum is less than the value of the...
Authorised person : Insurance Glossary
A person (usually a firm) that has been approved by the Financial Services Authority (FSA) to carry on one or more FSA regulated activities.
Attorney in Fact : Insurance Glossary
A person appointed by a power of attorney to act on behalf of another person.
Attachment date : Insurance Glossary
Another term for inception date, being the date on which an insurance or reinsurance contract comes into force.
Assured : Insurance Glossary
Another name for an insured.
Approved run-off company : Insurance Glossary
A company that is permitted by Lloyd’s to perform specified functions that would normally be performed by a managing agent of a run-off syndicate...
Approved person : Insurance Glossary
An individual who has been approved by the Financial Services Authority (FSA) to perform a FSA controlled function for an authorised person.
Appreciation : Insurance Glossary
In the context of property insurance an increase in value of the property insured.
Annual venture : Insurance Glossary
This term refers to the reconstitution of a syndicate as an annual business venture where insurance and reinsurance business is written on a year...
Annual accounting : Insurance Glossary
The reporting of syndicate results on a calendar year basis, with profit taking being restricted to earned premiums.
Allocated Capacity : Insurance Glossary
This may refer to a member’s allocated capacity or syndicate allocated capacity.
All risks : Insurance Glossary
A property insurance which covers any accidental loss or damage that is not specifically excluded under the policy.
Aligned Member : Insurance Glossary
A corporate member of a syndicate that is directly or indirectly owned by the same firm that owns the managing agent of the syndicate.
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