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Glossary
Agreed value policy : Insurance Glossary
An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the...
Agreed business plan : Insurance Glossary
A syndicate business plan that has been approved by or on behalf of a Franchise Board. No managing agent may underwrite for a syndicate...
Aggregate excess of loss reinsurance : Insurance Glossary
A form of excess of loss reinsurance in which the excess and the limit of liability are expressed as annual aggregate amounts.
Aggregate : Insurance Glossary
Total (limit of indemnity, premium, retention etc).
Agent : Insurance Glossary
Someone who acts for another person (the principal) usually for reward.
There are four main classes of agent that may be involved in the underwriting...
Adjustment premium : Insurance Glossary
An additional or return premium that is payable in relation to a deposit premium depending on the performance of an insurance or reinsurance contract.
Adjuster : Insurance Glossary
See loss adjuster.
Actual Total Loss : Insurance Glossary
This term derives from section 57 of the Marine Insurance Act 1906 (MIA) and refers to situations in marine insurance where -
(a) the subject...
Active Underwriter : Insurance Glossary
The individual at the underwriting box with principal authority to accept insurance and reinsurance risk on behalf of the members of a syndicate.
Accreditation : Insurance Glossary
The process by which a firm may obtain registration as a Lloyd’s broker.
Accident year : Insurance Glossary
The calendar or accounting year in which a loss occurs.
Ab initio : Insurance Glossary
Latin for from the beginning
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