Common Insurance Terms
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| Actuary | The person who maintains fair and competitive rates and ensures that the financial position of a life insurance company is sound
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| ADJUSTER / LOSS ADJUSTER | [for Home Owners ans Home Contents only]
A person who brings parties together and arranges settlement of a loss and looks into cause of loss
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| Agent | A person that acts as a representative for another, with limited authority
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| Agreed Value | A value agreed at the time of buying insurance between the insurance company and customer.
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| Arbitration | an alternative to litigation for the settlement of disputes. Differences may be referred to a single arbitrator or two arbitrators and an umpire, the umpire giving decision if arbitrators cannot agree.
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| a.s.i.a | Automatic Sum Insured Adjustment:
At the renewal of some policies the sum insured is inflation adjusted in accordance with the average increase/decrease in the cost of purchasing
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| ASSESSOR | [Motor Vehicles Only]
A person who looks into the cause of the claim and who estimates the amount of the loss or damage
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| Brokerage | One that acts on behalf of others in negotiating contracts etc in return for a commission
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| Cancellation | Termination of a policy during the current period insurance
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| CHATTELS | any object capable of physical transfer eg an article of property, goods or possessions
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| co-insurer | two or more insurance companies share a portion of the dame risk
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| Common Law | traditional law of the country where the rights and duties between persons have been decided by the Courts over centuries. This is different from Statute Law where rights and duties are set out in individual statutes
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| Concurrent Insurance | insurance on the same risk for the same peril with two or more insurers covering the risk
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| CONDITIONS | rules in a policy which lay down the things that the client and the insurance company must do/not so. Failure to follow the conditions could result in claims being cancelled.
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| Continuous Insurance | an agreement entered into between an insurance company and another party, where the insurance company agrees to protect that partys insurance in return for a guarantee of payment of premium. E.g.finance on a motor vehicle with a hire purchase company.
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Created by:
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