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ACCIDENT INSURANCE

Is cover offered for accidental injury, death, and/or related health expenses. It may also cover preventative services, ...more

Is cover offered for accidental injury, death, and/or related health expenses. It may also cover preventative services, medical expenses and catastrophic care, as per policy limits.ACTUARY A profession which is skilled in the analysis, evaluation and management of statistical information. This skill evaluates risks involved in private insurance and social security in order to determine what rates and contributions have to be paid to build up a future benefit....less

ADJUSTER

An independent professional individual who is appointed on a fee basis by insurers to settle large or complex claims.

ADVERSE SELECTION

Within a risk portfolio, the premia of the many should generally be expected to pay for the claims of the few. Adverse s...more

Within a risk portfolio, the premia of the many should generally be expected to pay for the claims of the few. Adverse selection occurs when the low risk buyers withdraw leaving insurers with only high risks. In such a situation there is an imbalance. Policy premia can therefore be higher and in some cases insurers may refrain from insuring at all. In the case of natural disasters, such as earthquakes, adverse selection concentrates risk instead of spreading it. Insurance works best when risk is shared among large numbers of policyholders.ALL RISKS A description sometimes used for ‘personal possessions and valuables cover’ to mean ‘wider cover’....less

ANNUITY

A life insurance product that pays periodic, usually yearly or quarterly, income benefits for a specific period of time ...more

A life insurance product that pays periodic, usually yearly or quarterly, income benefits for a specific period of time or over the course of the assured’s lifetime for a defined or an undefined period....less

ARBITRATION

An alternative to litigation for the settlement of disputes. Differences may be referred to an arbitrator, usually appoi...more

An alternative to litigation for the settlement of disputes. Differences may be referred to an arbitrator, usually appointed by the respective insurers....less

ASSESSOR

An independent professional who advises policyholders on the settlement of their claims and negotiates such claims on be...more

An independent professional who advises policyholders on the settlement of their claims and negotiates such claims on behalf of the policyholder....less

ASSETS

Property owned by an insurance company, including stocks, bonds and real estate.

BINDER

Is the authority granted to an insurance broker by an insurer to underwrite risks and settle claims on its behalf subjec...more

Is the authority granted to an insurance broker by an insurer to underwrite risks and settle claims on its behalf subject to pre-determined parameters....less

BODILY INJURY LIABILITY COVERAGE

The liability which a motorist incurs when he injures or kills another person in an accident.

BROKER

(see Insurance Broker )

CAPACITY

Capacity is the availability of insurance to meet demand. It depends on the industry’s financial ability to accept ris...more

Capacity is the availability of insurance to meet demand. It depends on the industry’s financial ability to accept risk. For an individual insurer, capacity represents the maximum amount of risk it can underwrite based on its financial health....less

CAPTIVES

Captives are insurers that are created and owned by large buyers of insurance to provide themselves with cover. This may...more

Captives are insurers that are created and owned by large buyers of insurance to provide themselves with cover. This may be considered as a form of self-insurance....less

CASH SURRENDER VALUE

In the case of life insurance, cash surrender value represents the amount that the owner of a life policy will receive i...more

In the case of life insurance, cash surrender value represents the amount that the owner of a life policy will receive if the policy is terminated prematurely....less

CASH VALUE

In the case of life insurance, cash surrender value represents the amount that the owner of a life policy will receive i...more

In the case of life insurance, cash surrender value represents the amount that the owner of a life policy will receive if the policy is terminated prematurely....less

CATASTROPHE

Term referring to singular events that may cause exceptionally heavy loss to insured property.

COINSURANCE

Is a means whereby two or more insurers share large risks together. Co-insurance could also refer to the means where an ...more

Is a means whereby two or more insurers share large risks together. Co-insurance could also refer to the means where an insured shares a part, percentage, of the risk....less

CRASH PARTS

Are the sheet metal parts of a vehicle which are most commonly damaged in car crashes.

CREDIT INSURANCE

Is cover offered to commercial clients covering damages suffered due to debtors’ failure to honour obligations.

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